Financial Crisis and Tax Havens: The opacity of financial markets undermine Democracy
by José González Jaramillo Initiative Program Sustainable Decrease Political
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JHV: From the information I have, I see the attack from Europe against tax havens because as I tried to show in my recent book's opaque financial Europe, Switzerland and other offshore financial centers are a power in the European Union, which partners benefit without accepting membership.
JHV:
JHV:
As I explained in several articles, but especially in my book "How to tax havens offshore centers undermine democracies, the OECD project on tax havens because they failed a field full of globalized financial markets. And the deadline was agreed in 2006 without the OECD was able to publish a report telling how the project was. A year ago at a meeting of the European committee for Tax Justice Network / Tax Justice Network invite the technical manager of the tax affairs of the OECD to our questions assured us that was never to publish that report was expected in the year 2000.
JGJ:
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n his book "Bankers and Lavadólares, the investigator and James Henry American journalist, recounts an interview with the lawyer Gilberto Arias, son of President Harmodio Arias, where he counts as his father helped make Panama, Paradise Attorney it is today.
In Panama, the degree of integration into the global market, financial market characteristics and the local economy, itself a tax haven-State Corsair, some sectors of the considered opinion that thousands of millions of dollars of drug money laundering and other privateering, oxygenate much of the domestic economy, for now, mainly in the speculative boom of the construction industry, which, if continued accentuation an international recession or economic downturn produced by the financial crisis, will go towards diversification therefore no longer be justified by the current characteristics, which are related to international demand from the United States and Europe.
tax haven activities, since they have their particular characterization in Panama, which have shaped the State of Panama into what the researcher Antonio Mendez called a Corsair State institutions. The globalized world means competition for the tax haven of Panama and brought pressure as the OECD anti-money laundering agencies. This resulted in reduced demand for credit, looking down the scope of incidence. Many international banks moved, of the 120 banks operating in Panama 20 years ago, there were just 83 banks (Jaron Lukasiewicz. The banking industry in Panama, 2003). 90% of banks developing their activities in the country twenty years ago, were international. Now reduced to approximately 54%. However, the financial sector still has dominance over other economic sectors and has a value that exceeds the gross domestic product.
few days ago, a major offshore players, the Morgan prominent Panamanian family, lashed out in article written for the newspaper La Prensa of Panama recent views of some European officials against tax havens as responsible, potentially, of the Financial Crisis. To learn more, the potential seriousness of the views of European officials, interviewed by English researcher Juan Hernandez Vigueras, specializes in political criticism of financial deregulation. Author d
the book "How tax havens offshore centers undermine democracies" (AKAL 2005), "The background of tax havens" and coauthor with Nuria Almiron, the test in Catalan "As a responsible policy against havens tax "Nous Award Horitzons 2007, and recently the book "Europe opaque finances. And their offshore tax havens" (Icaria, June 2008). Vigueras Support Committee member of Attac, Spain and worldwide network of organizations and experts Tax Justice Network as a member of the European Steering Committee. JGJ: WHY THE IDEA OF SOME EUROPEAN COUNTRIES TO ATTACK tax havens and also complains AS RESPONSIBLE FOR FINANCIAL CRISIS?
JHV:
few months ago, the scandal of massive tax evasion and tax fraud via Liechtenstein discovered in Germany generated verbal condemnations and accusations have not resulted in any concrete practical action transcendent, beyond the internal administrative channels. The EU Council agreed to publish a report on the implementation of the policy on private savings is the only European measures against tax evasion limited to information exchange fiscal o a la retención fiscal sobre depósitos bancarios de particulares; un informe que tenia que haber publicado en el plazo previsto en es directiva
En Abril pasado, una comisión del parlamente británico abrió una investigación sobre el papel de los paraísos fiscales en la crisis financiera que logró recopilar informes de entidades, ONGs y centros de investigación, incluyendo Tax Justice Network del Reino Unido recopilados en un volumen de 600 páginas en Internet. Pero nada indica que el gobierno Brown vaya a adoptar alguna medida.
JGJ:
HOW performed include REFORM POLICIES AIMED AT CAPITALISM tax havens, DRIVEN BY THE POLITICAL SPEECH FROM ANTICRISIS some European countries like France? WHAT'S SERIOUS ON THAT LAST MEETING OF OECD on the subject?
JHV:
few weeks ago in Paris gathered 17 OECD member countries to address this issue of tax havens, invited by the French government, but neither Luxembourg or Switzerland or many other members attended, as recounted in an article in http://www.laeuropaopacadelasfinanzas.com/ , where they have more information about the above events. But there has been no concrete result precisely because of the disagreement among European governments. Day later, on France 2 public TV Luxembourg's prime minister defended the secrecy and the reporter replied that he was not required to attend that meeting.
And the phrase "lead by capitalism," French President Sarkozy, whose office of President of the EU in this semester, has made you who creates it. The reality is that it has served to feed the media headlines and name to the call for a summit in Washington of the G-7 plus on which at the end of October no one yet knows the agenda, but it diverts attention from the continuing crisis among European banks and productive economies.
Personally I think some others are image operations of European governments against the discomfort of his constituents who are suffering the economic effects of the financial crisis. Because the banking crisis in Europe is proving greater than expected and the EU lacks a government in the economic field as in the U.S., where moreover the long campaign for the presidency plays the role of distracting the attention of the people before the economic downturn.
JGJ: ANTICRISIS THAT THERE IS MUCH EFFECTIVE POLICY ON INJECTION OF PUBLIC FUNDS IN PRIVATE FINANCIAL SECTOR? IMF LOANS RECORD THIS PLANT, WHERE THE MEMBER STATES COULD BORROW UP TO 500% OF OFFICIAL FEE. WHAT WOULD BE THE OUTCOME OF THIS TAX MEASURES IN THE COUNTRIES OF EUROPE AND U.S.?
JHV:
The stark reality is that the financial crisis continues and has not reached its tipping point. As been checking since last year, nor the monetary policy of cutting interest rates and injections of public money have had the expected results although some banks have been saved. But I think the bottom line is that the opacity crisis has competitive advantage in the current financial system.
For example, the European Central Bank (ECB) has been providing public money to banks that later had to be rescued before their risk of bankruptcy, with its total or partial nationalization. And it is forgotten that the ECB does not control the accounts of domestic banks in the EU, which remains a residual power of central banks los países miembros.
Y a nivel global, no se ha desmantelado el "Shadow Banking System", "el sistema bancario en la sombra", esa maraña de entidades como los hedge funds y las llamadas "finanzas estructuradas" ligada a la banca ordinaria, que convierten deudas en activos financieros y los venden por todo el mundo como ha sucedido como los créditos hipotecarios subprimes; es la llamada titulización y demás procedimientos opacos que tienen su apoyo en los centros financieros offshore o para no residentes, extraterritoriales, que hemos dado en llamar paraísos fiscales. Ahí esta la raíz de la incertidumbre caused by the volatility of the stock and financial markets, the distrust between the banks themselves, which means less credit for companies and citizens. A phenomenon that has worsened in Europe.
BE SOME POLICIES OF THE OECD actions strongly against tax havens, WHAT WOULD THE OUTCOME OF THE SAME AS YOUR OPINION? CASE DISAPPEAR tax havens OR FINANCIAL SYSTEM AS THEY ARE VERY ESSENTIAL FOR MISSING?
JHV:
As I explained in several articles, but especially in my book "How to tax havens offshore centers undermine democracies, the OECD project on tax havens because they failed a field full of globalized financial markets. And the deadline was agreed in 2006 without the OECD was able to publish a report telling how the project was. A year ago at a meeting of the European committee for Tax Justice Network / Tax Justice Network invite the technical manager of the tax affairs of the OECD to our questions assured us that was never to publish that report was expected in the year 2000.
JGJ:
IN YOUR OPINION, WHAT ARE THE BASIC CHARACTERISTICS OF TAX HAVENS IN THE WORLD? MAKING CERTAIN COMMON FEATURES IN ALL COUNTRIES THAT HAVE?
JHV: First are centers of global finance which often spend large legal and illegal financial transactions, money dirty or not, but that reduce the risks in a system in which success and the greatest benefits are achieved more you distribute the risk and is more hidden. As I have explained many times and is popular books on these referrals, it has happened that the term "tax haven" has been successful because it conceals the biggest problem is the global market of money beyond the control of governments, little or no taxation lowers simply operations but not is what matters today. And people still think when you have savings I will have high returns in a tax haven. That is the image that we try to sell from right to left disinterest in the subject, it is a matter of political power. Therefore, summed it up by saying that tax havens undermine democracies.
3/11/2008
Links: http://www.laeuropaopacadelasfinanzas.com/
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