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Andy Haldane, the Executive Director of Financial Stability for The Bank Of England spoke at an event titled Socially Useful Banking organized by the Occupy London movement in which he spoke at length of his proposed reforms.
I covered it for the Real News, an on line news network based in Baltimore US.
The Bank of England only allowed audio recording (no video) at the talk and this piece includes Andy Haldane's speech at the talk. It focuses on his 5C's reforms and what Ben Dyson from Positive Money and Richard Paton from Occupy had to say in response to them. Included is an excerpt from the 97% Owned documentary to help educate viewers on the very important factor (ignored by many including Andy Haldane), of how money is created and why it is debatable that the current system of manufacturing money is arguably the core root problem of our ever failing financial system.
The main stream press was eager to quote Andy Haldane, the Executive Director of Financial Stability for The Bank Of England, when he publicly announced that Occupy was right. However Andy Haldane's proposed reform strands, which he memorably calls the 5C's, do not go very far in addressing what Occupy stands for which in essence is equality and sustainability both financially but also environmentally.
Points raised from the varied audience in the Q&A which followed Haldane's speech, included implementing an environmental conscience in the banking investment sector to limit investment in environmentally destructive projects such as the tar sands project in Alberta, Canada. The issue of tax havens which is relevant in so much as banks lend to big businesses who in turn do not pay their due tax in the relevant region from which they have earned their profits (and indeed borrowed their funds) was also raised. All questions about the root problems of our monetary system were largely ignored.