Labels: cabal, elites, greed, income gap, inequality, offshore economy, poverty, Russia Today, super-rich, tax evasion, tax havens
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posted by profmarcus at
7/23/2012
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.
Oil-rich states with an internationally mobile elite have been especially prone to watching their wealth disappear into offshore bank accounts instead of being invested at home, the research suggests. Once the returns on investing the hidden assets is included, almost £500bn has left Russia since the early 1990s when its economy was opened up. Saudi Arabia has seen £197bn flood out since the mid-1970s, and Nigeria £196bn.
"The problem here is that the assets of these countries are held by a small number of wealthy individuals while the debts are shouldered by the ordinary people of these countries through their governments," the report says.
The sheer size of the cash pile sitting out of reach of tax authorities is so great that it suggests standard measures of inequality radically underestimate the true gap between rich and poor. According to Henry's calculations, £6.3tn of assets is owned by only 92,000 people, or 0.001% of the world's population – a tiny class of the mega-rich who have more in common with each other than those at the bottom of the income scale in their own societies.
"These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people," said John Christensen of the Tax Justice Network. "People on the street have no illusions about how unfair the situation has become."
Labels: cabal, elites, greed, Guardian, income gap, inequality, offshore economy, poverty, super-rich, tax evasion, Tax Justice Network
Submit To Propellerposted by profmarcus at
7/22/2012
We’re deeply involved [with the protests against the NATO summit this coming weekend] because NATO is a global secret cabal. It is the military arm of the global 1 percent. And really, I think NATO has become background to how we hear the news: "NATO forces, NATO bombings." And when you try to find out what NATO is, you realize that it is the largest global military alliance in human history and that its key elements are that it is about permanent war, it is about dirty war, it is about nuclear war, and it is about hot wars—really four of them right now. So we don’t really know what it is. They are secretive. And when I first went to look at a NATO website to see what it was, a dove floats across the screen on the first page of the official NATO website. By the end of the NATO website, it’s helicopters, fighter planes and drones. So, we, I think, are not made safer by NATO. It is secretive. And it is opposed to peace and to our future.
So, a wide array of Chicagoans have come together in a coalition, meeting really for nine months, to stand up and ask for peace, to really say, "We don’t need NATO. We need an end to the war in Afghanistan. We need a complete end to the war in Iraq. We need to rethink what just happened in Libya and what’s going on every day in Pakistan." So there’s an array of events happening, beginning with a National Nurses Association rally, a permitted rally on Friday. I think the support of unions and workers, the support of African-American activists in the city and Latino and immigrant groups, a wide array of women’s and activist groups and Occupy and students, and, in a way, most importantly, the Iraqi and Afghan vets against the war, who will be leading the big demonstration on Sunday when NATO opens its meeting here.
[...]
[W]e think that NATO should be meeting, you know, in an underground bunker or on a remote island. The idea that NATO has been invited to Chicago to have the kind of war games that have been going on here for the last six months and now accelerated this week, so that we have restricted zones, and we have the shutdown of universities and colleges, the shutdown of businesses, the closings of the major museums here, it is being treated as really a practice military zone.
And we actually feel very strongly—I think the way Americans feel—that we want an end to these wars. These wars are hated by the American people. They don’t make us safer in any way. In fact, they jeopardize our safety. Bombing foreign countries, occupying other countries in the world does not make us safer. Killing civilians without any accountability makes people angry.
And so, our resources, this enormous amount of money and resources, and suddenly we don’t have money here for mental—community mental health clinics. We don’t have money for public libraries or for schools. We don’t have money for public transportation. But somehow we have the millions of dollars necessary, or the mayor accessed the money, to hold this event right here in the city of Chicago. So we want peace and not this wars—permanent wars abroad and military war games and national security state at home.
Labels: 1%, Amy Goodman, austerity, Bernardine Dohrn, cabal, Chicago, Democracy Now, endless war, NATO Summit
Submit To Propellerposted by profmarcus at
5/17/2012
A Secretive Banking Elite Rules Trading in Derivatives
Labels: banksters, cabal, derivatives, elites, NYT, super-rich
Submit To Propellerposted by profmarcus at
12/12/2010
I believe the Rove-Cheney cabal is using Sarah Palin as a stalking horse, an Evita figure, to put a popular, populist face on the coming police state and be the talk show hostess for the end of elections as we know them. If McCain-Palin get in, this will be the last true American election. She will be working for Halliburton, KBR, Rove and Cheney into the foreseeable future -- for a decade perhaps -- a puppet "president" for the same people who have plundered our treasure, are now holding the US economy hostage and who murdered four thousand brave young men and women in a way of choice and lies.
Labels: 2008 candidates, 2008 Election, Alternet, cabal, Dick Cheney, Evita, fascism, George Bush, Huffington Post, John McCain, Karl Rove, Naomi Wolf, Police State, Sarah Palin
Submit To Propellerposted by profmarcus at
9/24/2008
Iran called off further Iraq security talks with Washington until U.S. forces stop their crackdown on Shiite militias, but the military brought more air power into the fight Monday and escalated its accusations of Iranian backing for extremists.
The latest flare-up has put Iraq's government in a bind as it seeks to stamp out armed Shiite gangs but worries about angering Shiite heavyweight Iran, which has close ties to the core of Iraq's political leadership.
[T]here is nothing legitimate in the government of Iraq, it provides none of the services we would associate with a government, not even the pretense of a monopoly on violence, it was established under an illegitimate foreign military occupation and it is entirely unrepresentative of the majority of Sunnis and Shiites who are opposed to the American occupation and despise the Iraqi government.
Moreover the dominant parties in the government and in those units of the security forces that battled their political rivals in Basra and elsewhere are the ones closest to Iran. The leadership of the Iraqi government regularly consults Iranian officials and is closer to Iran than any other element in Iraq today. Moreover, the Americans have always blamed their failures in Iraq on outsiders, Baathists, al Qaeda, Iranians, because they refuse to admit that the Iraqi people don't want them. So Iran is a convenient scapegoat to explain the strength of the Sadrists, a strength actually resulting from the fact that they are a genuinely popular mass movement. Blaming Iran also lets the Americans maintain the illusion that the Mahdi Army's ceasefire is still in effect.
[...]
The truth is, most allegations about Iran's role in Iraq and the region are unfounded or dishonest. Iran was responsible for ending the recent fighting in Basra and calming the situation after Iraqi parliamentarians who backed Prime Minister Maliki approached it. The Iranians, never close to Muqtada or his family, were so annoyed with Muqtada and his presence that they reportedly ordered him out of Iran where he had been living in virtual house arrest anyway since arriving six months earlier. Iranian officials and the state media clearly supported Prime Minister Maliki and the Iraqi government against what they described as "illegal armed groups" in the recent conflict in Basra, which is not surprising given that their main proxy in Iraq, the Supreme Iraqi Islamic Council dominates the Iraqi state and is Maliki's main backer.
The Supreme Council is of course also the main proxy for the US in Iraq and somehow in the Senate testimony it was forgotten that its large Badr militia was established in Iran and is actually the only Iraqi opposition group to have fought on the Iranian side against Iraq during the Iran-Iraq war. Moreover, the Badr militia was a branch of the Iranian Revolutionary Guard that is so demonized today, and Badr dominates the ministry of interior, if not most of Iraq at the higher echelons. But none of this openly available information made its way to the Post's editorial writers or the dominant discourse in the US.
Former UN weapons inspector Scott Ritter, who was among the original experts to question Bush Administration claims that Iraq had weapons of mass destruction, now says he believes an attack on Iran is a "virtual guarantee."
"We take a look at the military buildup, we take a look at the rhetoric, we take a look at the diplomatic posturing, and I would say that it’s a virtual guarantee that there will be a limited aerial strike against Iran in the not-so-near future—or not-so-distant future, that focuses on the Iranian Revolutionary Guard Command," Ritter said last week in a little-noted interview with Amy Goodman's Democracy Now. "And if this situation spins further out of control, you would see these aerial strikes expanding to include Iran’s nuclear infrastructure and some significant command and control targets."
Labels: Baathists, Badr Corps, cabal, Iran, Iraq, Nir Rosen, Nouri al-Maliki, Sadrists, Scott Ritter, Shiite, Steve Clemons, Sunni, White House
Submit To Propellerposted by profmarcus at
5/06/2008
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