Archive for the ‘Thoughts’ Category

Jun 12 2013

Financialisation as a cause of economic malaise. The Finance Curse, by other names

Posted by: Nick Shaxson in: Thoughts

That’s the title of a new article on the New York Times’ Economix blog, which is an case study in what happens when an economy, such as the United States’, sees financial services grow above its optimal size. It tallies extremely closely with our Finance Curse analysis. It contains references to research I wish I’d inserted into the analysis, such …

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Jun 04 2013

Is the BBC afraid of the City of London?

Posted by: Nick Shaxson in: Thoughts

I’ve chosen this headline because I wanted to follow on from an earlier blog I wrote entitled Is the BBC afraid of tax havens? That was a very good question then, and it remains a very good question now. Amid all the global noise now about tax havens, the BBC remains a timid follower of the story, at best, raising …

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May 28 2013

On Google’s Eric Schmidt saying it’s fine to dodge taxes if it’s legal

Posted by: Nick Shaxson in: Thoughts

Cross-posted from the Tax Justice blog: something I just wrote.

From Paul Collier, a development expert, writing in Prospect Magazine:

“For companies to claim that they are morally in the right by having devised loopholes is ridiculous, even if their behaviour has been legal. Any society rests not just on laws but on conventions that make life decent

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May 23 2013

The Finance curse – my new book

Posted by: Nick Shaxson in: Thoughts

This morning I have published a short new book entitled The Finance Curse: how oversized financial centres attack democracy and corrupt economies. Co-authored with John Christensen, the former economic adviser to the UK tax haven of Jersey and director of the Tax Justice Network (TJN), The Finance Curse combines elements of my two previous books, Treasure Islands and Poisoned Wells

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May 20 2013

UK Prime Minister writes to British tax havens. How serious is he?

Posted by: Nick Shaxson in: Thoughts

This is cross-posted from the TJN blog: I wrote it and can be quoted on any of it.

Today Britain’s Prime Minister David Cameron wrote to the UK’s Crown Dependencies and Overseas Territories, reading them the riot act – sort of.

Headline summary from us: this contains much that is positive. But the devil and devilry will lie in …

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May 20 2013

Luxembourg versus Ireland: tax havens competing to be more rotten than each other

Posted by: Nick Shaxson in: Thoughts

The FT has a story this morning entitled Investors attack ‘lax’ Luxembourg fund rules. But Luxembourg is a scuzzy little tax haven: what else where these investors expecting?

A bit over year ago I wrote a short blog pointing to a letter from recovery specialists Deminor to Luxembourg’s Finance Minister, on behalf of 2,500 disgruntled investors around the world …

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May 16 2013

Austerity and growth: how is it going?

Posted by: Nick Shaxson in: Thoughts

This graph is interesting.

Read all about it from Paul Krugman in the New York Review of Books, here.…

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May 13 2013

Britain’s non-existent crackdown on multinational tax abuse

Posted by: Nick Shaxson in: Thoughts

Britain’s governing coalition has made great song and dance about how it plans a crackdown on abusive tax avoidance by large multinational corporations. I gave a talk at the festival in the southern English town of Brighton yesterday, where I examined these claims and described them as “a disaster” and “a con.”

I am not alone. The latest article by …

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May 06 2013

In the British tax haven of Jersey, don’t speak out against tax havenry

Posted by: Nick Shaxson in: Thoughts

Something I just wrote on the Tax Justice blog:

TJN has written on several occasions about the rather authoritarian nature of the political system in the British tax haven of Jersey. There is no functioning system of party politics there; there is only one newspaper which equates the interests of the offshore centre with the interests of Jersey and …

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May 02 2013

The capture of tax haven Ireland: “the bankers, hedge funds got virtually everything they wanted”

Posted by: Nick Shaxson in: Thoughts

The Financial Times is carrying an important and fascinating story about the tax haven of Ireland. It focuses on a particular issue which is dear to my heart, and the subject of a whole chapter of Treasure Islands.

This is, at heart, a story about how small financial centres become entirely ‘captured’ by financial services interests, with the deliberate removal …

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