May 17 2011

Golem XIV: TI is “a very good book indeed.”

Posted by: Nick Shaxson in: Thoughts

Golem XIV is a widely read UK economics and political blog which I’ve read a number of times in the past year or two, as its author David Malone (author of The Debt Generation) has written about a number of things that are, from my viewpoint, quintessentially ‘offshore’. (Here‘s one example.)

I’ve never met Malone but the other day he called me up to interview me for a review of Treasure Islands, and it became clear as we chatted that we had a lot in common, at least in terms of the way we have come to interpret a lot of things that happen in the world. Now he’s done his review. It speaks for itself, but I should point out a couple of ways of describing the system, which I like very much. Such as this:

“Offshore” is a critically important piece of misdirection. Off-shore is not a remote place, it is a process of colossal tax evasion and regulatory warfare.  ‘Offshore’ is a clear, present and immediate threat to every nation’s ability to support and protect its citizens and control its economy. ‘Offshore’ is a partly orchestrated, partly evolved world of stateless money and power populated and used by a loyalty free financial elite to degrade Democracy, suborn Sovereignty and destroy national Independence.”

Or this, referring to the wealthy and powerful users of offshore:

They live here, ride in luxury limousines which use the roads, turn on the taps, flush the toilets to take their waste away like the rest of us, but make sure they only pay a fraction of the rate of tax that the rest of us pay.

Indeed. The rest of the review is here.

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