capitalist pigs

darkbeaver
Republican
#1
Super-rich hide trillions offshore

Study reveals assets 10 times larger than UK GDP
Exchequers deprived of hundreds of billions in tax
Nick Mathiason
Sunday March 27, 2005

Observer
The world's richest individuals have placed $11.5 trillion of assets in offshore havens, mainly as a tax avoidance measure. The shock new figure - 10 times Britain's GDP - is contained in the most authoritative study of the wealth held in offshore accounts ever conducted.

The study, by Tax Justice Network, a group of accountants and economists concerned at the escalating wealth held in offshore locations, shows that the world's high-net-worth individuals earn $860 billion each year from their assets.

But there is growing alarm among regulators and campaigners because exchequers worldwide are missing out on at least $255bn of tax each year. Governments appear unable, or unwilling, to prevent the rich employing aggressive strategies to minimise their tax liabilities.

The OECD this weekend confirmed that international tax avoidance is a growing problem that troubles governments not just of rich countries, but middle-income ones as well.

'This is one of the defining crises of our times,' said John Christensen, co-ordinator of the Tax Justice Network and a former economic adviser to the Jersey government. 'One of the most fundamental changes in our society in recent years is how money and the rich have become more mobile. This has resul ted in the wealthy becoming less inclined to associate with normal society and feeling no obligation to pay taxes.'

James Jones, Anglican Bishop of Liverpool, said: 'In this country, we have created a culture of tax avoidance. The current debate is pandering to a culture of consumption and avoidance. We need a much better debate than the political parties are currently giving us.'

Individuals such as Rupert Murdoch, Philip Green, Lakshmi Mittal and Hans Rausing - among the world's richest men - all make extensive use of tax havens.

There is nothing illegal about placing assets and cash offshore, but campaigners are promising to attack tax avoidance by the world's richest people in much the same way that they currently target environment and trade issues.

The $11.5trn does not include the vast amount of money stashed in tax havens by multinational corporations, which are using increasingly sophisticated techniques to run rings round the authorities.

The Tax Justice Network study has drawn from data supplied by the Bank of International Settlements, Merrill Lynch and McKinsey. Richard Murphy of Tax Research, who co-authored the report, said: 'No one has tried to calculate a number like this before. To ensure the credibility of our data, we have only used information already in the public domain and produced by some of the most authoritative sources in the world.

'In addition, we tested our conclusions against three independent sources of information, and all seem to substantially agree, giving us a high degree of confidence in the conclusions.'

'Gordon Brown and the British government are ideally placed to act on offshore tax avoidance, since so many of the banks and tax havens that facilitate these processes have British links,' said Charles Abugre, Christian Aid's head of policy.

'Only last week, the Commission for Africa called for an immediate doubling of aid to Africa to help it meet the Millennium Development Goals. And yet here is a potential source of revenue that even the most responsible governments are doing little to tap into.'
Guardian Unlimited Guardian Newspapers Limited 2006
This is what capitalists do !
 
nitzomoe
#2
and i thought this post was about me...

interesting article btw.
 
Colpy
Conservative
#3
Quote: Originally Posted by nitzomoe

and i thought this post was about me...

interesting article btw.

I just realized what your avatar is.

The first record album I ever owned was Jefferson Airplane; Surrealistic Pillow.

Great album. But man, am I dating myself.

You must be considerably older than I thought.
 
I think not
#4
Dang, they're on to me. :P
 
Jay
#5
"There is nothing illegal about placing assets and cash offshore,"


I guess that says it all.
 
Huck
#6
Quote: Originally Posted by Jay

"There is nothing illegal about placing assets and cash offshore,"


I guess that says it all.

And lots less of taxes investments for us...
 
Jay
#7
They could always raise the tax rate...it's all a matter of government policy.
 
Huck
#8
what it means is that the really rich, who should pay taxes dont. And it is us, that do.
 
darkbeaver
Republican
#9
Robert Hunter Wade, professor of political economy at the London School of Economics (UK) and author of "Governing the Market" (Princeton University Press):

"Suppose you are a modern-day Roman emperor, leader of the most powerful country in a world of sovereign states and international markets. What international political economy do you create so that, without having to throw your weight around too much, normal market forces bolster the economic pre-eminence of your country, allow your citizens to consume far more than they produce, and keep challengers down?"

"You want autonomy to decide on your own exchange rate and monetary policy, while having other countries depend on your support in managing their own economies. You want to be able to engineer volatility and economic crises in the rest of the world in order to hinder the growth of centres that might challenge your pre-eminence. You want intense competition between exporters in the rest of the world to give you an inflow of imports at constantly decreasing prices relative to the price of your exports. You want to invite the best brains in the rest of the world to your universities, companies and research institutes. You befriend middle classes elsewhere and make sure they have good reasons for supporting your framework. What features do you hard-wire into the international political economy?"

"First, free capital mobility."

"Second, free trade (except imports that threaten domestic industries important for your reselection)."

"Third, international investment free from any discriminatory favouring of national companies through protection, public procurement, public ownership or other devices, with special emphasis on the freedom of your companies to get the custom of national elites for the management of their financial assets, their private education, healthcare, pensions, and the like."

"Fourth, your currency as the main reserve currency."

"Fifth, no constraint on your ability to create your currency at will (such as a dollar-gold link), so that you can finance unlimited trade deficits with the rest of the world."

"Sixth, international lending at variable interest rates denominated in your currency, which means that borrowing countries in crisis have to repay you more when their capacity to repay is less. This combination allows your people to consume far more than they produce (and it periodically produces financial instability and crises in the rest of the world). To supervise the international framework you want international organisations that look like cooperatives of member states and carry the legitimacy of multilateralism, but are financed in a way that allows you control."

"Is the above a Machiavellian interpretation of the US role in the world economy since the end of the Bretton Woods regime around 1970? Certainly. America's engineering of its dominance has at times been for the general good, when it used its clout to "think for the world". But often its clout has been used solely in the interests of its richest citizens and most powerful corporations. This latter tendency has been dominant lately. We see it in its new single-minded unilateralism in international relations, much exacerbated by the mixture of rage at September 11 and gung-ho jubilation at "success" in Afghanistan. And we see it in what the United States is now ramming through the international supervisory organisations."

"The USA has engineered the WTO to commit itself to negotiate a general agreement on trade in services, which will facilitate a global market in private healthcare, welfare, pensions, education and water, supplied - naturally - by USA companies, and which will undermine political support for universal access to social services in developing countries. It has engineered a "private sector development" agenda devoted to accelerating the private (and nongovernmental) provision of basic services on a commercial basis. The World Bank has made no evaluation of its earlier efforts to support private participation in social sectors. Its new private development thrust, especially in the social sectors, owes everything to USA pressure."

"These power relations and exercises of statecraft are obscured in the current talk about globalisation. The increasing mobility of information, finance, goods and services frees the American government of constraints while more tightly constraining everyone else. Globalisation enables the US to harness the rest of the world to its own rhythms and structure."

"Of course these arrangements do not produce terrorism. But they are deeply implicated in the very slow economic growth in most of the developing world since 1980, and in the widening world income inequality. Slow economic growth and vast income disparities breed cohorts of partly educated young people who grow up in anger and despair. Some try by legal or illegal means to migrate to the west; some join militant ethnic or religious movements directed at each other and their own rulers. But now the idea has spread among a few vengeful fundamentalists that the USA should be attacked directly."

"The USA and its allies can stamp out specific groups by force and bribery. But in the longer run, the structural arrangements that replicate a grossly unequal world have to be redesigned, so that markets working within the new framework produce more equitable results. Historians looking back a century hence will say that the time to have begun was now."

Tariq Ali, UK writer:

"There are 189 member states of the UN. There is, according to USA Defense Department figures, a USA military presence in 120 countries today."

R
 
Toro
#10
Well done, rich people.

Good stuff.

I can help you manage that BTW.

I look forward to when I'm domiciled in the Caymans.
 
Huck
#11
Quote: Originally Posted by Toro

Well done, rich people.

Good stuff.

I can help you manage that BTW.

I look forward to when I'm domiciled in the Caymans.

Toro, you have already more than proved your incompetence. You should stop your babling now...
 
Toro
#12
Quote: Originally Posted by Huck

Quote: Originally Posted by Toro

Well done, rich people.

Good stuff.

I can help you manage that BTW.

I look forward to when I'm domiciled in the Caymans.

Toro, you have already more than proved your incompetence. You should stop your babling now...

Hahaha, Huck.

Arguing with you is like arguing with someone who claims that that they don't play ice hockey on ice.
 
Huck
#13
Yes toro, i know.

I promisse one thing though. From now on, i WILL challenge you on everything you say. So, i suggest you pick up your books and study, because i will be there to challenge your facts... And you know i am more than crazy enough to do it!

we are going to have fun you and I...
 
Toro
#14
"The sun rises in the east."

C'mon Huck, tell me that I'm wrong!
 
Jay
#15
Quote: Originally Posted by Huck

Yes toro, i know.

I promisse one thing though. From now on, i WILL challenge you on everything you say. So, i suggest you pick up your books and study, because i will be there to challenge your facts... And you know i am more than crazy enough to do it!

we are going to have fun you and I...


Don't forget me....
 
Curiosity
#16
Jay

You are unforgettable!

Huck

He's way ahead of anything on the market in financial matters and you want him to review all the old stuff?

Toro

You can manage my bucks any day....
 
Toro
#17
Quote: Originally Posted by Wednesday's Child

Jay

You are unforgettable!

Huck

He's way ahead of anything on the market in financial matters and you want him to review all the old stuff?

Toro

You can manage my bucks any day....

Gosh

 
Curiosity
#18
Happy Valentine's Day Prof!

78 here today...hehehe.... beautiful day and I'm stuck inside.
 
nitzomoe
#19
Quote: Originally Posted by Colpy

Quote: Originally Posted by nitzomoe

and i thought this post was about me...

interesting article btw.

I just realized what your avatar is.

The first record album I ever owned was Jefferson Airplane; Surrealistic Pillow.

Great album. But man, am I dating myself.

You must be considerably older than I thought.

Still is a great album, it really pains me to see some of the bands nowadays trashing rocknroll. Im not a '60's guy though.... I just listen to 60's and 70's rock!
 
Huck
#20
Quote: Originally Posted by Wednesday's Child

Happy Valentine's Day Prof!

78 here today...hehehe.... beautiful day and I'm stuck inside.

Wednesday's Child,

unless you know toro personally, i suggest you be careful with him. His talks sound intelligent and all, but when we ask him to prove anything, he can't. In fact, he does not even understand the basics that would make anyone competent to manage money. Elders are known to trust their money to charlatans. grand-pa, i suggest you be careful.

He demonstrated his ignorance on over 10 matters of economy in the last days, you can reread the threads by yourserlf.


Toro: I now know you are a phony. Abusing people's ignorance is a severe crime, and i shall be there to ensure that you do not abuse anymore. If toro changes his approach and begins saying intelligent things, we will get along just fine. But, if you keep bullshiting, i will crush you under the weight of your own ignorance... publicly
 
MMMike
#21
Huck, you're a big talker you better be able to back it up! Take it to the Beach!
 
Huck
#22
Quote: Originally Posted by MMMike

Huck, you're a big talker you better be able to back it up! Take it to the Beach!

I always do, and proved it in the last 6 days
 
I think not
#23
Don't be hard on him MMMike, he learned all his economics through Wikipedia.
 
Huck
#24
Quote: Originally Posted by I think not

Don't be hard on him MMMike, he learned all his economics through Wikipedia.

This is not relevant to the topic. Facts is toro impresses you with bullshit, but you are not smart enough to check him. I shall be there to ensure he stops saying phony stuff. You should in fact thank me.
 
TenPenny
#25
Quote: Originally Posted by Toro

"The sun rises in the east."

C'mon Huck, tell me that I'm wrong!

The sun doesn't rise; the earth rotates around the sun.
 
Huck
#26
Quote: Originally Posted by TenPenny

Quote: Originally Posted by Toro

"The sun rises in the east."

C'mon Huck, tell me that I'm wrong!

The sun doesn't rise; the earth rotates around the sun.


Hehe, true. Plus, this is only relative to earth. On other planets, it could be anything else...
 
Toro
#27
Quote: Originally Posted by Huck

Abusing people's ignorance is a severe crime

Well, when it comes to you, I should be locked away for life then, eh?
 
Huck
#28
Quote: Originally Posted by Toro

Quote: Originally Posted by Huck

Abusing people's ignorance is a severe crime

Well, when it comes to you, I should be locked away for life then, eh?


Torito, what i say is simple: say stuff that is sound and right, and you wont hear from me again.
 
I think not
#29
Quote: Originally Posted by Huck

Quote: Originally Posted by I think not

Don't be hard on him MMMike, he learned all his economics through Wikipedia.

This is not relevant to the topic. Facts is toro impresses you with bullshit, but you are not smart enough to check him. I shall be there to ensure he stops saying phony stuff. You should in fact thank me.

And why should I believe you Huck? Is there any particular reason? You are th eone that said the US government can print money out of thin air, not Toro, you are the one that said USD are destroyed and replaced by local currency, not Toro. And I have seen Toro debate on other forums with people that have a grasp of economics and in no way ever claimed the high ground you are claiming. If anyone needs to prove themself around here, it's YOU.
 
Huck
#30
Quote: Originally Posted by I think not

Quote: Originally Posted by Huck

Quote: Originally Posted by I think not

Don't be hard on him MMMike, he learned all his economics through Wikipedia.

This is not relevant to the topic. Facts is toro impresses you with bullshit, but you are not smart enough to check him. I shall be there to ensure he stops saying phony stuff. You should in fact thank me.

And why should I believe you Huck? Is there any particular reason? You are th eone that said the US government can print money out of thin air, not Toro, you are the one that said USD are destroyed and replaced by local currency, not Toro. And I have seen Toro debate on other forums with people that have a grasp of economics and in no way ever claimed the high ground you are claiming. If anyone needs to prove themself around here, it's YOU.

I can not blame you for not understanding complex concepts. But, before writing what you jsut did, you should study the matter and understand it.

Me, what i did is fair and square: I give you facts, the thought process and ask you to make your own mind. I even provide you explanations. Of course, you are free to check ALL the facts by yourself. How can it be more honnest?
 

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