HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Why are we in Debt? Follo...
Introducing Discussionist: A new forum by the creators of DU

Sat Jan 5, 2013, 01:41 PM

 

Why are we in Debt? Follow the Money! Do Welfare Queens have 21 Trillion stashed in Cayman Islands?

A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary 13 trillion ($21tn) of wealth offshore as much as the American and Japanese GDPs put together according to research commissioned by the campaign group Tax Justice Network.

James Henry, former chief economist at consultancy McKinsey and an expert on tax havens, has compiled the most detailed estimates yet of the size of the offshore economy in a new report, The Price of Offshore Revisited, released exclusively to the Observer.

He shows that at least 13tn perhaps up to 20tn has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, "protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy". According to Henry's research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than 4tn in 2010, a sharp rise from 1.5tn five years earlier.

The detailed analysis in the report, compiled using data from a range of sources, including the Bank of International Settlements and the International Monetary Fund, suggests that for many developing countries the cumulative value of the capital that has flowed out of their economies since the 1970s would be more than enough to pay off their debts to the rest of the world.

http://www.guardian.co.uk/business/2012/jul/21/global-elite-tax-offshore-economy

14 replies, 1481 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 14 replies Author Time Post
Reply Why are we in Debt? Follow the Money! Do Welfare Queens have 21 Trillion stashed in Cayman Islands? (Original post)
No Compromise Jan 2013 OP
Turbineguy Jan 2013 #1
LongTomH Jan 2013 #2
gateley Jan 2013 #3
Initech Jan 2013 #4
nc4bo Jan 2013 #5
Amonester Jan 2013 #9
AnnieK401 Jan 2013 #6
Coyotl Jan 2013 #8
HiPointDem Jan 2013 #7
Fire Walk With Me Jan 2013 #10
ReRe Jan 2013 #11
No Compromise Jan 2013 #12
No Compromise Jan 2013 #13
No Compromise Jan 2013 #14

Response to No Compromise (Original post)

Sat Jan 5, 2013, 01:52 PM

1. If those welfare queens had all that money stashed in the Caymans

they couldn't drive around in Cadallacs!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sat Jan 5, 2013, 02:56 PM

2. K&R

International banditry at its worst!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sat Jan 5, 2013, 03:33 PM

3. EXCELLENT piece -- thank you!!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sat Jan 5, 2013, 03:39 PM

4. We need to close this loophole and make this type of thing punishable

With 20 years minimum in federal prison. This is truly sickening what the rich are able to get away with.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sat Jan 5, 2013, 03:44 PM

5. If only....

If only we would stop looking to our left and right and try looking up for a change - ya know, the source of the trickle down stuff the pisspots use to shower us with.................


In response to some teabilly Republicans/"Independents" more concerned with the woman trying to sell her food stamps at the grocery store than the really BIG shit that goes on..........

Both are wrong but the food stamp seller stands to lose his/her benefits and face possible jail time.........the big fish......... not even a slap on the wrist nor a law powerful enough to stop it.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to nc4bo (Reply #5)

Sat Jan 5, 2013, 04:34 PM

9. As long as the big fish keeps his 'trickle$ down' pocket 'changies' into many so-called....

People's representatives 'campaigns coffers' not much else is going to 'changy'.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sat Jan 5, 2013, 04:09 PM

6. I'm sure something could be done,

but it would basically take the whole world going ballistic on these people and their enablers.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to AnnieK401 (Reply #6)

Sat Jan 5, 2013, 04:29 PM

8. It just takes a simple law!

Their enablers are the ones they elect to Congress, and the one who stole the Presidency!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sat Jan 5, 2013, 04:10 PM

7. kr.

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sat Jan 5, 2013, 04:34 PM

10. The little people must be made to pay for the theft of the rich. It's called "austerity".

 

Works like a charm, with Goldman Sachs execs now in government positions in Greece and Italy!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sat Jan 5, 2013, 04:36 PM

11. Excellent post...

K&R

...knowledge is power. And of course this comes from the Guardian. Gotta love that foreign press to reveal what is going on in our country and world. Yeah...follow the money trail. Kind of like the yellow brick road. Follow it to it's end and Viola"! There's all "our" money, all trickled up and all.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sat Jan 5, 2013, 10:25 PM

12. kick

 

nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sat Jan 5, 2013, 11:08 PM

13. The Social Security recipients are hoarding all the money? Overpaid teachers are hoarding money?

 


These people the Republican keep blaming for the debt, they still don't have any money, so who has it?

It is that big of a leap of logic for the media to follow the money?

I am really tired of this blame the victim culture we are living in.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to No Compromise (Original post)

Sun Jan 6, 2013, 10:51 AM

14. maybe we need to find someone who is not drunk to lead the House of Reps?

 

nt

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread