Meet The Trillion-Dollar Tax-Haven-Whistleblower Who Was Exiled From His Homeland

meet-the-trillion-dollar-tax-haven-whistleblower-who-was-exiled-from-his-homeland

28-07-19 08:57:00,

John Christensen was a government economist living on the beautiful island of Jersey, off England’s southern coast, in a “hillside villa with views of France.” But that lifestyle ended after he spoke out on a fraudulent currency trading scheme involving a UBS subsidiary in Jersey, according to Bloomberg.

He said: “I was set. We had a pretty good lifestyle and plenty of friends.”

But he was forced to move to London as a result, where he now fights governments and campaigns against financial secrecy, including on his home island of Jersey.

He founded the Tax Justice Network in 2003 for the purposes of pushing greater regulation of tax havens. It’s estimated that $5 trillion to $32 trillion is currently stashed offshore for tax purposes – this is about a third of the entire global domestic product. Christensen thinks the number is at the “top end of that range”. 

He said: 

“We’ve won many of the intellectual and political arguments. And yet we’re not seeing it happen in practice. Look at where we are now. Rates of tax on capital have collapsed, inequality has gone through the roof and we’re now in a very dark place for democracy generally.”

But there’s some legitimate reasons to keep money offshore. Hedge funds and money managers often pool assets into Cayman Islands master funds to reduce costs. Offshore havens also sometimes offer protection against unstable political regimes. But their lack of transparency also makes them attractive to drug dealers, kleptocrats, and money launderers. 

After the Panama Papers leaked, governments have been pressuring offshore tax havens to disclose more details. Regulators are starting to hone in on long-established locations, too. So now the tax adverse wealthy are seeking out mainland arrangements in places like Hong Kong, London and the U.S. 

Christensen continued: 

“Capital has moved literally lock, stock and barrel beyond the ability of nation-states to regulate tax. If you don’t have a good referee in a football game, neither team is any good and it becomes a free-for-all and everything deteriorates.”

Russia leads the way for offshore stashing, with 60% of the country’s GDP held offshore.

 » Lees verder

This Map Shows a Trillion-Dollar Reason Why US is Backing Terrorism in Western China | New Eastern Outlook

this-map-shows-a-trillion-dollar-reason-why-us-is-backing-terrorism-in-western-china-new-eastern-outlook

25-02-19 09:21:00,

XBAR

As part of a larger, concerted effort to encircle and contain China, an ongoing disinformation campaign has been waged by the Western media against Beijing’s massive global infrastructure building spree known as the Belt and Road Initiative (BRI).

A recent and particularly appalling example of this comes from a Business Insider article titled, “This map shows a trillion-dollar reason why China is oppressing more than a million Muslims.”

The article has been widely circulated by the Western-funded fronts cited in the article itself, including Human Rights Watch (HRW) whose executive director – Kenneth Roth – would claim in a social media post:

China’s mass detention of Uighur Muslims is driven [not] only by Islamophobia but also by the centrality of their Xinjiang region to China’s Belt and Road Initiative.

Claims that Chinese policy is “driven by Islamophobia” are particularly absurd. China’s closest ally and partner in the region is Pakistan – an undoubtedly Muslim-majority nation. Roth never explains why the BRI’s “centrality” would drive “mass detentions” in Xinjiang when Chinese infrastructure projects elsewhere – both within China and abroad – including across Muslim-majority Pakistan – do not feature nor necessitate such “detentions.” 

Something is clearly missing from the Business Insider’s, Human Rights Watch’s, and the rest of the Western media’s Xinjiang narrative.The Business Insider article claims:

Beijing has been cracking down on Uighur life in on Xinjiang. Officials say its repression is a necessary counter-terror operation, but experts say it’s actually to protect their BRI projects.

These “experts” never explain why Beijing officials would feel the need to “protect their BRI projects.” Nor do they explain from whom they need protection. The obvious explanation is in fact that – as Beijing has stated – Xinjiang faces a significant terrorist threat.

A minority among Xinjiang’s Uyghur population has undoubtedly been radicalized and has carried out scores of high-profile terrorist attacks across not only Xinjiang, but across all of China in recent years.
A Reuters article published by Business Insider in 2014 titled, “Knife-Wielding Attackers In Chinese Train Station Leave 27 Dead,

 » Lees verder