Might I point to an article on the LSE blog with the above title, written by Jan Fichtner of the University of Amsterdam? In it he argues that:
Cayman primarily acts as a kind of conduit to US financial markets for investors from Japan and Hong Kong. American investors have invested massively in hedge funds, which are legally domiciled in Cayman. In turn, these hedge funds have mainly bought US securities, closing the financial loop between the US and the Cayman Islands. This unique financial loop explains why Cayman is the largest holder of US securities in the world (excluding US long-term debt, of which the Japanese and Chinese central banks hold more than US$1,000 billion each).
And he illustrates this with the work that the Corpnet Horizon 2020 project has been doing:
Cayman is critical to finance.
And now it will be transparent.
It is, as he noted, not what the UK establishment wanted. But it's what they're going to get. This matters. And it will change finance. For the better, too.
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So, if Donald Trump really does want to make America ‘Great Again’ repatriating some of the loot from the Cayman’s will serve his ambitions nicely ?
As long as he doesn’t spend all of it on blowing up choice targets round the globe with his missiles.
We have both had links to LSE items at the same time. It must be catching. Mine was on NHS history and costing. Yours is good and indicates the complexity of it all. Perhaps it is only a matter of time before Frankfurt puts us all back on the gold standard.
The FT say what’s going on in Cayman is legal. You’re saying what’s going on is abuse. You’re also saying that information is shared with relevant law enforcement agencies and tax authorities and that’s not good enough.
So the real abusers here are those same tax authorities and law enforcement agencies who aren’t doing the job they are supposed to , and that’s why any old member of the public including gangsters should be allowed to bypass those authorities and gain direct access to the registers. As some excellent research has recently shown it’s not inequality that drives unhappiness and crime but perceptions of inequality, so more people will get to see the data. So if you’re right the level of unhappiness in the world will go up. That might be a price you’ll accept.
Meanwhile another 1.5 million people will get taken to court in the UK this year for unpaid council tax and business rates, if it’s anything like last year, but no-one in the government financed tax justice movement is campaigning for them.
What a tangled web of messed up priorities – I should do a clever diagram for that with pointy arrows.
This is just too bizarre to engage with
And actually, Taxpayers against Poverty does campaign on the issues you mention
Made me think of EMU 😉
This is funny:
” As some excellent research has recently shown it’s not inequality that drives unhappiness and crime but perceptions of inequality, so more people will get to see the data. So if you’re right the level of unhappiness in the world will go up.”
So yeah, ignorance is bliss. Sure.
“some excellent research” and some non-existent referencing BTW.