How the Occupy LSX protesters want to change banking. Discuss

28 October 2011

2 minute read

How the Occupy LSX protesters want to change banking. Discuss

While much of the focus of the anti-capitalist protests in the City has been the soon-to-be-evicted camp outside St Paul's, any of you with an office near Moorgate can't have failed to notice the growing settlement on Finsbury Square.

There is even a communal yurt in the camp.

Criticisms have been levelled at the protesters for lacking any clear objective, other than a hastily scribed (sort of) manifesto at St. Paul's. Now, there's a formal list of demands.

Still, the protesters in Finsbury Square have a board where protesters and general members of the public can suggest what needs to change.

The list is long, and the suggestions are many and varied including 'stop watching TV' and 'small scale organic agriculture. Create forest gardens'.

However, some (of course) are aimed at either banks or bankers. Here they are, presented verbatim without comment, your views are welcome below.

· Separate retail banking from high risk investment banking.

· Reform the money system. Take away private bank power to create money from debt.

· Banks to pay back their bailout. I bet we wouldn't need to make cuts to the NHS, education and social services system if they did.

· International co-ordination: Unilateral regulatory demands will not be implemented and will cause more damage to the country as capital moves elsewhere. But getting international communities is no small challenge...by a 'suit'.

· Move your money from the major banks to a credit union.

· Higher taxes for the highest earners, e.g. 70% tax for those that earn over 250k. If rich people leave the country as a consequence of this I don't think it's too much of a loss!

· Be the best you can be, not the richest. Seek a wealth of understanding. Not the wealth of money.

· Make nationalised banks lend with better interest rates.

· Get rid of the stock exchange. Businesses should grow at a natural rate, not rely on rich people intent on getting rich without producing anything.

· Higher tax rates on wealth. The marginal tax rate on wealth is miniscule with breaks everywhere and corp gains only 18%.

AUTHORPaul Clarke

Ja
Jay
30 October 2011
Tarquin, to install solar panels:
- the producer must built them
- the operator must buy them
In both cases, you need money.. from banks
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Perks
29 October 2011
Attitudes can change. During my lifetime society has become less racist, less homophobic, and drink driving has become unacceptable. But greed and materialism seem to have become more acceptable.
I hope the current protests are a sympton of many young people rejecting greed and materialism, and will influence the rest of us to reconsider our attitudes.
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Sm
Smithers
29 October 2011
All this condemnation of protesters being middle class is frankly ridiculous. So what if they're middle class mr Wizard EC1! Leaving aside the fact we don't know the background of the protesters; it is not surprising to find middle class people pushing for change as they tend to be educated enough to understand the issues. This kind of talk is the hallmark of those too ignorant or gutless to address the issue at hand.
The same goes for all the starbucks coffee & mobile phones talk. So what? What purpose does it serve if protesters lead some kind of monastic existence without technology etc.
How about reforming the money system? Its a biggie, but it sounds like the old system is out of date to me
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Maxim
29 October 2011
I support "Get rid of the stock exchange". If LSE is shifted to Dubai (almost 0% income tax) or Moscow (13% income tax), hopefully, the banks will finally start moving to those locations as well. Both locations have special programs to attract the banks (incl abundant office space) and would definitely welcome this army of taxpayers (both employees and banks).
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Ta
Tarquin
28 October 2011
The problem with bankers is that they're so focused on their careers. I believe that people should work only part time, and in roles that really make a difference, like installing solar panels or growing organic rocket. At least until they're 25, at which point daddy obviously tells you to stop arseing about and join his law firm.
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