The Panama files



The revelations from the Panama files of the law firmMossack Fonseca have been on the one hand shocking, yet on the other oh so predictable. It is a well known fact that a large chunk of the world’s capital exists in a sort of “dark matter” like state. We know its there, we can see its effects when the rich flaunt their wealth, but nobody can pin down where it is, so its widely assumed to be tied up in tax havens.

gfi - us assets in tax havensNote the data above based on a 2008 estimate, actual numbers may be much higher now.

Details are sketchy, but the estimate is that between $11.5 trillion and $20 trillion dollars is squirrelled away in tax havens, about 15% to 25% of the entire net worth of the global economy. That equals (or exceeds) the annual economic output of China. Its estimated that…

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About daryan12

Engineer, expertise: Energy, Sustainablity, Computer Aided Engineering, Renewables technology
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3 Responses to The Panama files

  1. neilrieck says:

    Allegations have been made that some Icelandic and British banks, which received government bailouts, were involved in off-shore tax havens (is that why Britain wants to leave the EU? Does not want to adopt more stringent banking regulations). Next week should be interesting when we see the remaining 50% which supposedly contains North American accounts. And what of the “austerity mantra we hear from the banking community”? They claim “we can’t afford current social programs”. This now appears to be true in light of the fact that the rich have avoided paying taxes. This situation sounds very reminiscent of the conditions which led to the French Revolution where members of the first and second state had a lot of control but paid no taxes.

    • daryan12 says:

      Certainly it does mean you’ve got a lot of angry people told we need to tighten our belts, but its not the wealthy’s fault, no blame migrants and people living on benefits.

      The end result? We get lunatics like Trump and Cruz on the right. Meanwhile on the left those who can do this thing called “maths” realise that migrants are generally a positive for the economy and even in the UK we spend barely 5% on “Benefits” (and migrants are many times more likely to be working that British people), so this can’t be the problem. So they chuck in their lot with the likes of Bernie Sanders or Jeremy Corybn..whose name my spell checker tries to change to “coronary” which is probably what a lot of the establishment are having about now.

      • neilrieck says:

        American news is controlled by corporate ($$$) interests which is why so many people are pissed. The big 5 networks (ABC, CBS, NBC, FOX, CNN) almost never mention Bernie even though he beat Hillary in the last 8 out of 9 contests. CNN wouldn’t even report #occupyCNN while it was happening (we learned this from PBS, BBC America, and RT America). Looking into it, you find that TimeWarner (onwer of CNN) and Comcast (owner of NBC) are both top-ten donors to Hillary’s campaign. Meanwhile, the Koch-funded TEAparty are behind Cruz while everyone else talks about trump because it brings good ratings. Meanwhile, lots of anti-Bernie stuff comes from anything run by Rupert Murdock. America would be wise to bring back the “Fairness Doctrine” which was discarded by (Saint) Ronald Reagan. Then there is the problem caused by giving corporations the same rights has people. And equating “money” with “free speech” means that rich companies have a megaphone not available to rank-and-file voters. Is America a country “by the people, of the people, for the people” or is is a country “by the corporation, of the corporation, for the corporation”?

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