Wealth doesn't trickle down – it just floods offshore, research reveals

Wealth doesn't trickle down – it just floods offshore, research reveals

The world's super-rich have taken advantage of lax tax rules to siphon off at least $21 trillion, and possibly as much as $32tn, from their home countries and hide it abroad – a sum larger than the entire American economy.

"These estimates reveal a staggering failure," says John Christensen of the Tax Justice Network. "Inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people.

"This new data shows the exact opposite has happened: for three decades extraordinary wealth has been cascading into the offshore accounts of a tiny number of super-rich."

In many cases, , the total worth of these assets far exceeds the value of the overseas debts of the countries they came from.

source

The same rich that hide hoard the money are the ones calling for austerity! Think about it!

a reply to: AlaskanDad

Ironic isn't it.

Especially seeing how so many still trumpet the line "if you are poor it because you are lazy or stupid or made the wrong choices. "

a reply to: AlaskanDad

Great thread Alaskandad, thank you for sharing.

You are so right - they will cheer for austerity and cutting social services - won't affect them! But hard working Joe Schmoe gets screwed

Well Marx always said we need central banking and progressive taxation.

Looks like somebody took up the idea.

Nothing like walking the plank.

Who is capable of stopping all this insanity?



Go Burnie !!!

a reply to: AlaskanDad

Add this to the fact that plenty of the super-rich are whining that, in spite of all appearances, they already pay too much in taxes and I want to puke.

It's a rigged system, made by sociopaths to benefit sociopaths. It's just disgusting. They hoard all of the resources by often nefarious means and then launch a social campaign to demonize the poor. Sick. Sick. Sick.

good read.....what we need is the G20 nations to go after them

You need to take personal responsability Alaskandad and get an education for 300k.

Stop blaming your problems on rich people.

End sarcasm

a reply to: xuenchen

Bernie Sanders: Economy ‘Rigged’ For Wealthy, Income Inequality A ‘Moral Issue’

In his speech, Sanders called for a “political revolution in this country,” but said it will take more than just him to fight back against the billionaire class that rules Washington D.C. Sanders pointed out that politicians spend billions getting the poor and middle class voters to vote against their own self interests. As our political system is set up now, it is “rigged” to benefit only the most wealthy.

source

We could use a few hundred more politicians like Bernie!

a reply to: onequestion

lol's I worship the rich,


I idolize the rich...

...without the evil rich how would one know the meaning of good???

Technically speaking ... it is trickling down overseas. We need to look at why it's being shunted aside and correct those problems.

a reply to: AlaskanDad

Isn't think what off shore banking was made for?

I remember spending a few months of the year down in Antigua for three years and going to the capitol St. Johns, the ONLY office buildings you would see were banks, go into one to withdraw money, fully air conditioned, granite ceilings, floors, walls, security with heavy weapons, it was something you'd see in downtown London, Toronto, Hong Kong, or New York city. Walk back out and it was back to normal humid, hot Caribbean life.
The money doesn't go back into the economy they stole it from, it goes to safe houses around the world.

a reply to: ketsuko

GREED!!!!

That is the same thing that made them rich!

I've been saying this for years.

And hell, I'm ONE of those overseas people the money is "trickling down" to.

Granted, I'm still a U.S. Citizen for now, but I won't be soon, and I certainly won't be changing jobs.

This has been going for decades. Trickle down economics worked when the manufacturing, support, and logistics industries stayed within the country's borders. Today it's a farce parroted to the people to justify giving MORE of what little money YOU have left, to the top. So it can trickle down to people like ME.

Funny how that works, isn't it?

a reply to: AlaskanDad

We both know you can't possibly be a good person unles your wealthy or on your way to being wealthy.

Couldn't possibly be intelligent either.

In Australia the top 7 Australians are worth the bottom 1.73 million families or about 20 per cent of the population.French economist Thomas Pikelly has projected that from the top 1 per cent owning 40 per cent of the worlds wealth now in 30 years 0.1 per cent will have 60 per cent of global wealth....a return to feudalism.

Perhaps an average house in Sydney now thanks to Chinese investors is now over US $ 720 000.

If you want someone to blame.Blame central banks and their banking proxies who have run the show since 2008 17 trillion has been pumped in since the GFC to propping up zombie banks,bonds,shares etc whilst the general economy got zip.Real wages in most Western countries haven't changed in decades but if your a Soros,Buffet,Ichan or such you get money at no interest bet on whatever you damn well please and put the risk onto the public purse how can these people not be billionaires.

The funny thing is these people that own the media etc etc have people brainwashed that 15.00 bucks an hour to unskilled workers will end civilisation as we know it and that we must help the rich as only the rich create jobs.They are counterfeiters the money comes out of thin air and is backed by nothing other than public perception so what the hell throw a bit more of it around.

Its always been middle class entrepeneurs that provide most employment,NOT THE RICH,but they have been decimated.

To take thinGs back ban lobbyists,ban lawyers,make all contributions anonymous,set term limits,make it illegal for representatives to sit on boards or corporations related to the portfolios they served in,I could go on and on with possible solutions its about time some were implemented.

the 'trickle down' economic model is no more than a grammatically-gentrified description of gathering scraps from the captain's table. it's BS.

originally posted by: ScientificRailgun
I've been saying this for years.

And hell, I'm ONE of those overseas people the money is "trickling down" to.

Granted, I'm still a U.S. Citizen for now, but I won't be soon, and I certainly won't be changing jobs.

This has been going for decades. Trickle down economics worked when the manufacturing, support, and logistics industries stayed within the country's borders. Today it's a farce parroted to the people to justify giving MORE of what little money YOU have left, to the top. So it can trickle down to people like ME.

Funny how that works, isn't it?

First - it's not about YOU!!!!

Second - trickle down has never worked and never will.

a reply to: FyreByrd

First: I was using myself as an example of corporate greed. I wasn't at all trying to make it about me.

Second: Trickle down DID work before jobs starting getting outsourced to overseas companies. It demonstrably worked. The minimum wage in the 1968 was 1.60, adjusted for inflation that's over 10 dollars. And that was at the height of the "Trickle Down" economic boom.

a reply to: ScientificRailgun

Which version of inflation?

I personally like the way azaden breaks it down in amount of hours needed to work to purchase items which paint a much different picture.

a reply to: onequestion

Azaden does break it down quite beautifully, yes.