News ID: 231453
Published: 0549 GMT September 15, 2018

Protesters in Frankfurt demand stable financial system

Protesters in Frankfurt demand stable financial system

On the tenth anniversary of a pivotal moment in the Great Recession, a group of demonstrators in the German city of Frankfurt have held a protest gathering to demand a stable financial system which is democratically controlled and which does not exploit humans and nature.

Some 100 protesters, mostly activists from anti-globalization group Attac, held the peaceful gathering outside the Frankfurt stock exchange.

The demonstrators, whose main demand was a stable financial system which is “beneficial to humans and nature”, brought two life-size statues of a bull and a bear to the gathering, pelted them with paint and showed banners reading "crime scene," "save the planet - not banks", "education is a basic right - capital yield is not”, and “right to a home instead of right to profit”.

The gathering was held on the tenth anniversary of the day when the global financial services firm Lehman Brothers Holdings Inc went bankrupt in 2008 after trying to finance too many risky assets with too little capital, becoming the largest US bankruptcy and the highest-profile casualty of the global credit crisis.

The firm’s sudden collapse shocked the world and sent the entire financial sector into meltdown — with profound global consequences exacerbating the Great Recession that had started a year earlier.

Apart from the Frankfurt gathering, campaigners plan to hold demonstrations outside financial institutions in other European countries and the United States as well. They say the world has not learned the lessons of the collapse of Lehman Brothers.

"We are using the 10th anniversary of the collapse of Lehman Brothers to remind people that the root causes of that crisis, and 30 years of a financialization of our economy, have not been addressed," Benoit Lallemand, secretary general of Finance Watch, told DW.

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