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Thread: Secret Files Expose Offshore’s Global Impact

  1. #1

    Secret Files Expose Offshore’s Global Impact

    Dozens of journalists sifted through millions of leaked records and thousands of names to produce ICIJ’s investigation into offshore secrecy
    *
    A cache of 2.5 million files has cracked open the secrets of more than 120,000 offshore companies and trusts, exposing hidden dealings of politicians, con men and the mega-rich the world over.
    The secret records obtained by the International Consortium of Investigative Journalists lay bare the names behind covert companies and private trusts in the British Virgin Islands, the Cook Islands and other offshore hideaways.
    They include American doctors and dentists and middle-class Greek villagers as well as families and associates of long-time despots, Wall Street swindlers, Eastern European and Indonesian billionaires, Russian corporate executives, international arms dealers and a sham-director-fronted company that the European Union has labeled as a cog in Iran’s nuclear-development program.
    The leaked files provide facts and figures — cash transfers, incorporation dates, links between companies and individuals — that illustrate how offshore financial secrecy has spread aggressively around the globe, allowing the wealthy and the well-connected to dodge taxes and fueling corruption and economic woes in rich and poor nations alike.
    The records detail the offshore holdings of people and companies in more than 170 countries and territories.
    The hoard of documents represents the biggest stockpile of inside information about the offshore system ever obtained by a media organization. The total size of the files, measured in gigabytes, is more than 160 times larger than the leak of U.S. State Department documents by Wikileaks in 2010.
    To analyze the documents, ICIJ collaborated with reporters from The Guardian and the BBC in the U.K., Le Monde in France, Süddeutsche Zeitung and Norddeutscher Rundfunk in Germany, The Washington Post, the Canadian Broadcasting Corporation (CBC) and 31 other media partners around the world.
    Eighty-six journalists from 46 countries used high-tech data crunching and shoe-leather reporting to sift through emails, account ledgers and other files covering nearly 30 years.
    “I’ve never seen anything like this. This secret world has finally been revealed,” said Arthur Cockfield, a law professor and tax expert at Queen’s University in Canada, who reviewed some of the documents during an interview with the CBC. He said the documents remind him of the scene in the movie classic The Wizard of Oz in which “they pull back the curtain and you see the wizard operating this secret machine.”
    Secret Files Expose Offshore’s Global Impact | International Consortium of Investigative Journalists

    How come the truth come from journalists? Is the world of oligarchs works like the mob?

  2. #2
    Blogged about this when it came out.
    My take is simple.
    Rich people, companies...all are aided and abetted by governments and banks to move, hide, transfer, their wealth.

    Face it, if your country's taxes are higher than another country?
    You move your money out.
    See France.

    Your country's money is devalued, like our dollar?
    You move your money out.

  3. #3
    Quote Originally Posted by iowadawg View Post
    Blogged about this when it came out.
    My take is simple.
    Rich people, companies...all are aided and abetted by governments and banks to move, hide, transfer, their wealth.

    Face it, if your country's taxes are higher than another country?
    You move your money out.
    See France.

    Your country's money is devalued, like our dollar?
    You move your money out.
    Speaking of which, that's totally paradoxal to see the French socialists talking about the moralization of the government, blah blah blah when their own minister get caught transferring money in fiscal paradises to evade tax, their own political manager dealing with drug cartel and doing money laundering!

    All I have to say is this: They are no more credible and they are all rotten to the bone, revolutions are coming!

  4. #4
    The question today is still:
    When will people finally revolt against their governments?
    Happened so far only in muslim run countries.

  5. #5
    Quote Originally Posted by iowadawg View Post
    The question today is still:
    When will people finally revolt against their governments?
    Happened so far only in muslim run countries.
    I guess it is very near and the last volley of taxes they are planning to add, perhaps it will be the ignition in France.

    I don't know about other countries, but in general people revolt when they don't have anything to eat.

  6. #6
    Zero Edge ping pointed pretty well the situation in Europe.

    A Recovery... In Burglaries: Theft Surges In European Periphery


    There is more than just loan delinquencies, unemployment rates, and PMIs that are on the rise in Europe. As we have long-feared, the relative austerity combined with high unemployment has historically always been a boiling pot for increased social unrest and it would appear this is very much the case among the most troubled peripheral nations in Europe. As Bloomberg's Niraj Shah points out, burglaries in Greece (up a stunning 63%) and Spain (53.5%) have soared since the crisis began in 2007. This compares with a European-Union-wide average increase of 7% (which is notable in and of itself) as Cyprus and Portugal also see ~20% increases in theft. With unemployment rates showing no signs of slowing, we suspect this trend will only get worse as the divide between the haves and have-nothings increases.
    A Recovery... In Burglaries: Theft Surges In European Periphery | Zero Hedge News

    and

    On Austerity, Unrest, And Quantifying Chaos

    Politically speaking, austerity is a challenge. While we would expect that governments imposing spending cuts on their voting public may face electability issues, in fact, a recent paper from the Center for Economic Policy Research finds that there is no empirical evidence to confirm this - i.e. a budget-cutting government is no less likely to be re-relected than a spend-heavy government. However, what the CEPR paper does find as a factor in delaying austerity is much more worrisome - a fear of instability and unrest. The authors found a very clear relationship between CHAOS (their variable name for demonstrations, riots, strikes and worse) and expenditure cuts. As JPMorgan notes, austerity sounds straightforward as a policy, until the consequences bite. It remains unclear that the road Europe is taking is less costly in the long run, in economic, political and social terms. The history of Europe over the last 100 years shows that austerity can have severe consequences and outcomes and perhaps most notably, the independent variable that did result in more unrest: higher levels of government debt in the first place.
    On Austerity, Unrest, And Quantifying Chaos | Zero Hedge



    For example:



    and


  7. #7
    Quote Originally Posted by Franc Tireur View Post
    I don't know about other countries, but in general people revolt when they don't have anything to eat.
    Exactly. Most people don't really care about the politics, wild spending sprees with taxpayer money, and abuse from politicians unless it directly affects them. In the USA, people have many entitlements that they can tap without having to work. But when people are hungry, they will pay attention and there will be rioting in the streets. When we run out of money for welfare, disability, food stamps, housing subsidies, Aid for Dependent Children, etc., there will be large scale rioting in the cities.

    The goons in Washington DC know this. That's why they are preparing for riots with unprecedented weapons and ammo purchases, body bag purchases, FEMA camps (allegedly), urban warefare training for military and police, etc. Our government has never prepared for things like this unless the threat is imminent.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  8. #8
    Quote Originally Posted by TopDogger View Post
    Exactly. Most people don't really care about the politics, wild spending sprees with taxpayer money, and abuse from politicians unless it directly affects them. In the USA, people have many entitlements that they can tap without having to work. But when people are hungry, they will pay attention and there will be rioting in the streets. When we run out of money for welfare, disability, food stamps, housing subsidies, Aid for Dependent Children, etc., there will be large scale rioting in the cities.

    The goons in Washington DC know this. That's why they are preparing for riots with unprecedented weapons and ammo purchases, body bag purchases, FEMA camps (allegedly), urban warefare training for military and police, etc. Our government has never prepared for things like this unless the threat is imminent.
    That's why it is important to follow what's going on in our societies. If the world oligarchy failed to fix our societies, particularly our economies linked together, and the international banking system, you can be insured that they will set chaos or wars to to divert attention and keep power.
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


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