Panama Papers

Submitted by Scallywag on April 8, 2016

What do you make of the Panama paper leaks, and the reaction to them, particularly in Iceland where the prime minister resigned after public protests? I've seen pages on facebook calling for similar protests in the UK and for David Cameron to resign. Of course I don't see the point in calling for prime ministers or mp's to resign when they will just be replaced and the system not changed, but people are also angry that governments are pursuing austerity and welfare cuts under the idea that the poor, sick, disabled or unemployed are undeserving, lazy and don't contribute enough to society meanwhile those in government avoid paying tax and claim ridiculous expenses.

ajjohnstone

7 years 11 months ago

In reply to by libcom.org

Submitted by ajjohnstone on April 8, 2016

My thoughts are that the problem is nearer at home and not some far-off tax haven.

In the UK it is the City of London privileges that make it the centre of the web for tax evasion according to many investigators.

In the US the problem is also close at home with a number of states, with Delaware being the first but quickly followed by Nevada and others, framing state financial regulations that permit the stashing of cash with little transparency.

But i'll be very cynical that for every loophole closed down, another will be found. Scotland's financial regulations permit what is called Scottish Limited Partnerships another form of secret dealings http://www.bbc.com/news/business-33193553

jondwhite

7 years 11 months ago

In reply to by libcom.org

Submitted by jondwhite on April 8, 2016

Cameron Out! IDS in?

baboon

7 years 11 months ago

In reply to by libcom.org

Submitted by baboon on April 8, 2016

Beyond the obvious "well that's capitalism for you - why should we be outraged?" (which of course we should), there are some interesting elements to this story. First of all behind the consortium that's facilitated these leaks lie a couple of US-based foundations and trusts. It has not been unknown in the past for the CIA to use such vehicles for the interests of US imperialism. The first target seemed to be Putin and his coterie and initially the British press and the world's "free press" duly obliged splashing pictures of Putin and his clique - though there was nothing directly to put the former in the frame. Another target of the "leaks" is FIFA which the US authorities are going after big time. Another the Chinese leadership. As far as Britain is now concerned it is problematic for its bourgeoisie that Cameron has been exposed for the lying hypocrite that he is... and the left takes up the call for capitalist "transparency".

There are hardly any US names on there because as AJ points out there are a number of tax havens in the US itself which are probably the easiest in the world to get into - and that's not the point anyway. It was excruciating watching the State Department spokesman last night, who seemed to be welcoming the leaks, trying to differentiate them from Snowden's.