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Occupy London « Previous | |Next »
October 29, 2011

The Church of England appears to be split about whether the Christian thing is to embrace the protesters encamped on the doorstep of its cathedral.

Should it join forces with the fat cats who run the City of London and have the protest camp evicted? Or allow the Occupy London protestors to stay encamped on the piazza outside St Paul's?

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Despite St Paul’s decision to pursue eviction proceedings, the protesters are keeping discussion about the need for banking reform in the public spotlight. The realization of the Occupy London movement is that the ongoing crisis represents a problem with capitalism per se, and not just the regulation of the finance industry. Capitalism is now clearly re-emerging as the name of the problem because they feel the system has let them down and it is isn’t fair. The extreme inequality means that we have system failure.

An editorial in The Observer states:

It's fashionable to say that the protesters' demands are too broad and vague. Yet, what they are achieving is to reclaim a public realm for debate and engagement, one that the privileges given to finance have done so much to destroy. If nothing else, practising a different kind of politics and calling for finance to be made subservient to useful social, economic and environmental purposes, to make things better rather than worse, is enough for one demonstration

In contrast to the system failure position of the Occupy London movement the chairman of the London Stock Exchange has said that they are blaming the wrong people. They should target the politicians who allowed banks to run up huge debts:
There are unintended consequences of free markets. It's not capitalism that has been the problem, but irresponsible governments and politicians who have allowed the financial system to explode by permitting the build-up of ludicrous amounts of debt and leverage. No one ever said that free markets could oliticians have lost control of the system according to this spokesperson for global finance,or would be self-regulating.

Politicians have lost control of the system according to this spokesperson for global finance,

It is an assumption of economic theory (and Alan Greenspan) that markets are like a natural system that will self-correct provided they are left alone--eg., Adam Smiths invisible hand. However, markets are created systems, and they are not self organising systems that incline towards balance. They become out of control exercises in chaos that move towards anything but equilibrium.

The chairman of the London Stock Exchange says nothing about how City interests have compromised and captured some of the most powerful institutions in the UK. The City and Wall Street have ruled unchallenged for several decades and they act to ensure that there shall be no serious challenge to the power of finance capital to rule the UK and the US from the state apparatus.

| Posted by Gary Sauer-Thompson at 9:44 PM | | Comments (2)
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" City interests have compromised and captured some of the most powerful institutions in the UK. The City and Wall Street have ruled unchallenged for several decades and they act to ensure that there shall be no serious challenge to the power of finance capital to rule the UK and the US from the state apparatus."

Once in control of the state apparatus, the Party of Wall Street typically privatizes all the juicy morsels at less than market value to open new terrains for their capital accumulation. They wage class war ruthlessly to ensure that their wealth and control and power remains unchallenged.

The tactics of the Occupy movement are to take a central public space, a park or a square, close to where many of the levers of power are centered, and by putting human bodies in that place convert public space into a political commons, a place for open discussion and debate over what that power is doing and how best to oppose its reach.

In response to the Occupy movement the state backed by financial class power makes an astonishing claim that that they, and only they, have the exclusive right to regulate and dispose of public space. The public has no common right to public space.