By Richard Murphy
What occurs whilst the wealthy are allowed to conceal their cash in tax havens, and what we must always do approximately it
The Panama Papers have been a reminder of ways the superrich are allowed to conceal their wealth from the remainder of us. Dirty Secrets uncovers the level of the corruption at the back of this difficulty and exhibits what should be performed within the face of this unregulated unfold of rampant greed.
Tax havens, we're frequently informed, are a part of the worldwide structure of capitalism, offering a freedom from legislation essential to make markets paintings. during this publication, major authority Richard Murphy uncovers the reality at the back of this lie. the very fact of the problem is this more and more renowned perform threatens the rules of democracy, sowing distrust and making a regime established upon opacity.
As Murphy exhibits, how we deal with our economic climate is a political choice, and one who should be replaced. Dirty Secrets proposes how you can control tax havens and what the realm may well seem like with no them.
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Extra info for Dirty Secrets: How Tax Havens Destroy the Economy
But there are very obvious occasions when, however much we might wish to avoid such embarrassment, disclosure of what we would wish to be private is very definitely necessary for the protection of others. Sometimes that protection is, quite literally, a matter of security: there are good reasons why some offenders must be identified. However, much more often the reason for publicity has nothing to do with shame, but is rather a means of holding an individual to account. That is why we need to be able to identify who owns a property, while it is also important that people know that the owner of a vehicle can be traced.
5 That sentiment underpinned the April 2009 G20 summit in London, which I attended. The closing communiqué read: ‘We have today … issued a Declaration, “Strengthening the Financial System”. In particular we agree … to take action against non-cooperative jurisdictions, including tax havens. We stand ready to deploy sanctions to protect our public finances and financial systems. ’6 This was a bold claim, suggesting that tax havens stood outside the mainstream of the financial system and did not cooperate with other nation-states in the areas of regulation and the management of financial risk; it made clear that, in the view of the governments issuing the statement, secrecy was at the heart of the problem, and it suggested that targeted sanctions could address the issues arising.
But the most important development occurred in 2008. The global financial crisis that erupted in that year made tax revenue the commodity in shortest supply to the governments of most of the western world, with the consequence that many plunged deeply into financial deficit. The immediate reaction of many of those governments was to seek someone to blame for what had happened. Moreover, they urgently needed to be seen to be taking action on the crisis, and they wanted that action to be swift. Taking on tax havens met politicians’ need on all three counts.
Dirty Secrets: How Tax Havens Destroy the Economy by Richard Murphy