13tn: hoard hidden from taxman by global elite

Discussion in 'Markets & Economies' started by JulieW, Jul 22, 2012.

  1. JulieW

    JulieW Well-Known Member Silver Stacker

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    Front page of today's Guardian.

    I wasn't going to post this since it's on the edge of general discussion, but I think the unfolding corruption and inequalities in the global system are what is going to crash it down and hence the need for precious metals to protect yourself from the consequences. As the people wake up to this the sort of violence seen in the Middle East will start to occur in Europe, UK and USA. Anyone who's been following the developing US police state and its preparations for civil unrest will not be surprised at the result over there.

    This headline is one of many in today's paper talking about the money stashed away from taxing government hands. However you feel about taxation, the amount of wealth stashed away in these tax havens and the corruption involved is staggering. One could say that they stole all the profits and assets and left the debts to us to work off, but such would be simplistic even if in essence true.

    http://www.guardian.co.uk/business/2012/jul/21/global-elite-tax-offshore-economy

    More:
    http://www.guardian.co.uk/business/2012/jul/21/offshore-wealth-global-economy-tax-havens
    Interestingly in the graphic accompanying this story, Australia, USA etc is not included. The totals could be even more imposing if so.
     
  2. 4rcane

    4rcane New Member

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    What do you think the money going offshore do? Sit in a vault? They're used in overseas investment leading to economic growth overseas. The receiver benefit from it, the country chasing the wealth away suffers. Instead of blaming the "wealthy" you should figure out why they leave and try to encourage them back. More investment in our own country benefit us, so stop trying to discourage it
     
  3. Dabloodymess

    Dabloodymess Active Member

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    When I saw the thread title I had not expected the source to be a mainstream media outlet.

    I am not particularly surprised by the information, but definitely am by the source.

    Edit: It's also now getting some air time on Al Jazeera.

    They report that the money is basically taken from third world countries and invested in low yield non-productive investments in first world countries such as bonds, term deposits etc. The clip will probably show up on their youtube channel shortly if anyone is interested.
     
  4. SilverMark

    SilverMark Member

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  5. hawkeye

    hawkeye New Member Silver Stacker

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    That's the way this system has always worked. What do people expect the rich to do when there is always a cry for the government to take as much of their money as possible? Especially since so much tax money effectively gets wasted.

    Hey why not just give the govt all of everyone's money to redistribute, then we will all be perfectly equal and happy?


    The question should really be, how did all these govts get into so much debt in the first place? Allowing third-world dictators to borrow and spend money and then make the people pay it off, I would suggest is fraud and slavery and the people who loaned the money (primarily Western banks) do not have a right to get it back.
     
  6. nonrecourse

    nonrecourse Well-Known Member

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    Oh you don't believe the nonsense our governments feed us? Wonder why so many productive people have been putting money into SMSF's? . A 15% tax rate would mean there was more money to be made doing productive work rather than spending time trying to screw down the amount of userous tax presently extracted.


    There would be no tax havens if everything was taxed at a flat 15% and governments were mandated to spend only 85% of all tax revenues per annum

    Of course that would mean our lying cheating bastard governments would need to live within its means.

    Kind Regards
    non recourse
     
  7. SilverMark

    SilverMark Member

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    yep, what NR said
     
  8. Macros_The_Black

    Macros_The_Black Member Silver Stacker

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    Thanks JulieW

    Also worth noting (IMO) that mainstream press reporting such as this is designed to get 'Mum & Dad' incensed and vote for MORE central planning "to stop these bast@rds getting away with it", ie granting even more anti-privacy regulation/increased taxes to provide infrastructure & funding to stop it and justify their jobs.

    "Who stands to gain?" [if action was taken to prevent this] is the question to ask when an article like that makes its way to places like the Guardian.

    I hear the voice of a championing Minister: "Well first we need an investigating committee; then even more extended powers of information in countries with tax-treaties and the power of 'tax designated coup' over all those who don't agree to our draconian treaties."

    And then what they ACTUALLY go away and do is make it EASIER for all their corrupt mates in power to send their funds offshore ie the reverse of what is promised.

    To echo a long-ago Radio 1 character: "It makes me so mad I could slam the phone down".

    Mythical headline I'd like to see: "Tax to be universally cut to 15%; Governments abolished except for border and property protection".

    I'm having a bitter and cynical day ... thank goodness I've still got some shiny stuff to look at.
     
  9. JulieW

    JulieW Well-Known Member Silver Stacker

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    I agree on the tax issues raised above, but my post was more to do with the apparently increasing awareness of the class divide and the mainstream press starting to inform the population of the iniquities of central banking and debasement of currencies, and the favoured treatment that the so-called 1% get.

    The following clip is Max Keiser interviewing Gerald Celent - minimal ranting in this and more a discussion of the above, a tipping point that Keiser describes as 'the tobacco moment' when the population suddenly became aware of the actions of Big Tobacco to addict and exploit the population. (btw research sun dried tobacco vs tobacco company chemicals if you like smoking).

    Keiser also has a good line from Wall Street: "the have yachts and the have-nots", and the major news story according to Celente is the current attempts to move all European banking to a central bank in Brussells, to match the US Fed - "so the deals can be cut more quickly".

    If you wish to avoid the usual softening up the audience histrionics tune in around 5:00. Also talks about gold around 6:00

    [youtube]http://www.youtube.com/watch?v=_gPMd2wP3dI[/youtube]
     
  10. Dogmatix

    Dogmatix Active Member

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    I spent a good 30 minutes last night searching for a chart/map i'd seen a couple of years ago, to no avail - it showed the rough bank financial flows between countries, particularly highlighting the US and the UK.

    What stood out for me on the map was the huge amount of financial flow to banks in small pacific/caribbean countries (ie, tax havens). It appeared that if (hypothetically) those banks shut down it would be a global financial meltdown.

    It's no secret that the really wealthy pay very little tax, and this is just one of the avenues for them to do so. If it was such a problem, you'd think they'd do something about it, but in reality, most of the people who could do something about it probably benefit from it anyway.
     
  11. Dogmatix

    Dogmatix Active Member

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    I agree with this.

    It's like Buffet championing 'taxing the rich'. That doesn't mean him, that means the upper-middle class (or just the middle class), because they are the ones that derive their income from wages, whereas the very rich derive income from other sources such as assets, dividends, etc, which are all taxed differently.

    If any Govt wants to get more tax, they nearly always take aim at the upper-middle class under the guise of 'taxing the rich'. The population, even the upper-middle class themselves (bless their naive hearts) will get on this bandwagon and demand that Gail Kelly, Clive Palmer and Gina Blackheart get taxed more, when it is the middle class that is squeezed. It will ultimately result in a larger rich/poor divide.

    So like Macros, I am super wary of the mainstream media getting on this bandwagon. War on terror, war on drugs... war on tax evasion? You can bet they'll be blaming tax evasion for the financial crisis next. Hell, maybe even Swanny can use tax evasion as an excuse for failing to return to surplus.
     
  12. Nukz

    Nukz New Member

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    I would have thought 13tn would be a seriously conservative number. I would have thought something closer to the true number would be much larger prob triple digits.
     

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