Offshore funds amounting to $13-21 Tn

Courtesy of the Observer:

Two different numbers are floating around. Either 13-21 tn or 21-32 tn has been squirreled away into offshore accounts and tax havens.

These estimates reveal a staggering failure,” says John Christensen of the Tax Justice Network. “Inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people.

“This new data shows the exact opposite has happened: for three decades extraordinary wealth has been cascading into the offshore accounts of a tiny number of super-rich.”

The Tax Justice Network tracked data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF)and private sector analyists to come up with the figure. So who holds these assets — 10 million individuals contribute to the pool, but 9.8 tn is believed to be owned by just 92,000 people.

The sheer scale of the hidden assets held by the super-rich also suggests that standard measures of inequality, which tend to rely on surveys of household income or wealth in individual countries, radically underestimate the true gap between rich and poor.

This has to end. The levels of inequality this proclaims goes beyond slight moral ambiguity and treads upon the realm of avarice. Actually its swimming in avarice. Our governments dare to sit and tell us that there is no money for the poor, the indigent, the students who have become debt peons in the modern economy, and this pillage is allowed to continue? It may be time to seize Grand Cayman, Switzerland, and every other haven by the throat. Close the financial mechanisms that allow money to flow in or out of those economies and crush them like the parasites they are. Wall them in and seal them off. See what they do with all that money when they can’t move it.

 

 

 

 

£13tn: hoard hidden from taxman by global elite | Business | The Observer and

Wealth doesn’t trickle down – it just floods offshore, new research reveals | Business | The Observer

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