((source: Fusion.net , see under “responses” below))
You can see on this chart that there is a whole spectrum of uses of offshoring money to tax havens. From legitimate all the way to very criminal. So it is not all right or all wrong as some publications seem to indicate.
- As a result of the leaks about the #PanamaPapers a lot of discussion was started if offshore money parking in tax havens is legal or not. Sure, even legal “fiscal vehicles”by public officials and their are families are to be despised. Why should these people evade paying tax in their own country they represent and help guide? How can they decide on austerity measures which hit the poor and the elderly when they themselves do pump their money out of the country out of self interest? Trust and credibility is harmed !
Commentator “Nein” expressed it best on Twitter as follows:
No, they haven’t been hiding their money. They’ve been hiding ours. By calling it theirs.
Money should be invested and circulate, not hidden somewhere. Can you ever spend it in your lifetime or create happiness and beauty with billions of dollar/euros?
2. My advice to kleptocrats is to donate serious amounts to education funds for the young talented and to relevant and effective charities. I can help you to connect with some of them, if you need help with that.
jaap van till, TheConnectivist vantill (at) gmail (dot) com