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Trillions Stashed in Tax Havens

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(4) Ability to access and manage their wealth anywhere.

(5) Secure places to reside, visit, or hide.

(6) Assured financial security no matter what's happening in the real world.

Skilled professionals provide these services globally. Money management happens in a virtual world. They live under one set of rules. Another exists for all others. It's gone on for decades. Global banks thrive on it. It's one of their most profitable operations.

Physical locations operate from Bermuda, the Cayman Islands, Nauru, St. Kitts, Antigua, Tortola, Switzerland, the Channel Islands, Monaco, Cyprus, Gibraltar, Liechtenstein, and elsewhere. 

Over 3.5 million paper companies, thousands of shell banks and insurers, more than half the world's registered commercial ships above 100 tons, and tens of thousands of shell subsidiaries of giant global banks, accounting firms, and various other companies operate there.

Nonetheless, conventional havens are misleading. Despite their vast financial infrastructure, most super-rich elites want more security. They also need easy access to First World capital markets, competent attorneys and accountants, independent judiciaries, and laws protecting them.

Professional "enablers" provide all needed services. Managing vast wealth is complex. Many skills are required. They include financial, economic, legal, accounting, and insurance. Super-rich elites demand and get the best.

Haven locations offer more than tax avoidance. Almost anything goes on. It includes fraud, bribery, illegal gambling, money laundering, human and sex trafficking, arms dealing, toxic waste dumping, conflict diamonds and endangered species trafficking, bootlegged software, and endless other lawless practices.

It's impossible to estimate total lawful and illegal wealth from all sources. It's vastly more than estimates within the parameters of TJN's study. Credit Suisse tried. 

Through mid-2011, it puts total financial and non-financial global wealth at $231 trillion. It's a best guess. It's tenfold TJN's top figure. It's mind-boggling. It's roughly 3.5 times global GDP. In 2011, it was about $65 trillion.

Imagine the good a small percent of global wealth could do for billions of disadvantaged people. Imagine its ability to stabilize and recapitalize troubled countries. Imagine a world where everyone shares its wealth. Imagine one worth living in. 

Global wealth represents low-hanging fruit out of reach. Instead of everyone benefitting, few do at the expense of all others. Injustice that great begs for transformational change. From the bottom up is the only way possible. Shedding light on what's dark is a good way to start.

Stephen Lendman lives in Chicago and can be reached at Email address removed

His new book is titled "How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War"

http://www.claritypress.com/Lendman.html

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.
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Great source of information. No wonder Romney is w... by Robert Cowen on Saturday, Aug 25, 2012 at 10:38:19 AM
really shouldn't be presented as fact. I respect m... by M. Wizard on Saturday, Aug 25, 2012 at 2:38:24 PM
7/10/12 Tuesday.  Everywhere we see it: jobs ... by Daniel Geery on Saturday, Aug 25, 2012 at 3:51:41 PM
A major issue clogging our economic system, and ta... by Daniel Geery on Saturday, Aug 25, 2012 at 3:54:26 PM
The elephant in the room, Steve! I wonder if we ca... by Paul from Potomac on Saturday, Aug 25, 2012 at 6:17:29 PM
All problems of the world roots in centralization.... by Ethan Hollow on Sunday, Aug 26, 2012 at 1:43:30 PM
Dear President Obama: I know you're anti-colonial ... by Danny Adams on Sunday, Aug 26, 2012 at 7:00:15 PM