While this article rightly points out all the pressures on international banks to comply with various government’s demands to know details of their depositors and clients, it does not bring up the all important issue of legal due process in obtaining that information internationally.
While we do not condone thievery committed by various political individuals that has apparently been uncovered by revelations in these documents…we also cannot condone the thievery of these documents themselves. One bad act does not justify the other.
Our book on the “Panama Papers” has strove to reach a balance between going after global leaders who take advantage of their positions to siphon state funds to their personal accounts offshore illegally…and protecting the rights and interests of the majority of those clients who have their funds and businesses legally ensconced in Panama and elsewhere. It is the right of each country to go after illegal activities of their countrymen or leaders in line with international laws already in place for doing that. It is not a right to use stolen data or documents to prosecute individuals or companies without due process. The media should know better than this.
Finally, we bring out the balancing point of “who is going to bring reason to the ever increasing tax rates of the world’s empirical powers?”. Do we want world governments to continue eating up higher and higher percentages of their country’s GNPs? Taxation without representation is STILL evil.
It seems the over riding message of these events is that countries like Panama and elsewhere will no longer be allowed to compete for global investment based on lower, more competitive tax rates. The powers that be are now trying to make tax avoidance equal to tax evasion. We believe there should be huge push back against any government that attempts to push its sovereign taxes or laws on another sovereign country that does not want nor need such heavy handed taxation. If these international freedoms and rights are taken away, there is nothing standing in the way of total domination by today’s socialists and fascists who want to control the whole economic picture through big government and global taxation. The banks are being totally over run by the politicos. This will very quickly bring about total collapse of the economic systems of today. When that happens, the journalists will have a lot more interesting things to write about than “offshore accounts”.
To read the full story and backdrop on the Panama Papers, get our book published here…