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The Panama Leak and World Leaders' Off-Shore Accounts
Panama Leak a major event in the offshore world or just an embarrassing moment which will be quickely forgotten by the medias?

IMO, here is what we are not told of and we don't know of yet, in pictures.
It might be big to some states, it's nothing to us. Our pols don't need off shore accounts to become wealthy and steal from us. They do it almost openly and we're good with it over here.

The Clinton's made close to $100 million in the last decade, imagine that? Who needs accounts like this when our system promotes that? It's public knowledge and not even an issue over here.
You don't know tax evasion???
(04-07-2016, 07:04 PM)Fredledingue Wrote: Panama Leak a major event in the offshore world or just an embarrassing moment which will be quickely forgotten by the medias?

IMO, here is what we are not told of and we don't know of yet, in pictures.

This is exactly how such things get blown totally out of proportion, and totally misrepresented for what is Really going on.  The Whore Media and statisist politicians would have you believe that this is terrible, and all tax loopholes MUST be closed so as to halt all this unsavory, and unlawful hiding of profits from the rightfully high taxation their systems need in order to keep the welfare state running just a wee bit longer.  

That's what this all boils down to and any other interpretation is pure Hogwash.  I listened to MacDaddy get before the cameras and wax poetic about how unfair all this was, and how we need more legislation to punish those who are able, and willing, to move their profits to countries that profit by having low taxes.  

GASP!.............There should be a law Danmit!  How Dare they refuse to go along with the Collectivist Welfare State, and refuse to totally participate in such fraud!  

The biggest problem is that the "little guy" isn't able to do these things, because he/she cannot afford accountants, or tax lawyers, who can advise them.  Yet, they continue to vote for Leftist candidates who are hell bent on screwing them royally, and then pointing the finger at those who can, and do, refuse to play along.  

Dan Mitchell, one of my favorite economists, hits the nail right on the head, right here, in Caribbean News Now!

Quote:What makes this issue so frustrating is there’s actually a pro-growth way to end this controversy. High-tax governments should reform their own tax regimes with an eye on competing for capital and luring new businesses to their shores in an increasingly globalized and interconnected world. That’s basically what happened in the 1980s, starting with the Reagan and Thatcher tax rate reductions, and it triggered a lengthy period of global prosperity.

Unfortunately, a cabal of governments in recent times has decided not to compete on that terrain at all – instead simply seeking to malign and destroy any entity, individual or jurisdiction that exists that deprives them of tax revenue to which politicians greedily believe they are entitled. 

As usual, the media outlets running these perennial “exposés,” usually at the bidding of OECD bureaucrats (who ironically get tax-free salaries) and government officials from high-tax nations, are barking up the wrong copse of trees. 

It may be the case that foreign-based law firms like Mossack Fonseca are easy and salacious targets, notwithstanding the mundanity of the work they do and the critical role they play in helping the global economy operate efficiently. But the narrative being advanced by international media outlets suggesting that these firms are breaking the law, or helping others do the same, is belied by the fact that none of them have actually been charged with any crime. Unfortunately, stories about law firms that follow the law don’t typically sell many newspapers.
So, who are the ones raising the loudest stink here?  This graph will give you a good example as to who is the loudest.
[Image: murray3%20500.png]
Those, who have been watching Fox Business News are already pretty much up to speed on this issue, because it is run by Cavuto, who is a Libertarian.  Brit Hume's FNC probably didn't cover it like Fox Business, because Hume is a traditional DOP elitist.  Cavuto isn't.  
As Dan Mitchell states in his blog:
Quote:Let’s close with a couple of points about the broader issue.
  • It is hardly a surprise that wealthy people with cross-border investments use instruments (such as foundations, trusts, and companies) designed for such purposes.

  • Like everyone, wealthy people value privacy (even more so because they have to worry more about kidnapping and other crimes), so these structures are designed to protect their confidentiality.

  • Some of these clients may not have complied with the tax laws of their countries. That is generally a function of excessive tax rates and home-country corruption.

  • A few end-user clients may be unsavory (Putin’s cronies, for instance), but should businesses be prohibited from dealing with people who are viewed as sketchy (but otherwise are not under investigation and haven’t been convicted of crimes)?

  • Cross-border economic activity and structures play a valuable role in the global economy and should not be demonized, just as GM shouldn’t be demonized if some crooks use a Chevy as their getaway vehicle.

  • Low-tax jurisdictions have stronger laws against dirty money than high-tax nations.

And he's right on the money too.  Fortunately, I have spent a great deal of time studying Classical Economics, from places such as Supply-Side University(Jude Wanniski), and Austrian Economics sites, so I immediately knew exactly what this was all about.  The blaming of corrupt dictators, using tax havens, or big business interests sheltering profits, is just a smokescreen in order to keep the Welfare State rolling along.  That's it in a nutshell. 
Here's the Eye Opener, and like I stated, its on Fox Business, usual.  This fellow, Dan Mitchell, knows exactly what he is talking about. 
Dan Mitchell Discussing Panama Papers on Fox Busines

Dan Mitchell Discussing Panama Papers on CNBC

Dan Mitchell Discussing Panama Papers on BBC
“Socialism always begins with a universal vision for the brotherhood of man and ends with people having to eat their own pets.”
Whatever happened to the Laffer Curve?  

[Image: laffer-curve.jpg]
“Socialism always begins with a universal vision for the brotherhood of man and ends with people having to eat their own pets.”

We have lots of tax evasion like all states. Wealthy folks over here typically can avoid lots of taxes legally. If you read the info on this specific case, this outfit was advising clients how to LEGALLY set up off shore accounts, this is not about unlawful activity.

It's embarrassing because some of the people are leftists who rail on people like me doing this( if I were wealthy I would be) and then they get caught doing it personally, that's the "story" here,not outlaw conduct.

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