Originally posted by SteveDaPirate
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Much of the world has signed on to it however, and I think there is an argument to be made that the US is the only country with the clout to really start clamping down on the global trend of the wealthy hiding assets offshore. Afterall, FIFA was running roughshod over laws and countries until the US stepped in and slapped them down.
I'd argue that the U.S. doesn't actually want a stronger dollar as all the foreign investment following the sluggish growth in Europe and Asia is boosting the dollar and hurting U.S. manufacturing competitiveness for exports. The Federal Reserve has said that they want to see about 2% inflation, but it hasn't happened in almost a decade now despite 0% interest rates. The foreign investment isn't going into U.S. companies, but treasury bonds and (often vacant) housing. Foreign investors have been looking for safe rather than profitable.
Taxes go up for everyone else when the wealthiest members of society get out of paying what they owe.
So it is politically safe to go after the rich or rather make the right noises to the effect.. then the next elections come up and donations are requested and with that promises are made.
This is all just circus during lean times. When the economy improves nobody cares.
I still wonder what motivates this ICIJ. Are they former tax collectors turned journalists ? or are these the stories that people in 75 countries want to read about. I'm afraid our economies will take longer to recover than expected.
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