The Real News Network has the story Investigation Reveals Trillions Hidden in Tax Havens.
JAY: Just to get a sense of the scale of this, in The Guardian newspaper’s report about this, they quote a former Mackenzie economist, Mackenzie Group economist that this might be $32 trillion hidden away. I mean, $32 trillion is bigger than, I guess, almost every country’s gross GDP, isn’t it?
BLACK: No. To give you an idea of scope, it is roughly twice the GDP of the United States of America, which by a considerable margin is the largest GDP in the world.
Here is the video from which the above quotes were taken.
Not only are these people evading taxes, but they are also sucking huge amounts of liquidity out of the world economy. What difference does any economic theory make if it does not account for this huge stash of hidden wealth? I mean, $32 trillion is bordering on real serious amounts of money.
The other story out today is that our Marxist, Socialist, Ultra-Liberal President can only find money to balance our budget by taking it out of Granny’s and Grampy’s Social Security. (Yes, that is Sharon and my Social Security). I’ll believe that the retired people’s Social Security and Medicare ought to be tapped after we get the tax fraud down to the size of the U.S. GDP.
I don’t want to earn my living by being a tax fraud, but that seems to be the only government sanctioned way to become wealthy. Perhaps if I were more religious like Mitt Romney, I could get rich by fraud. The trouble is that my atheist morals keep getting in the way.
Willy Sutton has been quoted as explaining why he robbed banks, “Because that’s where the money is.”
The new political/criminal mindset seems to be we don’t rob the banks, “Because they hide their money so well. Better to get it from an easier mark.”
Although the interviewee in this video, William Black, is the author of the book, The Best Way To Rob A Bank Is To Own One. Of course, the banks he was talking about were the ones where you and I keep our money. This is different from the banks where the wealthy hide their money.