#10yearsafter the crash: anniversary today

We’ve blogged recently about the series of events marking the tenth anniversary of the financial crash which will focus on what we’ve learnt (and not learnt) and how we can reform our economies. We share below a press release from Promoting Economic Pluralism which is coordinating a programme of events in which the Tax Justice Network and Tax Justice UK are participating.

Before that though, we’d like to share with you two of our events on September 14th 2017. If you’re in or able to get to London, please register to reserve your place or buy your tickets quickly. If you’re elsewhere in the UK or overseas, we’re working on recording the discussion panels and making them available to you online. Keep checking back with our blog.

Firstly, this:

How can we avoid another crisis?

We will hear from this expert panel about how another global financial crisis can be avoided, ten years after the first. Rather than focusing narrowly on the financial sector, this discussion will look at the role of the wider financial system, considering a range of factors including debt levels, the need for redistribution, and a ‘race to the bottom’ on tax and regulation. This event is FREE but REGISTER HERE to be sure to get a place.

This is a panel discussion moderated by Juliette Garside financial correspondent at the Guardian, specialising in tax and offshore investigations. She has written about the Panama Papers, the Swiss Leaks exposé, and the financial affairs of David Cameron’s family.

Daniel Mügge, Professor of Political Arithmetic at the University of Amsterdam. He analyses the political economy of macroeconomic indicators and the political origins of the formulas through which we calculate them.

Richard Murphy, a chartered accountant and a political economist, an anti-poverty campaigner and tax expert. He is Professor of Practice in International Political Economy at City University, London and Director of Tax Research UK. He is the author of a number of books, including The Joy of Tax.

Daniela Gabor, Professor of Economics and Macro-Finance at University of the West of England and an expert on critical central banking, collateral intermediation, shadow banking, IMF, capital controls and transnational banking.

Nicholas Shaxson, writer and investigative journalist, and author of Treasure Islands, a hugely influential book about the global financial system. In 2012 the International Tax Review named him as one of its “Global Tax 50” most influential people in international tax.

And also this event:

A screening of The Spider’s Web: Britain’s Second Empire, followed by a panel discussion

We’ve blogged before about this powerful film which documents how Britain transformed from an imperial power to a global financial power and tax haven. To whet your appetite, watch the trailer below and you can also get a sneak preview by listening to edition 65 of the Taxcast, our monthly podcast which interviewed the director and also features clips from the film.

When this film premiered recently tickets sold out almost immediately, so please act fast, don’t miss this. BUY YOUR TICKETS HERE.

The panel discussion will be moderated by Juliette Garside financial correspondent at the Guardian.

Panel members include:

John McDonnell MP, Shadow Chancellor of the Exchequer, elected as Labour MP for Hayes and Harlington in 1997. John’s attendance is subject to his availability on the day based on the pressures of parliamentary business.

Michael Oswald, an independent documentary filmmaker based in London, and writer and director of The Spider’s Web: Britain’s Second Empire. He uses narrative storytelling to produce investigative and observational films, and aims to discover, understand and communicate ideas that are given less attention than they deserve.

Nicholas Shaxson, writer and investigative journalist, and author of Treasure Islands, a hugely influential book about the global financial system. In 2012 the International Tax Review named him as one of its “Global Tax 50” most influential people in international tax.

Will Snell, founding Director of Tax Justice UK, a newly formed advocacy and campaigning organisation whose objectives are to increase public understanding of the UK tax system and to make it fairer and more effective. Before setting up Tax Justice UK, Will worked in international development and for the UK government.

Now for the trailer:

As we said earlier, these two events are part of 10 years after the crash, exploring how to build a fairer and more sustainable economic system. Here’s a press release on those events from Promoting Economic Pluralism:

What happened to the world on 9 August 2007?

9 August 2017 marks the 10th anniversary of the day the financial world went into freefall, leading to the collapse and bailout of the banks in autumn 2008. A new pressure group: Promoting Economic Pluralism is hosting a series of events this September with a network of organisations to ensure that the lessons of that period have been learnt.

London: 9 August 2017: “The day the world changed”, was how Adam Applegarth, Northern Rock’s chief executive described the beginning of the Financial Crash, on August 9, 2007. This was the day the bank BNP-Paribas refused to allow withdrawals from its hedge funds, citing a “complete evaporation of liquidity”.

This signalled the beginning of the global financial crash which threatened to destroy the Western economic system, as bank-after-bank: Lehman Brothers, Bear Sterns, Royal Bank of Scotland and Northern Rock filed for bankruptcy, was taken over or went to the wall.

This chain of events took everyone by surprise, so even the Queen asked economists at the LSE in November 2008, ‘Why did no-one see it coming?’

While the financial institutions have mainly recovered, the Crash’s repercussions are still being felt: this week the Financial Times reported that in the US, financial institutions have paid more than $150bn in fines relating to the credit crisis. The Bank of America has paid $56bn to US authorities, while JPMorgan Chase has paid $27bn in fines and relief.

Many see the Crash and governments’ reaction to it that bailed out the banks and initiated austerity as creating the conditions for the current social and political upheavals.

Marking ‘10 Years after the Crash’

Promoting Economic Pluralism (PEP), is a pressure group working to introduce innovations in economic thinking capable of tackling today’s economic and environmental challenges. It has joined with a network of partner organisations to look for answers.

They are jointly hosting “10 years after the Crash” a series of events at the Royal Society of Arts to mark the 10th anniversary of the run on the British bank: Northern Rock. These begin on 11 September, when former Chancellor of the Exchequer, Alistair Darling will reflect on what we have and haven’t learned from the crisis, and what needs to be done next to shape fairer prosperity.

Other speakers include: Ann Pettifor, Director of Policy Research in Macroeconomics (PRIME), Broadcaster Robert Peston, who broke the Northern Rock story; Gabriela Ramos, OECD Chief of Staff and Sherpa to the G20, and Eric Beinhocker, Executive Director of the Institute for New Economic Thinking at the Oxford Martin School, Oxford University.

10 Years after the Crash will address three key questions:

• what lessons have we learned from the crash;
• have we taken the necessary steps to reform our economic systems in response;
• how can we develop a wider understanding of what is needed to deliver a fairer, more resilient and sustainable economy?

PEP will involve people from a broad spectrum in this dialogue to build a shared direction for economic reform.

For more details of Promoting Economic Pluralism’s ’10 Years after the Crash’, please go to: https://10yearsafterthecrash.com/

Or contact: [email protected] +07770230251

Or [email protected] (CEO)