Wednesday, March 30, 2005

Atlas Shrugging more every day

The world's richest individuals have placed
$11.5 trillion of assets in offshore havens,
mainly as a tax avoidance measure. The shock new
figure - 10 times Britain's GDP - is contained in
the most authoritative study of the wealth held
in offshore accounts ever conducted.
The OECD this weekend confirmed that
international tax avoidance is a growing problem
that troubles governments not just of rich
countries, but middle-income ones as well.

[My emphasis]
The $11.5trn does not include the vast amount of
money stashed in tax havens by multinational
corporations, which are using increasingly
sophisticated techniques to run rings round the

Now I hear a lotta gnashing of teeth out there
and howls about how there 'orta be a law'.

How do you stop these people from leaving with
some dumb-ass law?


I can't stop guffawing about this.

'scuse me while I wipe the coffee from my screen.