Is the Shard good for London? Or will it simply make a good headquarters for a future totalitarian regime?


The Shard rising

I haven’t been able to join in with the admiration of the Shard going around. A lot of the admiration is focussed on its size, it is true; it is not a particularly beautiful structure. To some people it nonetheless symbolises the advance of progress, the proof that London has still got it. Having the tallest building in Europe on the skyline says something good about London. I have never been able to view it in this way. I have barely even been able to see it as a building.

The Shard is a profit machine. That is why it is being built. That is its purpose. “So what?” you say, this is capitalism, suck it up. But this is a profit machine being built in a particular time and place. Who is it providing more office space for in these grim times? According to the FT in a piece titled London banks ‘will need space of four Shards’ it will be accommodating “a strong rise in demand among hedge funds and private equity firms in the West End, closely correlated to the stock market recovery.” Expanding banks are also expected to be among the main occupiers. In other words, it is being built in anticipation of making the UK even more dependent on a financial sector that just screwed us.

Meanwhile who pays the price for a big concentration of new office space like that? It can surely only make property prices in Bermondsey and Southwark go even more stratospheric. This will be happening at the same time as the cap on benefits and increase in council house rents that is already expected to effect a sort of social cleansing of inner London. So the Shard will help to screw many nearby residents, possibly forcing the poorest out of London altogether. Great.

Oh well, at least it will help increase economic activity in a stalling economy. But for who? Since London is really a tax haven, and most of the money made there gets stored in tax havens, are we likely to see much in tax receipts from the companies working there? As for the profit from the building itself, the point is not that the investors in the Shard are Qatari and will therefore take their profit out of the country. It wouldn’t make a blind bit of difference if the investors were British. That money is not for us. It would leave the country anyway.

Even if we were to reap something in taxes from the companies working there, would it really be worth it when we consider what the next financial crash might do to us? When we consider that not only is the government not interested in weaning us off the finance sector, but they are really, really not going to regulate them either? The Shard is a time-bomb. The Shard is great pointy cock shafting London.

It isn’t an exciting and iconic building. It’s a profit machine. And it isn’t for the likes of you or I. So admire it on the horizon if you like. But to me it does look like the headquarters of our totalitarian overlords, and really, it isn’t that futuristic. Remember, in this country there will be no imposed coup to put the banking regime in place like in Italy or Greece. It won’t be necessary. The bankers are already in charge.

At the Poachers Arms: consumer power and debt

The legendary Poachers Arms is a pub which is always open, can be found just round the corner from anywhere, and where the regular patrons make no pretence at being respectable citizens.

Yesterday I was sat in the Poachers just across the road from the occupation at St Paul’s Cathedral and over a pint of Very Hairy Badger got talking to a man with an Australian-English accent. We got to talking about how we could organise long-term to oppose the financial and political structures that are currently squeezing us.

His suggestion was that a large organisation of consumers could gain power over banks and utility providers by withdrawing from them, one corporation at a time, until they were forced to restructure themselves, or the politicians were forced to restructure them.

While I half-liked the idea, my response was that consumption is structured as an individual activity and it is very difficult to built collective action around it. For instance any threatened bank/corporation could drop prices and the effort to abandon them would be undermined by people having to maximise their use of their resources as individuals. I also suggested that it would require quite a large amount of people to be involved to really threaten the existence of a bank or corporation and building towards that would be difficult on the back of a distant promise of power.

He accepted this was a problem, but asked whether an idea I had mentioned – that of organising debtors against their creditors – didn’t have the same problem. Aren’t debtors just consumers, after all? And wouldn’t organising around debt suffer from the same problem that it is structured as an individual burden?

As I drank my pint I found I couldn’t immediately disagree with him, but thinking about it afterwards I thought that perhaps debt is not the same as other goods we buy. It is money, not a good, and as such is pure fiction backed up by force, and so it exposes the way our economic system works. Organising around it would reveal the power structures like nothing else. But it would also require long term organising, and could be undermined by people making individual choices they need to make.

As I said goodbye to my companion at the bar we both understood that no problems had been solved. But in the Poachers Arms problems are not just for solving, problems are for uniting around within the embrace of a Very Hairy Badger.