In recent days, the fact that Mitt Romney has millions of dollars
parked down in the Cayman Islands has made headlines all over the
world. But when it comes to offshore banking, what Mitt Romney is doing
is small potatoes. The truth is that the global elite are hiding an
almost unbelievable amount of money in offshore banks. According to
shocking research done by the IMF, the global elite are holding a total
of
18 trillion dollars in offshore banks. And that figure does not even count any money being
held in Switzerland. That is a staggering amount of money. Keep in
mind that U.S. GDP in 2010 was only 14.58 trillion dollars. So why do
the global elite go to such trouble to hide their money in offshore
banks? Well, there are two main reasons. One is privacy and the other
is low taxation. Privacy is a big issue for those that are involved in
illegal enterprises such as drug running, but the biggest reason why
people move money into offshore banks is in order to avoid taxes. Some
set up bank accounts in foreign nations because they want to
legally minimize their taxes and others set up bank accounts in foreign nations because they want to
illegally avoid taxes. You would be absolutely amazed at what some large
corporations and wealthy individuals do to get out of paying taxes. Unfortunately, the vast majority of the rest of us don't have the
resources or the knowledge to play these games, so we get taxed into
oblivion.
So why do they call it "offshore banking"?
1 Comments in Response to The Global Elite Are Hiding 18 Trillion Dollars In Offshore Banks
Only 18 trillion? Hell, they stole 3 times that with the "bail out" alone. Surely, they couldn't have spent it all on cocaine and hookers already.