How Donald Trump Could Build an Autocracy in the U.S. – The Atlantic

Frankly frightening.

Those citizens who fantasize about defying tyranny from within fortified compounds have never understood how liberty is actually threatened in a modern bureaucratic state: not by diktat and violence, but by the slow, demoralizing process of corruption and deceit. And the way that liberty must be defended is not with amateur firearms, but with an unwearying insistence upon the honesty, integrity, and professionalism of American institutions and those who lead them. We are living through the most dangerous ch

Source: How Donald Trump Could Build an Autocracy in the U.S. – The Atlantic

Paul Krugman: Donald Trump’s infrastructure plan is one big scam – Salon.com

Paul Krugman: Donald Trump's infrastructure plan is one big scam

Trump’s plan to rebuild the country’s infrastructure is really a scheme to enrich wealthy people…..

There is also the fact that private investors will have no interest in building infrastructure that can’t be turned into a profit center. Privatizing these public projects is a gratuitous hand out to select investors, who would be aquiring public assets for “just 18 cents on the dollar, with taxpayers picking up the rest of the tab.

Source: Paul Krugman: Donald Trump’s infrastructure plan is one big scam – Salon.com

Study: Top Bank Execs Saw the Crisis Coming and Sold Their Company’s Shares | naked capitalism

Would be shocking if we didn’t already know that it was true.

So much for the “whcouddanode” theory of the crisis.

Source: Study: Top Bank Execs Saw the Crisis Coming and Sold Their Company’s Shares | naked capitalism

Top 50 US Companies Stash a Trillion Dollars Offshore While Benefitting from Trillions in Government Support | Oxfam America

The 50 biggest US companies, including global brands such Pfizer, Goldman Sachs, Dow Chemical, Chevron, Walmart, IBM, and Procter & Gamble, have stashed more than a trillion dollars offshore and used more than 1,600 subsidiaries in tax havens to avoid billions of dollars in tax each year, according to Oxfam America. In a new report released today ahead of Tax Day, Oxfam outlines how corporate tax dodging costs the US an estimated $100 billion each year, a gap that the average American taxpayer would have to shell out an extra $760 to cover…..

…..The report reveals that the same companies are among the largest beneficiaries of US taxpayer funded support, receiving a staggering $11 trillion in federal loans, loan guarantees and bailout assistance from 2008-2014 even as they avoided hundreds of billions of dollars in taxes over the same period.

Oxfam calculated that during this period, these 50 companies collectively received approximately $27 in loan support for every $1 they paid in federal taxes.“…..

The companies, which made nearly $4 trillion in profits globally between 2008 and 2014, paid an average effective tax rate of just 26.5% – well below the statutory tax rate of 35% in the US and well below the tax rate of an average US worker of 31.5%…..

“For every $1 spent on lobbying, the largest 50 companies received $130 in tax breaks and more than $4,000 in federal loans, loan guarantees and bailouts,”…..

Source: Top 50 US Companies Stash a Trillion Dollars Offshore While Benefitting from Trillions in Government Support | Oxfam America

Panama papers: “an old tradition of English piracy” | openDemocracy

Looking at the documents leaked from Mossack Fonseca and one thing is clear: Britain’s network is once again at the core. More than half of the companies listed in the documents are registered in the UK or its Overseas Territories, and Hong Kong plays a huge role.

Of course, this shouldn’t be surprising. Britain has for for a while now been thought to be the global capital for money laundering. And it’s no shock that nothing has been done about it. In 2010, two years after they crashed the global economy, the City paid for more than half of the Conservative party’s election campaign, helping (along with the aforementioned Lord Ashcroft) them limp them over the line, with a Lib Dem shaped crotch. Though, of course, Labour did little to regulate in the previous 13 years.

If we want to understand modern Britain, first we need to realise that our primary economic function in the world is probably our network of tax havens. After all, around $21tn is estimated to sit in offshore accounts, of which Britain’s territories are said to make up by far the biggest part. Our own GDP is only around $3tn.

Second, we need to get to grips with the serious claims about our role as the global money laundering capital: a function which pushes up the price of the pound, making other exports unaffordable (bye bye steel), and drives up the cost of houses in London and the South East, fuelling a vast speculative bubble which sucks investment out of the rest of the economy.

And third, we need to think about how this gradually dawning economic reality interacts with our politics: not through the obvious corruption of direct bribery, but through revolving doors between government and civil service, through old boy’s networks and friendship groups, through perfectly legal election donations and media domination.

Source: Panama papers: “an old tradition of English piracy” | openDemocracy

The World’s Favorite New Tax Haven Is the United States – Bloomberg

The U.S. “is effectively the biggest tax haven in the world” —Andrew Penney, Rothschild & Co.

Source: The World’s Favorite New Tax Haven Is the United States – Bloomberg

Massive leak reveals offshore accounts of world leaders | Center for Public Integrity

PANAMA PAPERS

An investigation published today by the International Consortium of Investigative Journalists and its media partners reveals the hidden workings of a secretive industry that banks and lawyers use to hide the financial holdings and dealings of powerful clients, including prime ministers, parliamentarians, plutocrats and criminals, according to a trove of leaked documents.

The files, known as the Panama Papers, exposes the offshore holdings of 12 current and former world leaders and reveals how associates of Russian President Vladimir Putin secretly shuffled as much as $2 billion through banks and shadow companies, according to the joint investigative project conducted by ICIJ, the German newspaper Süddeutsche Zeitung and more than 100 other news organizations around the globe. ICIJ is the international arm of the Center for Public Integrity.

The files — which total more than 11.5 million documents — contain new details about major scandals ranging from England’s most infamous gold heist in 1983, an unfolding political money laundering affair in Brazil and bribery allegations currently convulsing FIFA, the body that rules international soccer and is under investigation by the U.S. Justice Department.

Source: Massive leak reveals offshore accounts of world leaders | Center for Public Integrity

Corporate Kleptocracy: 6,300 Examples Of America’s Malignant Malfeasance | Zero Hedge

The settlements with the banks along with the ongoing investigations have shown that virtually every market is being manipulated; the stocks, metals markets, LIBOR, FOREX, everything. The companies would only break so many laws if they felt they would have a reasonable chance of getting away with it; they would also need a reason to do it, which is provided by the infinite growth model our economy is based on.

Source: Corporate Kleptocracy: 6,300 Examples Of America’s Malignant Malfeasance | Zero Hedge