[dolanbaker]

http://www.bbc.co.uk/news/business-18944097
A global super-rich elite had at least $21 trillion (£13tn) hidden in secret tax havens by the end of 2010, according to a major study.

The figure is equivalent to the size of the US and Japanese economies combined.

The Price of Offshore Revisited was written by James Henry, a former chief economist at the consultancy McKinsey, and commissioned by the Tax Justice Network.

He said $21tn is a conservative figure and the true scale could be $32tn.

A trillion is 1,000 billion.

Mr Henry used data from the Bank of International Settlements, International Monetary Fund, World Bank, and national governments.

His study deals only with financial wealth deposited in bank and investment accounts, and not other assets such as property and yachts.

....

Private wealth held offshore represents "a huge black hole in the world economy," Mr Henry said.

A little "service charge" on these accounts could probably clear the global debt crisis!

[vision-master]

They need all taht moola to create jobs........... (eh cog)

[Shaved Monkey]

surely its trickling down......

[vision-master]

yeah an it looks kinda yeller.......

[mattduke]

Think how many Afghans could be killed with that much money.

[evilgenius]

In many ways it is not a symptom of the problem, it is the problem.

[Duende]

GASMON wrote:

I smell worldwide revolution soon.

Based on the faceplant of the Occupy movement I would guess it is not likely to start in the United States. I was really hoping that it was the start of something big and important. But I was tremendously dismayed by the backlash they received by many folks who stood to gain from their actions and demands. A true case of Stockholm Syndrome indeed. I understand now that many Americans will defend their right to take it up the a** from the elite to the death. So be it.

[Oneaboveall]

I was tremendously dismayed by the backlash they received by many folks who stood to gain from (Occupy's) actions and demands.

I was just about to say that I wondered how long it would take before blind rage was directed at the people who reported this (as opposed to the people who are hoarding all the money). People seem to think that there are only two choices: either the top 1% have to be given everything or we all get sent to gulags/collective farms. I remember seeing a posting somewhere that compared Occupy to (I'm paraphrasing) "the useful idiots who said 'But, I was a good communist' as Stalin lined them up against the wall and shot them." I think that poster got the situation twisted around somewhat. What about the employee who said 'But, I gave my life to this company" as security escorted them out the building?

That's one of the reasons that I hardly post here anymore. I prefer Yves Smith's Naked Capitalism blog, as the posters there seem to get it.

[Serial_Worrier]

The reason why Occupy got no traction is because most Americans still believe in the dream.

[Outcast_Searcher]

Great. More tinfoil fodder for the innumerate class warfare folks. That ought to fix EVERYTHING!

Note that before you even get into the meat of the article, they're claiming that ONE "super-elite" has squirreled away 21 TRILLION dollars (or more), which they note is the combined size of the US and Japanese economies.

I'm as much for a flat tax that captures ALL income and eliminating bogus foreign tax shelters, etc. as anyone -- but believing nonsense like this (the scale sounds off by a factor of about a thousand or so) may excite the sheep and the occupiers, but the educated, not so much.

I notice the source is pumping his book. I notice the "study" was commissioned by people against tax shelters.

I noticed other examples provided in the thread (where "the revolution" was predicted) talking about tens of millions of dollars. Only off by a factor of A MILLION or so ... I guess critical thinking skills just get completely ignored with this subject.

Why am I completely unsurprised?

[ColossalContrarian]

Great. More tinfoil fodder for the innumerate class warfare folks. That ought to fix EVERYTHING!

Note that before you even get into the meat of the article, they're claiming that ONE "super-elite" has squirreled away 21 TRILLION dollars (or more), which they note is the combined size of the US and Japanese economies.

I'm as much for a flat tax that captures ALL income and eliminating bogus foreign tax shelters, etc. as anyone -- but believing nonsense like this (the scale sounds off by a factor of about a thousand or so) may excite the sheep and the occupiers, but the educated, not so much.

I notice the source is pumping his book. I notice the "study" was commissioned by people against tax shelters.

I noticed other examples provided in the thread (where "the revolution" was predicted) talking about tens of millions of dollars. Only off by a factor of A MILLION or so ... I guess critical thinking skills just get completely ignored with this subject.

Why am I completely unsurprised?

I think with so much mention of millions and billions of dollars going missing for various reasons (MFG Global, PFG, FRAUD IN GENERAL) a lot of people tend to forget just how much a trillion dollars really is. A few trillion here, a few trillion there and before you know it we're talking real money!

[Beery1]

You folks just don't understand that all those trillions sitting in foreign bank accounts are creating the wealth of our nation. We must not stifle the job creators by imposing socialist style barriers to those who have worked hardest. Our wealthiest citizens deserve their tax shelters because they are better than the rest of us lazy slobs.

[dorlomin]

The UK government sent a minister out to try to create a bit of distraction over this and a host of other quiet sevre stories buffeting the financial classes over the past few weeks.

Blame the tradesmen.
It is 'morally wrong' to pay tradesmen cash in hand, says David Gauke

The idea seems to be that everyone has a bad story from a chippy, a brickie or a plumber so getting a bit of wind up about them taking cash in hand jobs looked an easy sell. Except judging by the comments on most (from the left to the far right) newspapers everyone seen it as a distraction from this 21 trillion dollar story.

Now a new twist emerges. The minister sent out to whip up a public panic about tax avoidance. Guess what his wife does for a living...


Specialist tax avoidance lawyer.
http://order-order.com/2012/07/23/david-gaukes-wife-is-tax-avoidance-lawyer/



Like the fact that the guy in charge of HSBC when the money laundering was going on is now a big wig in the government and so many other stories, the cronyism and collusion is now there for all too see.

[Crazy_Dad]

I wonder how much this person pays in tax. Probably less than me. 52k per annum gross income.
http://en.wikipedia.org/wiki/Gina_Rinehart

Last I heard she earns 52 million PER HOUR from the natural resources all Australians are supposed to own.

This is of course with both side of government complicit - or just negligent in the fair collection of tax.

[SeaGypsy]

And she was very happy to not only screw her own children out of their inheritance but has been fighting them in court endlessly as only one with no problem hiring a bevvy of Queen's Counsels (Oz's top barrister/ lawyers) can. And she has no style, no taste. A character from Dante's Inferno in the making. What a hideous hairdo!



Does her money make her attractive?

Here's a picture of my 'slum girl' wife. Just to compare.

[Serial_Worrier]

Both look hideous.

[SeaGypsy]

It's a joke der.

[EnergyUnlimited]

Tax 'hidden' by global super-rich worth $21tn

These are financial assets in currencies of bankrupting economies.
Throw them on the market (or tax at 100% rate and spend) and you will soon find out, how much they are really worth:
Close to Zero.

All what this sort of money can buy is influence on *power*.
Because stupid unleashing them in fast move can derail a system in short order.

So for helping poor these money are useless.
But for power games between rich they are very useful indeed.