Daily Management Review

10 Years After Lehman Brothers Collapse, French Banks Targeted By Anti-Capitalism Protestors


09/17/2018




10 Years After Lehman Brothers Collapse, French Banks Targeted By Anti-Capitalism Protestors
The so called imperialistic and capitalistic banking practices were at the target of anti-globalisation activists in France and in Germany as they protested against such attitudes of banks which coincided with the completion of ten years of the collapse of the bank Lehman Brothers of the United States. Protesters in Paris in France threw black liquid soap on the glass-front of a bank as a token of the protest.
 
The protesters on the streets of Paris made use of orange smoke bombs in their protests and lit them and threw a fluorescent green liquid on the pavement which they said were symbols of the so called ‘toxic money’ and alleged that the largest of the banks in the world were engaged in promoting tax fraud and in making mega-investments in fossil fuels which are harmful for the society and the world.
 
 “Big banks are a driving force of fiscal evasion,” said Aurelie Trouve, a spokeswoman for Attac France.
 
The protesters were critical of the prevalent banking practices and alleged that the global economy was slated to face another economic crisis even after a decade of the collapse of Lehman Brothers because very little or nothing has changed in the global banking system – which was the primary source of the 2008 financial crisis that originated in the US.
 
“It’s inevitable, there’s going to be another crisis,” the protesters said. “It’s absurd and we’re not giving into that.”
 
The 2008 global economic crisis had been triggered off by the failure of the US based investment bank Lehman Brothers primarily because of overvalued loans and advances which remained unserved. That crisis that started in the US later spread throughout the world through the economic process of financial contagion and the interconnectedness of the global economy. The global economy is yet to completely recover from the crisis.
 
A number of economies in the euro zone still lag behind in terms of their economic growth compared to what it was before the crisis set in. This has resulted in a very significant drop in popularity and support for traditional centrist parties – specifically those that have a left leniency, resulting in a surge of a sentiment of as anti-establishment and parties that fostered the sentiment.
 
“Crime scene” tape in front of the Stock Exchange was hung up in Frankfurt which is the birth place of the European Central Bank, by Attac protesters. The protesters also daubed a bull statue with paint.
 
“We want to use this event to make clear that we want a different financial system, one that is not unstable, which is democratically controlled and which does not exploit humans and nature but is beneficial to humans and nature,” said Alfred Eibl, Attac spokesman for taxes and financial markets.
 
(Source:www.reuters.com)






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