What was the result of the investigative journalism that uncovered corruption and scandal in business and government?

What is the total amount of money in the world?

NATIONAL INCOMEAccording to special report has issued on 22 July by Tax Justice Network A Global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($20 trillion) of wealth offshore - as much as the US or European Union GDPs and nearly Us & Chinees GDPs together in 2010- This report has been prepared by James Henry, former chief economist at consultancy McKinsey and an expert on tax havens. The study was related to tax evasion , which was produced by campaign group the Tax Justice network, looked at the amount of money which has been moved to low-tax or tax-free jurisdictions. The goal of a large number of criminal acts is to generate a profit for the individual or group that carries out the act. Money laundering is the processing of these criminal proceeds to disguise their illegal origin. This process is of critical importance, as it enables the criminal to enjoy these profits without jeopardising their source.Money laundry is part of Crime and Crime and corruption is worked into the fabric of capitalism. Corruption reaches its most frenzied peak at the height of economic booms, when everyone's trying to get rich. Speculation drives up stocks, and profits. Books are doctored to hide problems so that the good times can continue to roll. When the bubble bursts, the most egregious scandals are exposed.Illegal arms sales, smuggling, and the activities of organised crime, including for example drug trafficking and prostitution rings, can generate huge amounts of proceeds. Embezzlement, insider trading, bribery and computer fraud schemes can also produce large profits and create the incentive to "legitimise" the ill-gotten gains through money launderingThe report's author, former McKinsey consultancy director James Henry, estimated that at least $US21 trillion has been moved beyond the reach of home country tax authorities, representing lost tax revenues worth up to $US280 billion. These amounts , equivalent to the combined gross domestic product of the United States and Japan, was conservative, adding that up to $US32 trillion may have found its way into." It is funny that Today, most financial institutions globally, and many non-financial institutions, are required to identify and report transactions of a suspicious nature to the financial intelligence unit in the respective country. For example, a bank must verify a customer's identity and, if necessary, monitor transactions for suspicious activity. This is often termed as KYC - "know your customer". This means, to begin with, knowing the identity of the customers, and further, understanding the kinds of transactions in which the customer is likely to engage. By knowing one's customers but recent report by the US Senate had lurid details about how global bank HSBC allegedly helped drug lords launder money through tax havens. The Senate report should be compared with the insipid white paper on black money that the Indian government tabled in Parliament a few years ago. Generally in this situation the bank manager says" Excuse me" and then everything would be finish!! "Lord Green, the Trade Minister, has said he has 'regrets' over the failure of HSBC to tackle money laundering during his time in charge of the bank. -CNN News_There are various estimates about how much Indian money is lying in foreign tax havens. Political leaders have come up with astronomical numbers, but there are more careful estimates to work with as well. A new report published this week by the Tax Justice Network says that between $21 trillion and $32 trillion has been stashed offshore by around 10 million of the richest people in the developing world. Of this, $9.8 trillion is owned by 91,186 individuals. The report is authored by James Henry, a former McKinsey economist, who has calculated the cumulative capital flight since the 1970s from 139 poor and middle-income countries. According to a report released Sunday by the UK-based Tax Justice Network, Koreans have hidden around 800 billion dollars in overseas tax havens over the past 4 decades. This puts Korea in the third place after China and Russia. And according to statistics from the Export-Import Bank of Korea, as of this March, Koreans have invested 24 trillion won or roughly 21 billion U.S. dollars in 35 tax havens since 1968. The largest investments were made in Singapore, followed by Malaysia, the Cayman Islands, Bermuda and the Philippines. Of the around 200 billion dollars invested overseas by Koreans during that period, one-tenth was in tax-free jurisdictions. In addition, the number of paper companies set up by local businesses was nearly 5-thousand by the end of last year.An official from the Korea Customs Service says that as the investments made in tax havens could be seen as part of tax-efficiency planning, the number of illegal wealth transfers done to avoid taxation could have increased as well.In fact, the size of illegal money transfers to other countries uncovered by the KCS saw a ten-fold increase to 130 million dollars in 2010, from around 14 million dollars in 2007.The number of cases of money laundering also increased by 11 times in the same period, to reach 80 million dollars in 2010. There are the usual suspects in the list of the Top 20 losers -China, Russia, Indonesia, Kazakhstan, Venezuela, Brazil, Nigeria, Ivory Coast, among others. The big surprise is Singapore; the capital flight from the city state is an estimated $169 billion .Henry says that most traditional analyses of capital flight are based on microeconomic explanations, or by looking at why individuals choose to take money offshore. Rich citizens take money out of their country because they want to diversify their portfolios, they prefer to invest (sometimes back in their own countries) through more efficient Western banks, or because they anticipate devaluations and tax changes. The loss of capital to havens hurts government tax collections. Some countries have seen capital flight that is in excess of their foreign debt, which means that they are actually net creditors. The fact that unofficial agencies such as Global Financial Integrity and Tax Justice Network can come up with detailed studies about the extent of capital moved to tax havens means that governments are just not doing enough to track such money and put pressure on the banks that help to move it across borders. The sheer size of the cash pile sitting out of reach of tax authorities is so great that it suggests standard measures of inequality radically underestimate the true gap between rich and poor. According to Mr Henry's calculations, £6.3 trillion of assets is owned by only 92,000 people, or 0.001 per cent of the world's population - a tiny class of the mega-rich who have more in common with each other than those at the bottom of the income scale in their own societies.The most finding orf Tax Justic Network are as:· Top 50 Private banks alone collectively managed more than $ 12.1trillion in cross -border invested assets for private clients· The three private banks handling the most assets offshore on behalf the global super rich are UBS, Credit Suisse and Goldman Sachs· The number of the global super rich who have amassed a $ 21 Trillion offshore fortune is fewer than 10 million people .Of theses less than 100,000 people worldwide own 9.8 trillion of wealth hold offshore.· Mostly countries has ben under study in this case are low-middle income countries ,traditional data shows aggregate external debts of #4.1 trillion at the end of 2010 .But take their foreign reserves and unrecorded offshore private wealth into account, and the picture reserves: they had aggregate net debts of minus US # 10.1 - 13.1 trillion .In the other word , these countries are big net creditors.Unfortunitly , their assests are held by a few wealthy individual , while their debts are shouldered by their ordinary people through their government.I remember that leaders of G20 countries have repeatedly pledged to close down tax havens since the financial crisis of 2008 but according to this report their decision was not active till now!.

If people have no money now then where did all the money in the world go to - has the super rich or upper class made off with money that usually circulate from the middle class that makes the economy?

The problem we are experiencing is not a decrease in the money supply, but rather a rapid reduction in the money multiplier due to banks holding excess reserves. Every income bracket is experiencing a decrease in wealth, so it is false to say that someone has "made off" with the money. No. The poor have began to obtain the money of the rich and middle class through socialism and welfare. As a result, the poor have had no need to work, and have begun to stop working towards becoming middle class. The middle class and rich have seen that they have obtained little and nothing from their hard work as it has been given to the poor, and have also stopped working. Although socialism has good-seeking roots, it takes away the economic urge to work of the middle class, poor, and rich, and all stop working hard. The economy is not a pie (as it was thought to be in mercantilism) The amount of wealth in the world can change, as it has. There is less and less wealth in the world. No one, has it. There is still plenty of money in the world. The problem has stemmed from several factors. Poor lending practices from lending institutions around the world to individuals who could not afford it, then repackaging and reselling (over and over again), and then when those who got those loans to start with could not pay them that part of the house of cards fell. Then the automakers (at least two here in the USA, and some around the world), wanted the short term benefits of the huge gas hogs and to hell with making gas efficient or electric vehicles, and now those corporations (along with hundreds or thousands of other companies tied to them) are in the tank. Of course my take on this is that this is just another sign that the return of Jesus is very very soon ! Wealth never disappears it is simply redistributed. Take for instance the problem the USA is having with loan repayments. Once upon a time the USA produced products that it sold to its own population and to other countries. This gave its population work raised their wealth and brought about a situation where people did not suddenly find them selves living in the street. However now these goods are made by countries like China, and the money we are speaking a bout is going there instead. This creates a problem for china in that they have become awash with American dollars and America does not have the ability to buy them back. So they have to lend the dollars they earned from the USA back in order for the USA to be able to keep buying Chinese goods. This leads to a situation where the Dollar becomes progressively worth less and is desperately reloaned to just about any one that says they are committed to repaying it. This in turn leads to a situation where some one says this is a house of cards that can topple any moment and suddenly no one is game to take part in economic activity because they are afraid they will lose their shirt. so this time the Governments of the first world countries have suddenly decided to become socialistically inclined by giving the tax payers money to the very corporations that are exacerbating the problem. To keep the man in the street quiet they throw a few dollars in cash at him so that it feels like something real is happening. Many alternative media pundits believe that several step by step plans are being played out. In 1999 - 2000 US federal legislation was passed that struck down laws from the 1920s that explicitly forbid trading uncovered derivatives. Search >Gramm Leach Bliley "Commodity Futures Modernization Act" 1920s Mortgages OR loans OR backed-securities< Banks and insurance companies involved in the banker bail out were involved in such trading, and over 1.14 Quadrillion dollars were lost / gained in the last few years. Search >quadrillion dollars derivatives mortgages< According to recent calculations, this amount exceeds the entire world economy by a pretty large factor that would make every man, woman, and child on the planet owe about $190 k towards the payment of this debt owed to the winners of these trades. Search >Quadrillion derivatives bubble size world economy< Apparently the Bilderberg Group meeting that took place in 2006 at the Brookstreet Hotel in Kanata, Ontario, Canada had planning meeting minutes leaked to the alternative media where the plans were recorded during news video footage for Internet radio and TV shows. Search >"Bilderberg Group" 2006 meltdown leaked< Video search >"Alex Jones" "The Obama Deception"< Recorded for posterity at some point in that video is that price levels, interest rates, and stock market trends could be predicted if the traders were aware of these plans, and, no doubt, the winners of these derivatives trades were insiders who fleeced the losers-which was our banking and monetary system. Was the economic meltdown caused by failed mortgages?-Yes in part. What caused these people to fail in their mortgages?-(a) The boom and bust economic business cycle that is caused by international central bankers caused job losses. (b) The system was encouraged / designed so that real estate was purchased by people who could not afford it or the people's risk of job / income loss during an economic downturn was just too high to risk providing them with a low money down mortgage. Was the economic downturn caused by laziness of socialistic people who would not work?-Yes, the international central bankers are part of a philosophical group known as Fabian socialists (a society) whose efforts are targeted towards centralized control over the world: World Bank, World Trade Organization, Nato / UN Troops, Codex Alimentarius (a Nazi-established control categorization over trade of food), Bilderberg Group, the Council on Foreign Relations (CFR), the Trilateral Commission, and other various round table groups world-wide. Some claim that this group is headed by members of various secret societies one of which is the Illuminati. The Zeitgeist videos have some philosophical flaws regarding their goal of a Utopian society (and some factual flaws too), but correctly point out in their Addendum version video that international bankers have teams that go out to destabilize poorer nations by forcing them to take out huge loans that they have no hope in paying back. These poorer countries are just like the working poor who were tricked into taking out mortgages that they could not afford. The countries end up having to give up their sovereignty of their ports, highways, natural resources, and laws so that multinational corporations can come in and take over. It would be different if the multinational companies were invited to participate in a competitive environment in these places, but this isn't happening. One of the reasons that Iraq was invaded was that Saddam knew all about this, refused to take out loans, and thereby, would not permit multinational corporations to take over his country. The weapons of mass destruction were just a smoke screen for taking over Saddam's natural resources such as oil for a world market hungry for this precious resource. Video search >Zeitgeist Addendum< Money, credit, debt and risk can be gained or lost. One place this happens is on the stock market depending on the part of the economic cycle that we are experiencing-upturn (boom) or downturn (bust). The wealth of the world is manipulated by the elite rich. They have entire organizations of minions looking out for their interests, and have these agents working for their best interests in many of the governments of the world. The US Federal Reserve is a privately owned corporation incorporated in Delaware. It is owned by regional Federal Reserve banks who are in turn themselves privately owned. The ownership is kept secret. Leaked information from time to time emerges that indicates that large New York banks own some, and European banks own another large part. J.P. Morgan, J.D. Rockefeller, Paul Warburg, Jacob Schiff, Lehman Brothers, Solomon Brothers, Kuhn Loeb, American Express, and NM Rothschild were known to have varying levels of ownership stakes in the corporation when it started. Video search >Federal Reserve< The Fed apparently intervenes in markets such as gold, oil, bonds, stocks, US Treasury Bills, commodities, and so on. The US Fed chairman does not want to disclose what things the Fed is doing in regard to market intervention, nor money supply levels. Minion mouth pieces for the Fed sing its praises and say that all conspiracy theories regarding its activities are false. However, pundits in the gold commodities market claim that prices are being artificially held low by practices like gold leases rather than selling gold to electronic circuit board manufacturers for signal connector contact metals. Obviously the gold that is leased is ultimately used and sold to end computer users for their expansion cards and mainboards, so the leased gold will never be returned to end the lease. Most of the gold available for purchase, sources say, is "coin melt" (usually an alloy) that is not pure. If no one is privy to the Fed's activities except its own insiders, auditing is non-existent so laws governing its actions will be unenforceable. The only way to take advantage of the stock market is not to listen to what minions are saying, but observe what they are doing in the market. Certain companies monitor such liquidity flows of cash into and out of the equity markets. By knowing about these in / out flows, the direction of the market (rising or falling prices) is then no longer a mystery. Exactly timing the market will still be impossible if insiders act suddenly. When the increase in the money supply out paces productivity, this causes inflation. When the money supply or credit markets are tightened, then there deflationary pressures that start to happen as more people become unemployed due to the resulting contraction in the economy. Inflation is an invisible tax on everyone's savings because the buying power of each dollar is reduced. Some people believe that returning to a gold standard would prevent inflation, but gold as a commodity can be manipulated by those who control most of it already. The interest owing on the debt to the private Federal Reserve system is about 1 trillion dollars per year, and the private income taxes paid by all individual tax payers just manages to cover this amount-leaving none to go into running the government, building new schools, building new roads, and so on. The corporate income tax collected coincidently is usually the amount spent on the military budget. So when the government gets more into the war on drugs, the war on terror, expands military spending, expands homeland security, puts more non-violent citizens in more and more privately owned / operated prisons, all of this operational money must be added to the debt owed to the Federal Reserve system, creating a downward spiral into tyranny. The people of the USA, Canada, and Mexico do not want to give up their democratic rights, but that is exactly what their leaders started during "the three amigos summit" where the Security Prosperity Partnership (SPP) agreement was signed by US President Bush, Canadian Prime Minister Martin, and the Mexican Prime Minister a few years ago. Lou Dobbs covered the event and said that these men signed an agreement that will end the countries as we then knew them. The managed trade agreement will have unelected bureaucrats creating laws under which we will all have to live, and our police forces and judges will be in charge of enforcement of these undemocratic laws and regulations. The health effects of cannabis has been analyzed numerous times in the past and found to be less addictive than coffee, and contrary to the long ago falsely publicized "reefer madness," the natural flower buds from the plants causes a calming / pacifying effect. The combustion gases given off are non-toxic, and non-carcinogenic. One study was faked. Cannabis was found to kill brain cells only when "smoke only" was supplied to the tested animals, depriving them of any oxygen for a period of many minutes (oxygen deprivation during which brain cells will always die). Even drug manufacturers have attempted to make a synthetic replica of the active THC ingredient from the plant. Video search >The Union Business of Getting High< It is stated in the above 2007 video that more than one million non-violent Cannabis possession people are serving stiff sentences in jail, wasting tax payer money of a considerable sum on a yearly basis just for incarceration, and less than 10 percent of the budget for the war on drugs is spent combating really dangerous, addictive drugs like cocaine, heroine, and speed. In a Spring 2009 video, it is claimed that the number of non-violent drug possession prisoners has reached 2 million. Even if the Canadian government enacted legislation to legalize cannabis and hemp there, the trade zone harmonization of the SPP might mean that the Rockefeller / drug company-illogically imposed cannabis ban may still be imposed on them by the USA. Bio fuel, paper, and medication industry could spring into life if cannabis was legalized. It would be carbon neutral because the burned fuel would be recycled by the next crop of growing green plants. Many drugs would go obsolete, somewhat reducing the Rockefeller family's iron grip on western medicine. The price for the natural cannabis weed would go way down if people were allowed to grow it in their back gardens, circumventing Rockefeller control on drug production.

What was the result of the investigative journalism that uncovered corruption and scandal in business and government?

Add your answer:

How does the interest rate in a country affect equilibrium currency prices?

What is the total amount of money in the world?

If people have no money now then where did all the money in the world go to - has the super rich or upper class made off with money that usually circulate from the middle class that makes the economy?

Difference between economies and diseconomies of scale?

What was the result of of the investigative journalism that uncovered corruption and scandal in business and government?

What was the result of the investigation journalism that uncovered corruption and scandal in business and government?

What were the investigative journalists who uncovered corruption in business and government in the late 1800s and early 1900s called?

What journalists were known as the first investigative reporters?

Washington Post reporters Bob Woodward and Carl Bernstein are best known for their investigative reporting on which event?

How do you use corrupt in a sentence?

Who is credited with uncovering the Watergate scandal?

What was uncovered that showed Americans that the US government misled the people and Congress about the reasons for the Vietnam War?

What injustice did muckraker lincoln steffens uncover?

What are the effects of irresponsible journalism to the society?

When was Uncovered - magazine - created?

When did UK Uncovered end?

Resources

Top Categories

Product

Company