The Ascendancy of a Criminal Financial Elite: The Two Faces of a Police State “The rotten heart of finance” The Economist “There is a degree of cynicism and greed which is really quite shocking” Lord Turner Bank of England , Financial Service Authority Introduction Never in the history of the United States have we witnessed crimes committed on the scale and scope of the present day by both private and state elites. An economist of impeccable credentials, James Henry, former chief economist at the prestigious consulting firm McKinsey & Company, has researched and documented tax evasion. He found that the super-wealthy and their families have as much as $32 trillion (USD) of hidden assets in offshore tax havens, representing up to $280 billion in lost income tax revenue! This study excluded such non-financial assets as real estate, precious metals, jewels, yachts, race horses, luxury vehicles and so on. Of the $32 trillion in hidden assets, $23 trillion is held by the super-rich of North America and Europe.
Tag: Prof. James Petras
Introduction From the Financial Times to the far left, tons of ink has been spilt writing about some variant of the “Crises of Global Capitalism”. While writers differ in the causes, consequences and cures, according…