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"The problem is not that these countries don't have any assets. The problem is they're all in Miami" and other global cities. They're home to private financial institutions.
Hidden offshore wealth correlates positively with loan amounts to indebted countries. Large amounts of borrowed capital were secreted lawlessly in global tax havens.
Local elites continue "vot(ing) with financial feet." At the same time, their public sectors borrow heavily and ordinary people go begging.
Although First World countries borrow most, they and elites in them remain global financiers.
Wealth is concentrated in select private hands "in a handful of source countries." Many are regarded as debtors.
Through 2010, 50 top private banks managed over $12 trillion in cross-border assets from individual clients, trusts and foundations.
Smaller banks, investment firms, insurers, and non-bank intermediaries like hedge funds and independent money managers handle additional amounts up to an overall $32 trillion estimate.
TJN calls these enablers part of a global "tax injustice system." Complicit governments let them operate at the expense of their own people.
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