The Global Elite Are Hiding 18 Trillion Dollars In Offshore Banks

The Economic Collapse ^ | 01/21/2012 | Michael Snyder

[Grunthor]

And you and I would do the same damned thing if we had that kind of money.

[RetiredArmy]

And this is the One World Government elite that has this money. They are doing this on purpose. Bankrupt all governments so they get total control. Come riding to the rescue with the Antichrist out front.

[ClearCase_guy]

I oppose a VAT tax.

I like a retail sales tax.

If that’s all we had, then there would be no reason for anyone to
jump through hoops and engage in these financial shell games.

[WorldviewDad]

Since we know that it is 18 trillion then I guess the money really isn't hidden...just out of reach of the government.

[posterchild]

The way the article was written it sounded like all wealthy people are hiding money from the US government regardless of whether they were US citizens had ever set foot in the US.

I once knew an illegal alien who earned good ‘tax free’ money as a bartender and kept his money in either Isle or Wight or Isle of Man.

[Liz]

Candidate Barack Obama told us on the campaign trail: " The problem is, that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents, # 43 added $4 trillion by his lonesome so that now we have over $9 trillion of debt that we are going to have to pay back, $30,000 for every man woman and child. That’s irresponsible. It’s unpatriotic."

REALITY CHECK Obama presided over the biggest political heist in US history. The Obamanations (insiders and politicians) sucked up trillions under the guise of inheriting the "Bush financial crisis."

THIS MADE ME LAUGH OUT LOUD Obama COS Rahm Emanuel "suddenly" discovered he wanted to be Chicago's mayor---the little turn went before the mics and announced his campaign "raised $10 million in just a few weeks." Rahm also controlled the US Treasury as COS.

================================================

What the so-called "collapse" of the banking system wrought under Obama:

FOURTEEN TRILLION DOLLARS Behind The Real Size of the Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street
SOURCE motherjones.com
Mon Dec. 21, 2009 12:23 PM PST

The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets.

To get a sense of the size of the real $14 trillion bailout, see our chart at web site. Below, a guide to the pieces of the puzzle:

Treasury Department bailout programs
(Remember that Obama's Treasury Dept was controlled by his then-COS Rahm Emanuel---a G/S lobbyist in the WH)

Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].

Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].

TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.

Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."

GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.

LONG READ---go to web site to read more and checkout the shocking financial charts.

SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout

[proxy_user]

The vast majority of this money is corporate. They do a lot of business overseas, so they keep their money there. It is the working capital of a business, nothing else.

[posterchild]

What is the operational distinction between a VAT and a retail sales tax?

[BfloGuy]

So why do they call it "offshore banking"?

Wait! Don't tell me. Cuz they're "offshore"?

Otherwise, tell me when Romney does something illegal. This guy's like Eliot Spitzer -- goes after people doing legal things because he doesn't like what they're doing.

[ClearCase_guy]

I'm not an expert, but I think it goes like this:

Farmer grows wheat and sells it to a miller (VAT taxed) the miller grinds the wheat and sells it to a baker (VAT taxed) the baker makes bread and sells it to a supermarket (VAT Taxed) and the market sells it to you (VAT taxed). Hope you enjoy the $11 loaf of bread.

With a retail sales tax, the taxing begins and ends when the market sells a loaf to the consumer. Hope you enjoy your $3 loaf of bread.

[lurk]

And Psalm 49 has something to say about that.

[Liz]

"Hi there, Americans. Obama put me in charge of the trillion dollar stimulus. My son and brother are gonna help me disperse the money. "

================================

Offshore Fraudster had links to offshore fund run by VP Biden's relatives
Reuters on Yahoo | 2/23/09 | BY Ajay Kamalakaran

(Reuters) – A fund of offshore hedge funds run by two members of VP Joe Biden's family was marketed exclusively by offshore firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said.

The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and the offshore Stanford Financial Group entity headquartered in Antigua, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related offshore companies marketed the Biden fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.

Paradigm Global Advisors is owned through a holding company by the vice president Biden's son, Hunter, and Joe Biden's brother, James, according to the WSJ. Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, told the paper he did not know which Stanford entity invested the roughly $2.7 million.

Marc LoPresti, who represents Hunter Biden and James Biden told the paper the Bidens NEVER met or communicated with Stanford. (/snicker)

(Excerpt) Read more at news.yahoo.com ...

[EGPWS]

The Global Elite Are Hiding 18 Trillion Dollars In Offshore Banks

Nothing that a huge cut in spending, a huge cut in government, and a huge cut in taxes wouldn't remedy.

[Sacajaweau]

Giving 10% to the Mormon church is called "buying votes". You don't think it counts??

This family has been supporting this church (cult) for ages. Let Mitt tell them that he's leaving the church and see what happens.

The Mormons started near where I am in NYS. A local, circa 1870 history book says the cult should be gone soon.

[posterchild]

Assuming the same rate (otherwise there is no basis for comparison), is not the VAT only on the ‘value added?’ i.e. if the baker buys flour for 2$ and sells the baked good for $3 is the tax not on just the $1 difference?

In the end, as long as the tax mechanism is consistent to all parties and is hard to evade (and hence give unfair advantage to criminals), I’m more concerned with how much government takes in and what it is spent on. Solve that problem and then the taxation mechanism can be dealt with as a mere accounting problem.

[wolfcreek]

We don't therefore we are the taxed.

[Paladin2]

Hiding assets from the local government doesn’t sound like a bad thing. Keeping one’s assets in a number of countries and currencies sounds like embracing and celebrating diversity to me.

[ClearCase_guy]

There is some merit to what you say, but in a complex economic system, in which goods need to be processed or exchanged along an extensive supply chain, government may "find" many opportunities to enact a VAT. Wheat and bread is somewhat straightforward, but what about a car? How many parts are involved? How many transactions are needed to gather the materials and construct an automobile? The government sees gold in such economic activity and can gather a "small" VAT multiple times. The result is an expensive consumer good, and a government with enough revenue to "solve every problem in the whole world".

I prefer a simple, direct, obvious tax on retail sales goods. No mystery about who is paying what, and if you want government revenue to go up or down, you see exactly what needs to be done.

[bitterohiogunclinger]

“Obviously, all of this tax avoidance means that governments around the world are missing out on a whole lot of money.”

Obviously to me at least is that governments around the world have come to believe that they are the owners of everything and are entitled to all wealth as they see fit.