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Video Transcript
The issue is what does the issue of offshore finance and money laundering have to do with the global contended that we're not facing and and the and the global governmental response and actually surprisingly has a lot to do with it because. because because because one one one of of of the the the reasons reasons that. that People have been doing been so alarmed and disappointed at the lack of preparedness by government is Is partly the result of of years and even decades of defunding of legitimate Democratic governments around the world by this privatized system of taxation in which wealthy individuals and corporations are basically allowed to pick and choose essentially by their own tax rate through this our capital ago of offshore offshore tax tax tax havens havens havens British British. energy. Island and I came in Islands and Marisha and the Island man and Jersey, but also Delaware, Nevada, Wyoming South Dakota. These are places where Switzerland of course Luxemburg. These are places where for a fee corporations and you can buy secrecy and hold their assets and accounts overseas. on on hidden hidden from from the the view view of of their their own. own government. And and then and quietly over decades this the system has become almost perfectly integrated into the legitimate or is become part of a legitimate global financial system system In this sort of off the books, money has now reached you know mammoth proportions material proportions. you could say if you're using accounting length, which Scott and the. Color on this is Berkeley scholar named Gabriel Zimmerman, who who is estimated that very conservatively that fully eight point seven trillion dollars of global wealth, basically 11 percent of global wealth, and that's really a low estimate is held offshore hidden from the view of tax authorities. This is money that is low in in either lower, no texture texture sections sections and and essentially essentially Held from legitimate legitimate taxes tax authorities around around the world so whereas I work for an Organization called the International Consortium of Investigative Journalists and we recently we read about offshore all the time and one recent example was a company that was Connecticut company that was leasing their airplanes to major airliners and in South. African Airways and others and it was paying a millions of dollars of revenue was paying taxes at one point, five percent into the island of Mercier, which is a thousand miles away off the East of the East Coast of of of Africa. Now why was it playing Marisa tax rates when it should have been playing in fact, either South African or or Connecticut tax rates? well, it's because of this this privatized system that's that's continents by that's that's. Abled by brand name, banks, law firms and accounting firms around the world and counting inspired by Western governments. so if you're wondering why your your hospitals and health care system is under capitalized in your country like hungry clients or or the government is not is not as is funded as prepared as I want to be fully staffed. That's public health systems systems have have been been depleted depleted depleted. its its its health health health health care. care care care systems systems systems are are are. are have have have been been been drained. drained. drained the first. Systems are are are under funded. Well, this is this is an important reason I think when all of a sudden done when this is over, I think a lot of people are going to be trying to figure out what went wrong and what what what means to be fix what can be do but what we can do better and one of those things is almost certainly going to have to be. we have to properly fund our governments and people have to pay their fair share corporations wealthy individuals included Or that's just the price of civilization we we cannot afford the world really can't afford this privatized taxation system where where the wealthy and and and corporate interest gets get to choose one rate and the rest of the rest of us have to pay our heart higher rate and that really that's really that's the for me. That's one of the main lessons of this crisis.