Bank of England Director fails to convince
Andy Haldane addressed some five hundred people at the Friends Meeting House in London last night as part of the New Putney Debates. Although he acknowledged the flaws, in the banking system, leading up to the crisis and the role Occupy has played in the clamour for reform, his talk failed to satisfy many in the audience who are looking for a much more radical shift in the banking and economic system.
Haldane implied that the current reforms will take us back to an era when banking was safe and reliable but failed to acknowledge the deep seated systemic flaws in the structure of our banking system which is incapable of responding to the challenges we face. Widening inequality is leading to societal breakdown and environmental degradation continues unabated. A return to economic growth (if it happens) will only exacerbate their effects. It is good that Haldane is prepared to engage with Occupy but this first tentative step falls way short of what is required.
Article submitted by occupy activist Clive Menzies