The super rich
For years I've pointed out that the super rich are supra-national. They have no loyalties to nations, just to their own wealth. As they show, they can destroy economies at will as long as it helps their personal wealth to grow.
As the Tax Justice Network shows, the top 50 banks have (US$) 12.5 trillion in offshore accounts, helping the wealthy hide taxes from their countries. As a Guardian article explains, more than (US$) 21 trillion dollars is potentially sheltered.
Key section: "'These estimates reveal a staggering failure,' says John Christensen of the Tax Justice Network. 'Inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people.'
"'This new data shows the exact opposite has happened: for three decades extraordinary wealth has been cascading into the offshore accounts of a tiny number of super-rich.'"
As the Tax Justice Network shows, the top 50 banks have (US$) 12.5 trillion in offshore accounts, helping the wealthy hide taxes from their countries. As a Guardian article explains, more than (US$) 21 trillion dollars is potentially sheltered.
Key section: "'These estimates reveal a staggering failure,' says John Christensen of the Tax Justice Network. 'Inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people.'
"'This new data shows the exact opposite has happened: for three decades extraordinary wealth has been cascading into the offshore accounts of a tiny number of super-rich.'"