Paul Krugman: Treasure Island TraumaQuicklink submitted by Sheila Samples Permalink
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|Tax havens like Cyprus, the Cayman Islands, and many more are still operating pretty much the same way that they did before the global financial crisis. Everyone has seen the damage that runaway bankers can inflict, yet much of the world's financial business is still routed through jurisdictions that let bankers sidestep even the mild regulations we've put in place. Everyone is crying about budget deficits, yet corporations and the wealthy are still freely using tax havens to avoid paying taxes like the little people. So don't cry for Cyprus; cry for all of us, living in a world whose leaders seem determined not to learn from disaster.|
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