Capitalism in its bleakest stage
As if we didn‘t know this before. But now there are tons of documentation of worldwide fraud. Done by individuals and companies. A global investigation into the use of secret companies by the rich, powerful and corrupt has shown how a network of lawyers, bankers and others around the world hide illicit wealth. The Panama Papers, a massive leak of financial documents, reveal the offshore holdings of 140 politicians and public officials, including 12 current and former world leaders, who used more than 214,000 offshore entities to hide the ownership of assets. This shows the dark side of the global financial system and capitalism where banks, lawyers and financial professionals enable secret companies to hide illicit corrupt money.
The creation of secret companies is and has «always» been big business. Capitalism is in itself a dark system where one of its key pillars is to create money out of money. This is of course evident in the global financial mega-market, where money transactions is suppose to create new money transactions and so forth. Also in production of commodities the main goal is to multiply profit as much as possible. But as Marx writes in the «Theory of money» about gold, silver and paper money going back and forth between capitalists/countries as the circulation of commodities: «Countries in which the bourgeois form of production is developed to a certain extent, limit the hoards concentrated in the strong rooms of the banks to the minimum required for the proper performance of their peculiar functions. Whenever these hoards are strikingly above their average level, it is, with some exceptions, an indication of stagnation in the circulation of commodities, of an interruption in the even flow of their metamorphoses» (Karl Marx. Capital, Volume One, Chapter Three: Money, Or the Circulation of Commodities, Section 3), the «storage» or hoard in tax havens in our times is a symptom of overproduction, the belief in money as a «mystic» entity and the economic systems capability of making greed out of it.
This practice is not surprising to me and the level of disclosures will just increase in the near future. The lack of evidence have earlier been a problem of documentation, but now we are at the point of no return I believe. To make it very clear, this case with Mossack Fonseca is only one of many law firms in this dark tax evasion business Follow my blog for more..
Examples of cover in wikipedia, media and by investigative journalists:
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The Panama Papers expose the internal operations of one of the world’s leading firms in incorporation of offshore entities, Panama-headquartered Mossack Fonseca. The 2.6 terabyte trove of data at the core of this investigation contains nearly 40 years of records, and includes information about more than 210,000 companies in 21 offshore jurisdictions. Read more about the data and our methodology.
ALSO NORWEGIAN BANKS AND INDIVIDUALS HAVE BEEN INVOLVED: