Hidden offshore assets estimated at $21 trillion USD globally

[Fpqxz]

That's TRILLION, with a "T", according to the Guardian.

He shows that at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, "protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy". According to Henry's research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn in 2010, a sharp rise from £1.5tn five years earlier.

Well, I guess the rich are creating jobs...they pay these people good money to hide the rest of their money.

The detailed analysis in the report, compiled using data from a range of sources, including the Bank of International Settlements and the International Monetary Fund, suggests that for many developing countries the cumulative value of the capital that has flowed out of their economies since the 1970s would be more than enough to pay off their debts to the rest of the world.

***
"These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people," said John Christensen of the Tax Justice Network. "People on the street have no illusions about how unfair the situation has become."

Privatize the profits, socialize the losses.  After all, it's not as if the "job creators" benefit from transportation infrastructure and a healthy, educated workforce, right?

For those of you who are interested, read the whole article and then read this Tax Justice Network report linked from the article.  The situation is actually worse than I'm making it sound.

Oh, and for my fellow Ameritards here--remember that Romney also utilizes these types of abusive tax shelters.

[kefkaownsall]

That's TRILLION, with a "T", according to the Guardian.

He shows that at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, "protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy". According to Henry's research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn in 2010, a sharp rise from £1.5tn five years earlier.

Well, I guess the rich are creating jobs...they pay these people good money to hide the rest of their money.

The detailed analysis in the report, compiled using data from a range of sources, including the Bank of International Settlements and the International Monetary Fund, suggests that for many developing countries the cumulative value of the capital that has flowed out of their economies since the 1970s would be more than enough to pay off their debts to the rest of the world.

***
"These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people," said John Christensen of the Tax Justice Network. "People on the street have no illusions about how unfair the situation has become."

Privatize the profits, socialize the losses.  After all, it's not as if the "job creators" benefit from transportation infrastructure and a healthy, educated workforce, right?

For those of you who are interested, read the whole article and then read this Tax Justice Network report linked from the article.  The situation is actually worse than I'm making it sound.

Oh, and for my fellow Ameritards here--remember that Romney also utilizes these types of abusive tax shelters.

You miss quoted the subject title it's even worse thats 20 trillion pounds which is way more then 21 trill usd

[largeham]

I know it wouldn't do much, but sometimes I really feel like strangling all of them. Maybe sticking my thumbs into their eyes.

[Fpqxz]

You miss quoted the subject title it's even worse thats 20 trillion pounds which is way more then 21 trill usd

The lower estimate was 13 trillion UKP which is ~21 trillion USD.  20 trillion UKP would be a little over 31 trillion USD.  And for all we know, the actual amount may be more than that, considering the level of secrecy in most offshore financial centers.

[Tolpuddle Martyr]

The people who use these services are the same people that politicians worldwide insist need more tax cuts, go figure! 

[Fpqxz]

Reuters is reporting the larger estimate at $32 trillion USD.

The people who use these services are the same people that politicians worldwide insist need more tax cuts, go figure! 

The funny thing about that (in the USA at least) is the Bush the Younger tax breaks have been in place for a solid 12 years now.  If they were supposed to create jobs and bring us prosperity, surely they should have done so by now.

For those politicians who continue advocating trickle-down policy, I am reminded of the words Oliver Cromwell spoke to the Rump Parliament:  "You have sat too long for any good you have been doing lately... Depart, I say; and let us have done with you. In the name of God, go!"

[niam2023]

I really do hate the Cayman Islands with quite a passion. Never has a place existed that I wished got invaded quite as much.

Swiss Banks...those need to be shut down somehow too.

[Damen]

Even on the low end, £20 trillion pounds still pops out to:

$30,935,771,778,763.56 USD