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Panama Ain't Got Nothing on Real Western Tax Havens

A Russian oligarch explains that off-shores are the Alpha and Omega of modern capitalism


This post first appeared on Russia Insider

See what a flamboyant Russian oligarch, a major shareholder of Novaya Gazeta, the Russian arm of the International Consortium of Investigative Journalists and the owner of The Independent and the London Evening Standard, has to say about Panamagate

There are many comments on the investigation related to Panama offshore. But the investigation is actually not about this. The information journalists came up with from the  Mossack Fonseca archives is not that interesting, and could have simply been listed. But what about the ‘dirty money reservoir’,  a trillion dollars a year from various countries? China, Africa, Russia, Italy and so on?

<figcaption>"Off-shores are one of the pillars of the Western economy"</figcaption>
"Off-shores are one of the pillars of the Western economy"

These dwarf jurisdictions harbor the twenty largest banks, the dozen largest investment funds — mostly American — law firms like Mossack Fonseca. But who invented it all and keeps it going? Who launders the money? Who provides the legal services and protects those who steal and launder?

And who benefits? 

Off-shores are one of the pillars of the Western economy. They don’t only sell dollars and print money, they don’t only give credits that they then steal back – from this ‘dirty money reservoir’, they also live off it while accusing others. 

A good half of the  money in these large international banks is ‘dirty’, not to mention drugs and weapons. Take the banks that went bankrupt in Russia over the last 7-8 years. Where are the billions of dollars that were stolen from their clients through deliberate bankruptcies? This money is outside Russia, safeguarded by the same Western banks, funds and lawyers who grant political asylum to our swindlers. This is really what’s most interesting, but never mentioned, in Panamagate. 

We should shovel away this ‘muck’ that they want us to sit in.

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