Tuesday, April 5, 2016

#PanamaPapers Confirms What the Public Already Knows

The Panama Papers leak illustrates how the political elite, as well as others, used Panama connections to hide money from taxation for decades. Many are question how deep does the well of evasion run (1, 2)? Does it include influential politicians, those pushing hard to increase taxes and end tax evasion in support of big government that the public increasing believes is better at lining pockets than providing essential services such as water safety?

The perception that elites live by a separate set of rules is a big reason why Americans have embraced Trump and Sanders in 2016 (1, 2). What's been released so far is likely just a trailer to a bigger show of lies, deceit, and double standards known as the old political process.  The public's produce a new show for future generations likely means sweeping changes of leadership in 2018 and 2020 elections amid the chaos of a global economic contraction.

Headline: Panama Papers probes opened, China limits access to news on leaks

Authorities across the globe have opened investigations into the activities of the world's rich and powerful after a cache of leaked documents from a Panamanian law firm showed possible wrongdoing using offshore company structures.

The "Panama Papers" have cast light on the financial arrangements of high profile politicians and public figures and the companies and financial institutions they use for such activities. Among those named in the documents are friends of Russian President Vladimir Putin and relatives of the leaders of China, Britain, Iceland and Pakistan, and the president of Ukraine.



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