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Laurie Penny, on the streets with Bloomberg's "private army"

"Whose tweets? Our tweets!" Sometimes, only puns will do.

"Whose tweets? Our tweets!" Sometimes, only puns will do.

The Brookfield Winter Garden is the sort of aggressively bland corporate un-place where scuffles with the NYPD are not supposed to happen.

The financial district of New York is full of spaces like this: soulless private-public atriums full of force-grown unseasonal greenery, glistening 1980s marble and glaze-eyed commuters on their way to meetings. It's a place for "passive recreation" -- the stated function of Zucotti Park, also owned and run by Brookfield industries.

Absolutely nothing of emotional or political significance is ever supposed to happen here, ever. Right now, though, scores of members of the police force Mayor Bloomberg called his "private army" are arresting people seemingly at random just for looking like they might be working against the world's largest investment bank, rather than for it.

Just after eight in the morning, several hundred protesters from Occupy Wall Street had gathered in front of the headquarters of Goldman Sachs, banging drums, blearily slurping coffee and carrying a large, wobbly papier-mache squid. The latter was a reference to Rolling Stone journalist Matt Taibbi's iconic denotion of the bank as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money".

Some of the protesters also wore homemade cardboard squid hats. Yeah, take that, everyone who used to be skeptical about radical writers' ability to change the world using only the power of humorous metaphor.

Black bloc it wasn't. But this wasn't New York's day of action, not really. The demonstration was called in solidarity with the workers and occupiers attempting to block major ports along the West Coast of America, many of which happen to be controlled by subsidiaries of the Goldman group. Which also owns much of America's university system. And the shipping industry. And your mortgage. And your soul.

The fact that angry chanting and heavy policing have become routine features of life in the financial district is perhaps only appropriate in a country where four million families have been made homeless by a banking industry that was recently rewarded for trashing the economy with trillions of dollars of public money.

After a noisily peaceful march around the Goldman building, which entirely failed to collapse like the walls of Jericho, some of the protesters broke off to march through the World Financial Centre, adjoining the Winter Garden Plaza. Which is when the police freaked the hell out.

Red-eyed, astonished businesspersons held up their smartphones like protective talismans as emissaries of the 99 per cent danced around the ornamental ferns. Police poured in as someone dropped a West Coast Solidarity banner above the escalators. Protesters stood and shouted "everybody pays their tax, everyone but Goldman Sachs" -- well, close enough, the company paid only one per cent tax in 2008 -- just a little too long. On the turn of a penny, the arrests began.

By now we're used to hearing about protesters being arrested for taking part in peaceful actions, but this is the first time I've truly witness young people being grabbed at random just for standing near a demonstration with a phone or camera.

At least two of the 18 arrestees were journalists, including Radio Dispatch's John Knefel, and it is pure luck that the officer who shoved me through the atrium doors, shouting "your turn now", when he saw me tweeting, did not decide to arrest me too. As citizen journalists and members of the marching band sat in the back of the police van, a chant started: "Whose tweets? Our tweets!"

In the face of this sort of paranoid over-protection of a degenerate financial elite, you have to pun, because otherwise you might put your fist through a wall.

Funnily enough, last week, when hundreds of protesters and local campaigners really did take over a foreclosed property in East New York technically belonging to Bank of America, Bloomberg's army was almost nowhere to be seen.

Laurie Penny is a contributing editor to the New Statesman. She is the author of five books, most recently Unspeakable Things.

Photo: Getty
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Scotland's vast deficit remains an obstacle to independence

Though the country's financial position has improved, independence would still risk severe austerity. 

For the SNP, the annual Scottish public spending figures bring good and bad news. The good news, such as it is, is that Scotland's deficit fell by £1.3bn in 2016/17. The bad news is that it remains £13.3bn or 8.3 per cent of GDP – three times the UK figure of 2.4 per cent (£46.2bn) and vastly higher than the white paper's worst case scenario of £5.5bn. 

These figures, it's important to note, include Scotland's geographic share of North Sea oil and gas revenue. The "oil bonus" that the SNP once boasted of has withered since the collapse in commodity prices. Though revenue rose from £56m the previous year to £208m, this remains a fraction of the £8bn recorded in 2011/12. Total public sector revenue was £312 per person below the UK average, while expenditure was £1,437 higher. Though the SNP is playing down the figures as "a snapshot", the white paper unambiguously stated: "GERS [Government Expenditure and Revenue Scotland] is the authoritative publication on Scotland’s public finances". 

As before, Nicola Sturgeon has warned of the threat posed by Brexit to the Scottish economy. But the country's black hole means the risks of independence remain immense. As a new state, Scotland would be forced to pay a premium on its debt, resulting in an even greater fiscal gap. Were it to use the pound without permission, with no independent central bank and no lender of last resort, borrowing costs would rise still further. To offset a Greek-style crisis, Scotland would be forced to impose dramatic austerity. 

Sturgeon is undoubtedly right to warn of the risks of Brexit (particularly of the "hard" variety). But for a large number of Scots, this is merely cause to avoid the added turmoil of independence. Though eventual EU membership would benefit Scotland, its UK trade is worth four times as much as that with Europe. 

Of course, for a true nationalist, economics is irrelevant. Independence is a good in itself and sovereignty always trumps prosperity (a point on which Scottish nationalists align with English Brexiteers). But if Scotland is to ever depart the UK, the SNP will need to win over pragmatists, too. In that quest, Scotland's deficit remains a vast obstacle. 

George Eaton is political editor of the New Statesman.