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Friday, April 15, 2016

Corruption

The 1% hide their money offshore – then use it to corrupt our democracy

Britain’s Prime Minister David Cameron
...The Panama Papers are not about tax. They’re not even about money. What the Panama Papers really depict is the corruption of our democracy.
Following on from LuxLeaks, the Panama Papers confirm that the super-rich have effectively exited the economic system the rest of us have to live in. Thirty years of runaway incomes for those at the top, and the full armoury of expensive financial sophistication, mean they no longer play by the same rules the rest of us have to follow. Tax havens are simply one reflection of that reality. Discussion of offshore centres can get bogged down in technicalities, but the best definition I’ve found comes from expert Nicholas Shaxson who sums them up as: “You take your money elsewhere, to another country, in order to escape the rules and laws of the society in which you operate.” In so doing, you rob your own society of cash for hospitals, schools, roads…

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