Anne sends a link to the ‘shameful’ news that the 50 biggest US companies have more money stashed offshore than the entire GDP of Spain, Mexico or Australia, collectively keeping about $1.3trn (£0.91trn) in territories where the money does not count towards US tax, according to a new report by Oxfam.
Several readers have sent material about the Panama Papers but until now they have not been mentioned on this site – because, as Žižek writes: “The only truly surprising thing about the Panama Papers leak is that there is no surprise in them:
“Didn’t we learn exactly what we expected to learn from them?”
He highlights the ‘shameless cynicism’ of the existing global order and our shame for tolerating their power. In Vox.Com Tara Goshan elaborates:
“Corruption is not a contingent deviation of the global capitalist system, it is part of its basic functioning . . . The papers demonstrate how wealthy people live in a separate world in which different rules apply, in which legal system and police authority are heavily twisted and not only protect the rich, but are even ready to systematically bend the rule of law to accommodate them”.
She points out that, after many years of pressure on Swiss banks to reveal information about rich Americans who hide their money offshore, the U.S. is resisting new global disclosure standards; wealth management experts are now helping the world’s rich move accounts from places like the Bahamas to Nevada, Wyoming, and South Dakota. Goshan quotes Peter A. Cotorceanu, a lawyer at Anaford AG, a Zurich law firm, in a recent legal journal:
“How ironic—no, how perverse—that the USA, which has been so sanctimonious in its condemnation of Swiss banks, has become the banking secrecy jurisdiction du jour. That ‘giant sucking sound’ you hear? It is the sound of money rushing to the USA.”
The Labour Leader Jeremy Corbyn responded to the prime minister’s statement to the House of Commons about his tax affairs:
“I’m honestly not sure Mr Speaker that the Prime Minister fully appreciates the anger that is out there over this injustice.
“How can it be right that street cleaners, teaching assistants and nurses work and pay their taxes yet some of those at the top think the rules simply don’t apply to them.
“The truth is, is that the UK is at the heart of the global tax avoidance industry. It’s a national scandal and it’s got to end”.
Anne comments on the focus away from this international scandal, sending a link to the news that today the Security Council holds an open debate on counter-terrorism.
Will the attention of the 99% once again be successfully distracted by the political-corporate alliance?