17 September 2011: Occupy Wall Street protest begins
On this day in 2011, thousands of protesters answered the call to Occupy Wall Street, leading to similar protests around the world.
"Are you ready for a Tahrir moment?" Adbusters magazine asked of its readers in the summer of 2011. That year, Tahrir Square in downtown Cairo was at the centre of mass protests, known as the Arab Spring, aimed at bringing down corrupt governments across the region.
Meanwhile, across the Mediterranean in Spain, thousands of unemployed and dispossessed people, los indignados, camped out in plazas across the country, angered by austerity measures that saw their benefits cut and taxes raised in response to a financial crisis that they didn't start.
Activists in America recognised many of the same problems at home. Political lobbying by wealthy vested interests was rife. Bankers had been bailed out at the expense of the taxpayer, so that the US national debt stood at over $18trn. Yet bankers continued to receive bonuses and fat salaries, while only a tiny number were sent down for white-collar crimes.
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Students, too, were furious at being lumbered with debt piles they could scarcely manage before they'd even graduated
And all the while, the gulf in wealth inequality continued to widen. In 2007, the top 1% of Americans was earning 23.5% of the nation's income, leading to the rallying cry, "We are the 99%!"
That summer in 2011, Adbusters printed a poster that read "#occupywallstreet September 17th", followed by the practical advice: "Bring tent". Thousands of protesters turned up on the allotted date at Zuccotti Park in New York City. Their first choice of Chase Plaza had already been roped off by police.
The global media coverage and use of social media meant that the Occupy Wall Street protest lit a touch paper, setting off similar protests around the world, including in London, where a tent city sprang up around St Paul's Cathedral.
"The camps may be gone and Occupy may no longer be visible on the streets, but the gulf between the haves and the have-nots is still there, and growing", wrote Michael Levitin in The Atlantic. "What appeared to be a passing phenomenon of protest now looks like the future of US political debate."
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Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.
Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.
You can follow Chris on Instagram.
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