Financial Crisis and Tax Havens: The opacity of financial markets undermine Democracy
by José González Jaramillo, Program Initiative
Political
Wednesday, November 19, 2008
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n his book "Bankers and Lavadólares" American researcher and journalist James Henry, recounts an interview with the lawyer Gilberto Arias, son of President Harmodio Arias, where he counts as his father, helped make Panama the tax haven it is today.
In Panama, the degree of integration into the global market, the characteristics of financial markets and the economy local own-state tax havens Corsair, some sectors of public opinion believe that billions of dollars of drug money laundering and other privateering, oxygenate much of the domestic economy, for now, mainly in the speculative boom the construction industry, which, if continued accentuation an international recession or economic downturn caused by the financial crisis, will go towards a diversification because it can no longer be justified by the current characteristics, which are related to international demand from 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 have moved, out of 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.
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 The opaque financial Europe, Switzerland and other offshore financial centers are a power in the European Union, which benefit partners without accepting membership.
JHV:
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 the October finished the agenda no one knows yet, but it diverts attention from the continuing crisis among European banks and productive economies.
JGJ:
JHV:
and globally, has not dismantled the "Shadow Banking System", the "shadow banking system", the tangle of entities such as hedge funds and so-called "structured finance" linked to ordinary banks, which convert debt into financial assets and sell them worldwide as has happened as subprime mortgages, is called securitization, and other opaque procedures that have their foundation in offshore financial centers or non-resident, offshore we have been called tax havens.
JGJ:
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 to fully are part and parcel of the global 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 tax matters with OECD assured us that our questions never it would publish this report was provided in 2000.
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 where they often spend large legal and illegal financial transactions, money dirty or not, but that reduce 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 in such popular books mentioned, there has been 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, no tax or little cheaper just operations but is not crucial 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 lack of interest left in this case, it is a matter of political power. Therefore, summed it up by saying that tax havens undermine democracies.
3/11/2008
n his book "Bankers and Lavadólares" American researcher and journalist James Henry, recounts an interview with the lawyer Gilberto Arias, son of President Harmodio Arias, where he counts as his father, helped make Panama the tax haven it is today.
In Panama, the degree of integration into the global market, the characteristics of financial markets and the economy local own-state tax havens Corsair, some sectors of public opinion believe that billions of dollars of drug money laundering and other privateering, oxygenate much of the domestic economy, for now, mainly in the speculative boom the construction industry, which, if continued accentuation an international recession or economic downturn caused by the financial crisis, will go towards a diversification because it can no longer be justified by the current characteristics, which are related to international demand from 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 have moved, out of 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 opinions of some European officials against havens responsible fiscal and, potentially, of the Financial Crisis. To learn more, the potential seriousness of the views of European officials, we interviewed English researcher Juan Hernandez Vigueras, 
specialized in critical financial deregulation policy. 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 Horitzons Award 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 As a member of the European Network Steering Committee.
JGJ: WHY THE IDEA OF SOME EUROPEAN COUNTRIES TO ATTACK tax havens and also complains AS RESPONSIBLE FOR FINANCIAL CRISIS?
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 The opaque financial Europe, Switzerland and other offshore financial centers are a power in the European Union, which benefit partners without accepting membership.
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 the exchange of tax information or withholding tax on bank deposits by individuals, a report had to be published in the period specified is
policy
Last April, a British parliament committee opened an investigation into the role of tax havens in the financial crisis succeeded in compiling reports of organizations, NGOs and research centers, including Tax Justice Network the United Kingdom collected in a volume of 600 pages on the Internet. But nothing suggests that the Brown government will take necessary action.
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?
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, and Switzerland and many others went, as recounted in an article in
http://www.laeuropaopacadelasfinanzas.com/, which has more of 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.
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.
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 yet reached its tipping point. As has 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 EU remains a residual jurisdiction of the central banks of member countries.
There's the root of the uncertainty 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.
JGJ:
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 to fully are part and parcel of the global 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 tax matters with OECD assured us that our questions never it would publish this report was provided in 2000.
JGJ:
JHV: First
3/11/2008
Sources: Photo noticias.com
Links: http: / / www.laeuropaopacadelasfinanzas.com/
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