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LONDON (Reuters) - Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.
The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.
The money belongs to them, not the government. That so much wealth is being hidden rather than put to use is not evidence of the failure of capitalism, but of the destructive and counterproductive nature of the state.Super rich hold $32 trillion in offshore havens - Yahoo! News
So is this fair capitalism or are the rich just using the system to amass and hoard wealth for the sake of it?
The money belongs to them, not the government. That so much wealth is being hidden rather than put to use is not evidence of the failure of capitalism, but of the destructive and counterproductive nature of the state.
Super rich hold $32 trillion in offshore havens - Yahoo! News
So is this fair capitalism or are the rich just using the system to amass and hoard wealth for the sake of it?
Super rich hold $32 trillion in offshore havens - Yahoo! News
So is this fair capitalism or are the rich just using the system to amass and hoard wealth for the sake of it?
Hm. Just out of curiosity I did some math...
There are about 115 million households in the USA. 32 Trillion / 115 million = $278,260
That would mean they are holding $278,260 for every household in the USA.
Any way you slice it that seems excessive.
The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.
It applies to MORE than just the USA...... from the article
I didn't say it belonged to the government. But for there to be that much topsided gain, the system is being rigged by those with power and influence to favor an ever growing increase for them at the expense of the masses.
Super rich hold $32 trillion in offshore havens - Yahoo! News
So is this fair capitalism or are the rich just using the system to amass and hoard wealth for the sake of it?
Hm. Just out of curiosity I did some math...
There are about 115 million households in the USA. 32 Trillion / 115 million = $278,260
That would mean they are holding $278,260 for every household in the USA.
Any way you slice it that seems excessive.
Or...they earned money and based on the completely inane management of the US federal government over the last 12-20 years, decide securing a significant portion of their wealth in more secure markets makes sense...whatever.I didn't say it belonged to the government. But for there to be that much topsided gain, the system is being rigged by those with power and influence to favor an ever growing increase for them at the expense of the masses.
Except it is not at the expense of the masses.
The economy is not a closed system. Just because one person has more, does not mean someone else has to have less.
problem is 32 trillion isnt for america,its worldwide across 139 developing nations.
How does their amassing wealth...hell...even if they burned it...how would it impact YOUR ability to amass wealth? Fact is...it wouldnt. We saw people lose their asses in stockholdings in seconds over the last several years. And?An economic system can always grow and add wealth but it shouldn't beyond what its market valuation represents. With expanding credit and exotic investments there becomes an increasing difference between the real and nominal value, which can "pop" creating a vacuum of loss. This is always at the expense of another. The wealthy fix prices, create supply/demand and NOW control the regulation of these principles. It's an imbalance that will continue, till there's only a small minority of extremely wealthy, their small army of supporters and the majority of poor slobs. This IS happening.
If you had 3 trillion ( or even a few extra billion) in excess wealth would YOU leave it in US holdings? Seriously...would YOU trust the US markets, managers, government? Not me. Id be securing as much of it as I could for as long as I could to ensure that no matter what, the earnings I have created were not subjected to whims and mismanagement.It also isn't counting their open or "legitimately held" wealth either.
The GDP of the whole frickin' world is something like 65 Trillion. If the "super rich" are holding something like half the world's annual gross product in untaxed offshore accounts, yeah there's a problem.
I begrudge no man a reasonable profit or a fat portfolio and a wealthy lifestyle... but damn, half the wealth in the world seems excessive even to me.
If you had 3 trillion ( or even a few extra billion) in excess wealth would YOU leave it in US holdings? Seriously...would YOU trust the US markets, managers, government? Not me. Id be securing as much of it as I could for as long as I could to ensure that no matter what, the earnings I have created were not subjected to whims and mismanagement.
How does their amassing wealth...hell...even if they burned it...how would it impact YOUR ability to amass wealth? Fact is...it wouldnt. We saw people lose their asses in stockholdings in seconds over the last several years. And?
What is this? An appeal to emotion?In contrast to the 32 trillion dollars in wealth held by the rich:
15 million children starve to death every year worldwide.
500 million people in Asia, Africa and Latin America live in poverty.
1/12 people in the world are malnourished.
Half the world's population lives in abject poverty.
But that's all okay because the rich get to keep their money and it eventually trickles down somehow.
They do not rob you.They rob me with ...
They do not rob you.
That is hyperbole.
Nope! Hyperbole!Sure they do. There is no competitive pricing in the areas of cost I mentioned.
-- It isn't the responsibility of those who have wealth to take care of those who don't.
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