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.
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.
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
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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
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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
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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?