Offshore Banking and Tax Havens Have Become Heart of Global Economy

[Donnachaidh]

http://www.democracynow.org/2011/4/15/offshore_banking_and_tax_havens_have

As millions of Americans prepare to file their income taxes ahead of Monday’s deadline, we look at how corporations and the wealthy use offshore banks and tax havens to avoid paying taxes and other governmental regulations. "Tax havens have grown so fast in the era of globalization since the 1970s that they have become at the heart of the global economy and are absolutely huge," says our guest, British journalist Nicholas Shaxson. "Anywhere between $10 trillion and $20 trillion are sitting offshore. Half the world trade is processed in one way or another through tax havens." Shaxson is the author of the new book, "Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens."

video at the link --

[shraby]

1. Classic case of the pirates burying their treasure on the islands.

[RUMMYisFROSTED]

2. +1

[Wounded Bear]

3. Saw a bit of that this AM...

Not surprising.

I was thinking, instead of invading ME countries, we should move on Switzerland and the Caymans. ;)

[PATRICK]

4. Achilles heel

If the winds change enough so only the small islands provide a haven for unreal world banking, they cannot withstand the combined action of the major nations. This running around the globe ever ends up in small offshore retreats, the game is over. Of course that is far from the case now, with suffering nations besieged by reality as well as their own dimly awaking people allow this to happen pretty much undisturbed. A democracy of national entangled interest banking giants forced to tolerate the flight of capital? When will this juggling act tire as the balls disappear?

[sasha031]

5. rec. k/r

[ashling]

6. And these are the people that, according to the GOP, are going to invest in

bringing jobs back to this country.


:puke: