Last night, as part of the New Putney Debates, senior Bank official Andy Haldane said Occupy is "right" about the economic crisis. What kind of friend is he?
Fitting, that we met last night in the main hall of the Friends' Meeting House, Euston. After all, it was Quakers that founded the largest and oldest banks in Britain, Lloyds and Barclays, and would have rallied behind a talk on ‘socially useful banking’ that might re-awaken in those institutions the principles of the founding fathers. Who were ‘we’? A motley crew of five hundred or so citizens, activists, financiers, small businesswomen and men, environmentalists, and many of a title that has proliferated in the last four years: that of the 'amateur economist.' This was the third New Putney Debate,
part of a series of public debates organised by Occupy London and running over the next two weeks.
Not much in way of comparison, at first glance, between last night and the original 1647 Putney Debates, where members from all ranks of Cromwell’s New Model Army debated the future of England’s constitution in the aftermath of the Civil War and defeat of King Charles I. But the spirit of the Levellers is in Occupy, and in evidence last night. The political movement that brought about those public debates 365 years ago made a popular claim for democracy and the rights of the common man to which Occupy is an inheritor. “The poorest he that is in England hath a life to live as the greatest he”. Then it was the wealthy property-owners that were the oppressors, the 1% to the 99. Now it’s… well… the key speaker last night was there in part to tell us that it wasn’t ‘the bankers’.
This was the Executive Director for Financial Stability at the Bank of England, Andy Haldane. Billed as a public debate, last night was really, disappointingly, a speech by Haldane followed by a long Q&A: a power balance that made the ‘audience’ or ‘public’ more, not less, fractious. But before the unruly masses, what did Haldane have to say?
He came with his headline prepared: Occupy is right about the economic crisis (duly picked up by
the Beeb,
the Guardian,
the Indie,
the Mail – although, importantly, they switched it to the past tense). "Occupy's voice has been loud and persuasive and policy makers like me have listened and acted," Haldane said. "They've been successful because they've been right"… and here was the sucker punch: they've been right both "morally" and "analytically". You might have expected a sharp intake of breath from the room – here was a powerful cog in the machine (Haldane has served at the Bank for more than 20 years), appearing to say not only that the movement had “touched a moral nerve”, but that it was correct
in it’s analysis. Occupy was right. Didn't that mean the Bank of England was… wrong?
The surprising thing, perhaps, was that it came as no surprise. For Haldane is no cog. Increasingly known as a
different kind of policy expert, he has lambasted the narrowing of the economics discipline,
admitted the culpability of the central banks in the crash, stressed history, and urged his sector to “listen as often as they speak”. We had turned out - hundreds of us - on a rainy dark Tuesday night, just after the winter clock change, to let him speak, and make him listen. He was on Occupy territory, or at least in annexed space. His very presence was the news story.