Report: at least $20.3 trillion hidden in offshore banks by global elite

truther 2

Madison Ruppert
End the Lie

According to the most detailed study of the so-called offshore economy to date, conducted by James Henry, former chief economist with the consultancy McKinsey, the world’s richest people have taken advantage of cross-border tax laws in order to put away a shocking $20.31 trillion in offshore banks.

While this likely isn’t all that crazy to those who are familiar with the massive conflicts of interest in the Federal Reserve and the fact that the Federal Reserve works with banks to put Americans on the line for the failures of banks, it might be surprising to those who have no clue how the international financial system works.

The astounding sum uncovered by the Henry is slightly less than the 2011 Gross Domestic Product (GDP) of Japan ($5.87 trillion) on top of the 2011 United States GDP ($15.09 trillion).

The findings were published in the new report, “The Price of Offshore Revisited,” which shows that money continues to leak out of major nations and into infamous tax havens like Switzerland and the Cayman Islands.

These transactions are enabled by private banking institutions which all battle to get the accounts of what the Guardian calls the “global super-rich elite,” also known as high net-worth individuals.

Henry demonstrates that sums between £13 trillion ($20.3 trillion) and £20 ($31.23 trillion) have made their way from countries around the world into these secretive banking jurisdictions.

Thus, the wealth of these ultra-rich individuals is “protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy.”

Ah, such is the glory of globalization! With liberalized trade and finance laws, what petty issues must the so-called global elite be concerned with? None! No more pesky regulations and legal issues to worry about when dealing with huge sums of money!

Henry’s research revealed that the world’s top 10 private banking institutions managed over $6 trillion in 2010 alone. This is obviously a major increase from $2.3 trillion in 2005.

Among others, these banking institutions include the U.S.-based Goldman Sachs and the Swiss UBS and Credit Suisse.

The research used a wide variety of sources including none other than the Bank of International Settlements and the International Monetary Fund and led to some quite astounding conclusions.

The analysis in the report revealed that in some developing countries, the amount of money which has left the country since the 1970s would easily be able to pay the country’s debts.

Unsurprisingly, some of the worst hit by this practice have been the oil-rich nations with an ultra-rich class which can easily take its money out of the local economy.

For instance, the Guardian reports, “Once the returns on investing the hidden assets is included, almost £500bn has left Russia since the early 1990s when its economy was opened up.

“Saudi Arabia has seen £197bn flood out since the mid-1970s, and Nigeria £196bn,” they add.

“The problem here is that the assets of these countries are held by a small number of wealthy individuals while the debts are shouldered by the ordinary people of these countries through their governments,” states the report.

Unfortunately, the number of people holding a significant amount of the assets of various nations is steadily shrinking and obviously the supposedly “public” debt is placed on the shoulders of the everyday people who can’t hide away their riches in foreign banks.

One of the most troubling conclusions we find in this report is that the massive amount of money held in jurisdictions outside of the reach of various tax agencies indicates that the actual gap between the rich and poor around the world is in fact much larger than previously believed.

As evidence of this, Henry calculated that around $9.84 trillion is in the hands of a mere 92,000 individuals. In other words, 0.001% of the population holds more than the yearly GDP of every country except the EU and the US.

“These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people,” said John Christensen of the Tax Justice Network.

“People on the street have no illusions about how unfair the situation has become,” Christensen added.

“The very existence of the global offshore industry, and the tax-free status of the enormous sums invested by their wealthy clients, is predicated on secrecy,” explained Henry.

Indeed, if it was not for the secrecy – which has never been questioned even after leaders of G20 nations claimed they would crack down on such activities – there wouldn’t be such a thing as offshore tax havens.

Unfortunately they are real and they are constantly being used by the ultra-wealthy to avoid the same taxes everyone who is too poor to remove their money from the country is forced to pay.

Brendan Barber, the General Secretary of Trades Union Congress said, “Countries around the world are under intense pressure to reduce their deficits and governments cannot afford to let so much wealth slip past into tax havens.”

“Closing down the tax loopholes exploited by multinationals and the super-rich to avoid paying their fair share will reduce the deficit,” Barber added. “This way the government can focus on stimulating the economy, rather than squeezing the life out of it with cuts and tax rises for the 99% of people who aren’t rich enough to avoid paying their taxes.”

If nations were to go after these funds, the Guardian posits that huge sums of money would become available.

“Assuming the £13tn mountain of assets earned an average 3% a year for its owners, and governments were able to tax that income at 30%, it would generate a bumper £121bn in revenues – more than rich countries spend on aid to the developing world each year,” they write.

Indeed, this would offset the national deficits of so many countries considerably and create a great deal more money for much-needed causes.

Yet I seriously doubt this will ever happen as the people making egregious use of these tax havens are the same ones bankrolling the political campaigns.

Thus, I seriously doubt any smart politician is going to risk his or her political future on going after the ultra-rich class of the world’s wealthiest figures in the name of a couple votes. Sure, they might spew some rhetoric but when it comes down to it, they know who pays for the primetime television advertisements.


Please Donate Now

Please note that if you wish to make any amount of contribution to us, you can send it to us using Paypal ID info@pakalertpress.com.

Support Pakalert to keep alive

 

Related Articles:

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Enter Your Mail Address

Incoming search terms:

Share

Add To The Conversation Using Facebook Comments

2 Comments »

  1. Linda July 25, 2012 at 3:48 am - Reply

    I have been posing a question for several years. WHERE’S THE MONEY? SOMEONE HAD TO HAVE IT!!!! This article just reinforces what I have thought ever since Soros orchestrate the take down of Wall street in 08. The democrat congress set up what he did. As soon as Pelosi and company got control of congress; they began the deconstruction and destruction of this country. And it was all done in concert with the rest of the world’s elitists.

  2. Stan Sikorski July 24, 2012 at 12:15 am - Reply

    THE JEWISH 500

    BANKING/FINANCE

    1. GMAC

    Owned by Cerberus Capital Management, which is headed by Steve Feinberg.

    RETAIL

    1. Sears/K Mart

    Sears was controlled nearly from its inception by the Julius Rosenwald family, and then by Max Adler, who married Sophie Rosenwald. A Significant number of the company’s shares are still Jewish controlled to this day.

    2. The Home Depot
    The Home Depot was founded in 1978 by Bernie Marcus, Arthur Blank (Atlanta Falcons), Ron
    Brill, and Pat Farrah. This is the second largest retailer in America, behind Wal-Mart. The
    Jewish founders retain substantial holdings in the company.
    3. Victoria’s Secret (Les Wexner)
    4. The Limited (Les Wexner)
    5. Bath & Body Works (Les Wexner)
    6. The Men’s Wearhouse ( George Zimmer)
    7. Staples Office Supply (Thomas G. Stemberg)
    8. Office Depot (Merged with Staples, Thomas G. Stemberg)
    9. Bon Ton Stores (Founded by Max Grumbacher)
    Also includes the following stores:
    Elder-Beerman
    Parisian
    Saks Inc.
    Bergner’s
    Boston Store
    Carson Pirie Scott
    Herbergers’
    Younkers
    Pomeroy’s
    Maxwell’s
    Fowler’s Department Store

    10. Steve & Barry’s University Sportswear (Steve Shore & Barry Prevor)
    11. The Gap (Donald Fisher, founder, holds 37% of stock)
    12. Banana Republic (Donald Fisher, founder, holds 37% of stock)
    13. Old Navy (Donald Fisher, founder, holds 37% of stock)
    14. American Eagle Outfitters (founded 1904 by Edward Beinstein.
    Current CEO J.L. Schottenstein)
    15. ABC Warehouse
    16. Circuit City (founded 1949 as Wards Appliance Store by Samuel S. Wurtzel, Jewish)
    17. Costco Warehouses (founded 1954 by Sol Price, Jewish, as Fed Mart)
    18. Spencer Gifts (Steve Silverstein, CEO. Privately held corporation)
    19. Eddy Bauer
    20. Starbucks (Howarad D. Schultz, CEO)

    INSURANCE

    1. AIG (American International Group)

    Director: Marshall A. Cohen, (Jewish), member of Tri Lateral Commission. (source: Wikipedia)

    Cohen also sits on the “International Advisory Committee of the Blackstone Group, a Jewish

    run “private equity and investment firm.” Blackstone was co-founded by Stephen A.

    Schwarzman,

    2. Safe Auto Insurance Company (1-800-SAFE-AUTO) Privately held corporation. CEO is Ari

    Deshe; Vice Chairman and President is Jonathan Diamond.

    SPORTS

    1. Miami Heat, 65% owned by the Ted Arison family of Tel Aviv, Israel

    2. Washington Redskins, owned by Daniel Snyder (Jewish)

    3. Indianapolis Colts, owned by Jim Irsay (Jewish)

    4. New England Patriots, owned by Robert Kraft (Jewish)

    5. Tampa Bay Buccaneers, owned by Malcolm Glazer (Jewish)

    6. Denver Broncos, owned by Pat Bowlen (Jewish)

    7. Philadelphia Eagles, owned by Jeffrey Lurie (Jewish)

    8. Cleveland Browns, owned by Al Lerner (Jewish)

    9. Minnesota Vikings, owned by Zygi Wilf (Jewish)

    10. New York Giants, owned by the Mara & Tisch families (Jewish)

    11. Atlanta Falcons, owned by Arthur Blank (Jewish)

    12. Seattle Seahawks, owned by Paul Allen (Jewish)

    13. Philadelphia Flyers, owned by Comcast (Brian L. Roberts, Jewish)

    14. Philadelphia 76ers, owned by Comcast (Brian L. Roberts, Jewish)

    SERVICES

    1. H & R Block Income Tax Service

    Founded

    2. U-Haul

    Founded by Leonard Samuel Shoen, 1945, committed suicide 1999; family still controls around

    40% of the corporation’s publicly traded stock.

    MEDIA

    1. Capital Cities/ABC/Disney [Revenue: $30.8 billion]

    President and CEO is Robert Iger

    This company controls the following media empire:

    Buena Vista Distribution

    Walt Disney Pictures

    Touchstone Pictures

    Pixar Animation Studios

    Walt Disney Animation Studios

    Miramax Films

    Disney Toon Studios

    Hollywood Pictures

    ABC Network

    ABC News

    ABC Family

    ABC News Now

    The Disney Channel

    Jetix

    Jetix Play

    SOAPnet

    Toon Disney

    Lifetime Entertainment Services (50%)

    A & E Television Network (37.5%)

    ABC Studios

    Disney-ABC Domestic Television

    Disney-ABC International Television

    Walt Disney Television Animation

    Radio Disney

    ESPN Networks (80%), to include:

    ESPN

    ESPN 2

    ESPN Classic

    ESPN News

    ESPN Deportes

    ESPNU

    ESPN on ABC

    ESPN HD

    ESPN 2 HD

    ESPN Radio

    ESPN Deportes Radio

    ESPN The Magazine

    ESPN Now

    ESPN Plus

    ESPN PPV

    ESPN 360

    NASN

    Walt Disney Parks & Resorts, to include:

    Disneyland Resort

    Walt Disneyworld Resort

    Tokyo Disney Resort

    Disneyland Resort Paris

    Hong Kong Disneyland Resort

    Disney Cruise Line

    Disney Regional Entertainment

    Walt Disney Imagineering

    ABC-owned Television Stations, to include:

    KABC, Los Angeles

    KFSN, Fresno

    KGO, San Francisco

    KTRK, Houston

    WABC, New York City (Live With Regis & Kelli)

    WJRT, Flint, Saginaw, Bay City (Michigan)

    WPVI, Philadelphia

    WLC, Chicago

    WTVG, Toledo

    ABC-owned Radio Stations, to include:

    KDIS, Pasadena

    KDIZ, Minneapolis, St. Paul

    KESN, Dallas/Fort Worth

    KMIK, Tempe, AZ

    KMKY, Oakland, CA

    KNIT, Dallas/Fort Worth (Spanish language ESPN)

    KSPN, Los Angeles

    WDDY, Albany, NY

    WEAE, Pittsburgh

    WEPN, New York City

    WFDF, Farmington Hills (Detroit), MI

    WMKI, Boston

    WMVP, Chicago

    WQEW, New York City

    WRDZ, Lagrange, IL

    WRDZ FM, Indianapolis, IN
    WSDZ, Belleville, IL

    WWCS, Pittsburgh

    WWMK, Cleveland

    ABC News Radio

    Disney Interactive Studios

    Hyperion

    Muppets Holding Company

    Reedy Creek Energy Services

    Walt Disney Theatrical

    2. Viacom/CBS

    CEO/major stockholder: (Sumner Redstone, changed name from Murray Rothstein)

    3. The New York Times

    Controlled by the Arthur Sulzberger family

    4. The Washington Post

    Controlled by the Katherine Graham Mayer family

    5. U.S. News and World Report

    CEO and major stockholder Mortimer Zuckerman

    6. CanWest (Canada’s second largest media conglomerate)

    Founded and run by the Jewish Asper family

    7. The NFL Network

    Currently run by Stephen Bornstein, who was formerly head of ESPN and president of ABC

    8. Google

    Co-founded by Sergey Brin (Jewish) and Larry Page

    9. Advance Publications (Samuel Newhouse)

    The company owns/controls the following newspapers:

    Brighthouse Networks Cable Television Company (Indianapolis/Marion IN)

    Brighthouse Networks Cable Television Company (Orlando, FL)

    Brighthouse Networks Cable Television Company (Bakersfield, CA)

    Brighthouse Networks Cable Television Company (Pensacola, FL)

    Brighthouse Networks Cable Television Company (Elmore County, AL)

    Brighthouse Networks Cable Television Company, (Eufaula, AL)

    Brighthouse Networks Cable Television Company, (Birmingham, AL)

    Brighthouse Networks Cable Television Company, (Farmington, Novi, Livonia, Redford, MI)

    Brighthouse Networks Cable Television Company (Tampa Bay, FL)

    Brighthouse Networks Cable Television Company, (Palm Beach County, FL)

    The Business Journal (Austin TX)

    Baltimore Business Journal (Baltimore, MD)

    Birmingham Business Journal (Birmingham, AL)

    Buffalo Business Journal (Buffalo, NY)

    Charlotte Business Journal (Charlotte, NC)

    Cincinnati Business Journal (Cincinnati, OH)

    Columbus Business Journal (Columbus, OH)

    Dallas Business Journal (Dallas, TX)

    Dayton Business Journal (Dayton, OH)

    Denver Business Journal (Denver, CO)

    Eastbay Business Journal (Oakland, CA)

    Triad Business Journal (Greensboro, NC)

    Pacific Business Journal (Honolulu, HI)

    Houston Business Journal (Houston, TX)

    Jacksonville Business Journal (Jacksonville, FL)

    Kansas City Business Journal (KC, MO)

    Business First of Louisville (Louisville, KY)

    Memphis Business Journal (Memphis, TN)

    Milwaukee Business Journal (Milwaukee, WI)

    Minneapolis/St. Paul Business Journal (Twin Cities)

    Nashville Business Journal (Nashville, TN)

    Orlando Business Journal (Orlando, FL)

    Philadelphia Business Journal (Philadelphia, PA)

    Phoenix Business Journal (Phoenix, AZ)

    Pittsburgh Business Journal (Pittsburg, PA)

    Portland Business Journal (Portland, OR)

    Triangle Business Journal (Raleigh, NC)

    Sacramento Business Journal (Sacramento, CA)

    St. Louis Business Journal (St. Louis, MO)
    San Antonio Business Journal (San Antonio, TX)

    San Francisco Business Journal (San Francisco, CA)

    San Jose Business Journal (San Jose, CA)

    Seattle Business Journal (Seattle, WA)

    South Florida Business Journal (Miami, FL)

    Tampa Bay Business Journal (Tampa, FL)

    Washington DC Business Journal (Washington DC)

    Wichita Business Journal (Wichita, KS)

    The Birmingham (AL) News

    The Patriot-News (Harrisburg, PA)

    The Express-Times (Easton, PA)

    The Allentown (PA) Times

    The Huntsville (AL) Times

    The Press-Register (Mobile, AL)

    The Jersey Journal (Jersey City, NJ)

    The Star-Ledger (Newark, NJ)

    Gloucester County Times (Woodbury, NJ)

    Today’s Sunbeam (Salem, NJ)

    Bridgeton (NJ) Evening News

    The Times (Trenton, NJ)

    Mississippi Press (Pascagoula, MS)

    The Oregonian (Portland, OR)

    The Hillsboro (OR) Argus

    The Plain Dealer (Cleveland, OH)

    Staten Island Advance, (New York City)

    Syracuse (NY) Post-Standard

    The New Orleans (LA) Times-Picayune

    The Springfield Republic (Springfield, MA)

    Sun Newspapers (Cleveland area)

    Ann Arbor News (MI)

    Bay City Times (MI)

    Flint Journal (MI)

    Grand Rapids Press (MI)

    Jackson Citizen-Patriot) (MI)

    Kalamazoo Gazette (MI)

    Muskegon Chronicle (MI)

    Saginaw News (MI)

    Sports Business Journal

    Sports Business Daily

    NASCAR Scene

    NASCAR Illustrated

    Street & Smiths Sports Annuals

    Hemmings Motor News

    Hemmings Muscle Machines

    Hemmings Sports & Exotic Cars

    Hemmings Classic Car

    The Sporting News

    Allure

    Architectural Digest

    Bon Appetit

    Brides

    House & Garden

    Conde Nast Traveler

    Glamour

    Gourmet

    GQ

    Jane

    Lucky

    The New Yorker

    Parade

    Self

    Tatler

    Vanity Fair

    Vogue

    Wired

    The World of Interiors

    W

    Women’s Wear Daily

    Daily News Record

    Footwear News

    Home Furnishings News

    Highpoints

    Executive Technology

    Children’s Business

    Supermarket News

    &nb sp; Brand Marketing

    &nb sp; Salon News

    &nb sp; Details

    Elegant Bride

    &nb sp; Golf Digest

    &nb sp; Golf for Women

    &nb sp; Golf World

    &nb sp; Golf World Business

    &nb sp; Pivot Cellphone Service

    &nb sp;

    10. Block Communications (Allen Block, Jewish)

    This company owns the following media assets,

    according to Hoover’s Handbook:

    The Toledo Blade newspaper

    The Pittsburgh Post-Gazette newspaper

    Buckeye Cablesystem (Toledo, OH)

    Buckeye Telesystem (Toledo, OH)

    Buckeye Express High Speed Internet (Toledo, OH)

    Buckeye-Access Dial-up Internet (Toledo, OH)

    Metro Fiber & Cable Construction Company (Toledo, OH)

    KTRV (Nampa-Boise ID, Fox TV Affiliate)

    WAND (Decatur, IL, NBC TV Affiliate)

    WDRB (Louisville, KY, Fox TV Affiliate)

    WMYO (Louisville, KY, My TV Affiliate)

    WLIO (Lima, OH, NBC Affiliate)

    WTO5 (Toledo, OH, CW Cable Channel)

    11. Comcast (Brian L. Roberts, Jewish)

    Comcast is the largest provider of cable television

    in the United States; it is also the second largest provider

    of internet service in our country. (Source: Wikipedia)

    Revenue: US$24.97 billion (2007)

    In addition to its massive cable and internet business,

    Comcast owns the following media properties:

    E! Entertainment Television

    Style Network

    The Golf Network

    OLN

    G4

    AZN Television

    PBS Kids Sprout

    TV One

    Roberts also sits on the corporate board of the Bank of New York

    &nb sp;

    &nb sp;

    MANUFACTURING

    1. Chrysler LLC

    Owned by Cerberus Capital, which is headed by Steve Feinberg. Cerberus owns/controls a

    multitude of other companies as well, included GMAC. Source: Wikipedia

    TECHNOLOGY

    1. Intel

    founded by Andrew Grove (Jewish) Source: Wikipedia

    2. Oracle

    founded by Larry Ellison (Jewish) Source: Wikipedia

    3. Dell Computer

    founded by Michael Dell (Jewish) Source: Wikipedia

    Dell computers are sold through Office Depot (also Jewish owned, see Retail list)

    4. United Online

    founded by Mark Goldston (Jewish) Source: Wikipedia

    Subsidiaries of this company include Netzero, Bluelight Internet Services, and Juno

    TRAVEL & LEISURE

    1. Carnival Cruise Lines (80% ownership by the Ted Arison family of Tel Aviv, Israel

    Getting the picture yet?

Leave A Response »