Did the IMF really say, "1/3 of the Worlds' money is in illegal tax havens?" http://www.ritholtz.com/blog/2011/0...igPicture+(The+Big+Picture)&utm_content=Yahoo!+Mail I know the scum circumvent the law, and I don't believe politicians deserve a dime of tribute. But really. A third? And what does mean when Joe Flyover sees this?
Nobody's really sure how many USD, Yuan, UK Pounds and gold bars are involved in the narcotics trade worldwide. But it's assuredly in the trillions.
flytiger, Johann Hari says: "The International Monetary fund says a third of all the money in the world is currently held in tax heavens". You added "illegal" for no reason. I am also not surprised. First, why would anyone in their right mind keep their money where they pay the highest taxes? Reasonable people expect to delay taxes on their retirement savings till they move to a warm country where they are allowed to pay zero tax. Americans are denied this luxury unless they renouce American citizenship. Second, more established "tax heavens" like Switzerland offer superior banking services to wealthy individuals (besides secrecy). Multi-currency accounts, depositing gold bullions etc... I keep advising my friends in Switzerland to stay clear of exotic interest rate products some banks are so keen to offer.
You link to Ritholtz's site, the ass wipe that threatened Judd Bagley with death and called Patrick Byrne America's dumbest CEO? Those are a couple of a guys in fly over country that are actually trying to do something about the corruption. What do you think it means when Joe Flyover sees this? Not much, because there isn't much Joe Flyover can do about it. Worrying about 1/3 of the worlds' money being in illegal tax havens is like a squirrel worrying about who owns the park. The squirrel's only concern is trying to get enough nuts to last through winter.
35% of world's money (not sure which money) is deposited in Switzerland. But Switzerland is 100% legal money haven.
Yeah. ole Barry and I had a battle once or twice over same. But he has the best info. Can't quite figure out how he plays both sides against the middle, but he does it better than anyone, doesn't he? When they're done, they'll go down every rabbit hole there is, and if someone is dirty, they'll go down. Simple. There is no place to hide anymore. Funny seeing someone on this site defend PB and Judd besides me. Good to see. And they got this link.
I"m no lawyer. But it'll be tough to tell those, what, 20,000 or so Americans who hid their money there. The US now has the names.
When it comes to managing money, Switzerland people are the best. That is the reason why 35% of world's money is deposited in Switzerland.