Fight the Empire on 08/16/12
Host Per Fagereng speaks with James Henry, lead researcher for a new report by the Tax Justice Network that finds that the super-rich are hiding at least $21 trillion in accounts outside their home countries. The wealth hidden in these tax shelters is the equivalent of the United States and Japanese economies combined, according to the report, 'The Price of Offshore Revisited.'" PDF summary of report: http://www.taxjustice.net/cms/upload/pdf/The_Price_of_Offshore_Revisited_Presser_120722.pdf
James Henry is the former chief economist at the international consultancy firm McKinsey & Co. He says "this hidden offshore sector is large enough to make a significant difference to all of our conventional measures of inequality. Since most of missing financial wealth belongs to a tiny elite, the impact is staggering. For most countries, global financial inequality is not only much greater than we suspected, but it has been growing much faster.