This is not a Financial Crisis
It's a Non Collection of Tax crisis
http://www.taxjustice.net/cms/front_content.php?idcat=148
£13tn: hoard hidden from taxman by global elite
http://www.guardian.co.uk/business/2012/jul/21/global-elite-tax-offshore-economy
http://www.911forum.org.uk/board/viewtopic.php?p=161745#161745
http://www.businessinsider.com/the-price-of-offshore-2012-7
• Study estimates staggering size of offshore economy
• Private banks help wealthiest to move cash into havens
Heather Stewart, business editor -
guardian.co.uk, Saturday 21 July 2012 21.00 BST
The Cayman Islands: a favourite haven from the
taxman for the global elite. Photograph: David
Doubilet/National Geographic/Getty Images
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."
TUC general secretary Brendan Barber said:
"Countries around the world are under intense
pressure to reduce their deficits and governments
cannot afford to let so much wealth slip past into tax havens.
"Closing down the tax loopholes exploited by
multinationals and the super-rich to avoid paying
their fair share will reduce the deficit. This
way the government can focus on stimulating the
economy, rather than squeezing the life out of it
with cuts and tax rises for the 99% of people who
aren't rich enough to avoid paying their taxes."
Assuming the £13tn mountain of assets earned an
average 3% a year for its owners, and governments
were able to tax that income at 30%, it would
generate a bumper £121bn in revenues – more than
rich countries spend on aid to the developing world each year.
Groups such as UK Uncut have focused attention on
the paltry tax bills of some highly wealthy
individuals, such as Topshop owner Sir Philip
Green, with campaigners at one recent protest
shouting: "Where did all the money go? He took it
off to Monaco!" Much of Green's retail empire is
owned by his wife, Tina, who lives in the low-tax principality.
A spokeswoman for UK Uncut said: "People like
Philip Green use public services – they need the
streets to be cleaned, people need public
transport to get to their shops – but they don't want to pay for it."
Leaders of G20 countries have repeatedly pledged
to close down tax havens since the financial
crisis of 2008, when the secrecy shrouding parts
of the banking system was widely seen as
exacerbating instability. But many countries
still refuse to make details of individuals'
financial worth available to the tax authorities
in their home countries as a matter of course.
Tax Justice Network would like to see this kind
of exchange of information become standard
practice, to prevent rich individuals playing off
one jurisdiction against another.
"The very existence of the global offshore
industry, and the tax-free status of the enormous
sums invested by their wealthy clients, is predicated on secrecy," said Henry.
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"The maintenance of secrets acts like a psychic
poison which alienates the possessor from the community" Carl Jung
<https://217.72.179.7/members/www.bilderberg.org/phpBB2/>https://217.72.179.7/members/www.bilderberg.org/phpBB2/
Fear not therefore: for there is nothing covered
that shall not be revealed; and nothing hid that
shall not be made known. What I tell you in
darkness, that speak ye in the light and what ye
hear in the ear, that preach ye upon the housetops. Matthew 10:26-27
Die Pride and Envie; Flesh, take the poor's advice.
Covetousnesse be gon: Come, Truth and Love arise.
Patience take the Crown; throw Anger out of dores:
Cast out Hypocrisie and Lust, which follows whores:
Then England sit in rest; Thy sorrows will have end;
Thy Sons will live in peace, and each will be a friend.
http://tinyurl.com/6ct7zh6
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Please consider seriously the reason why these elite institutions are not discussed in the mainstream press despite the immense financial and political power they wield?
There are sick and evil occultists running the Western World. They are power mad lunatics like something from a kids cartoon with their fingers on the nuclear button! Armageddon is closer than you thought. Only God can save our souls from their clutches, at least that's my considered opinion - Tony
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