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.

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