He shows that at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, "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". According to Henry's research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn in 2010, a sharp rise from £1.5tn five years earlier.You can read the report here
They get to play with $700tn in derivatives and when it all goes wrong we bail them out continually, we are then sold the idea that we are bankrupt as nations.
Now you know where the profits take a tax holiday.
$21tn, that would fill one hell of a hole even 40% of that would do the trick.
We talk about income inequality, what we don't talk about is daylight robbery.
Have a read and the final quote in the document says it all
"It is capitalism that is truly radical"We may be bankrupt as Nations, but at least we know someone has come out well and is laughing at us.
Tax cuts for the extraordinarily wealthy, done.