Bank of England says Occupy was Right!

A couple of UK news sources are reporting this morning on a statement by a BoE Financial Policy Committee member, Andrew Haldane, which said that the Occupy movement was right to attack the global financial system.

This from the Financial Times (Hannah Kuchler)

“A member of the Bank of England’s Financial Policy Committee has said the Occupy movement was right to attack the global financial system, in a speech to protesters in London on Monday evening.”

“Andrew Haldane said the Occupy movement – which started with protest camps on Wall Street and in the City of London last year – had helped persuade bank executives and policy makers that banks must behave in a more “moral” way.”

“Occupy has been successful in its efforts to popularise the problems of the global financial system for one very simple reason; they are right,” he said, in the speech entitled “Socially Useful Banking”.

“Picking up on the movement’s slogan of “we are the 99 per cent”, he said: “Occupy have touched a moral nerve in pointing to the growing inequities in the allocation of wealth and incomes globally. The 99 per cent certainly agrees. But so, more interestingly, do a high and rising share of the 1 per cent.”

“Mr Haldane said Occupy had played a role in bringing about the “most radical agenda of financial reform for 80 years”.

 

So do we all assume that everything is alright now, given that the 1%  have accepted culpability for unacceptable and growing economic and social inequities?

Interesting that neither the Financial Times nor the BBC reported on a response from Occupy.

Media power of this kind still belongs to those who can send messages without the irritation of receiving them.

About Virality

Tony D. Sampson is Reader in Digital Culture and Communications at the University of East London. He has a PhD in social-cultural-digital contagion theory from the Sociology Department at the University of Essex. He is a former art student who re-entered higher education in the UK as a mature student in the mid-1990s after a long stint as a gigging musician. His career in education has moved through various disciplines and departments, including a maths and computing faculty, sociology department and school of digital media and design His publications include The Spam Book, coedited with Jussi Parikka (Hampton Press, 2009), Virality: Contagion Theory in the Age of Networks (University of Minnesota Press, 2012), The Assemblage Brain: Sense Making in Neuroculture (University of Minnesota Press, 2016) and Affect and Social Media (Rowman and Littlefield, July 2018). He is organizer and host of the Affect and Social Media conferences in the UK. As a co-founder and co-director of the public engagement initiatives, Club Critical Theory (CCT) and the Cultural Engine Research Group (CERG), Sampson has developed a number of funded research projects and public events that aim to bring impactful critical theories into the community and local political sphere to approach a series of local challenges. These activities have included large conferences co-organized with local authorities looking at a range of policies relating to the revitalization of the Essex costal region, developments in the cultural industries as well as a series of community focused events on food cultures and policy, collaborations with arts groups and informal lectures/workshops in pubs and community centres. Director of the EmotionUX Lab at UEL. He occasionally blogs at: https://viralcontagion.wordpress.com/ Full academic profile: https://www.uel.ac.uk/Staff/s/tony-sampson
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