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Jouni

Turku, Finland | Member Since 2012

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  • Treasure Islands: Tax Havens and the Men Who Stole the World

    • UNABRIDGED (12 hrs and 51 mins)
    • By Nicholas Shaxson
    • Narrated By Tim Bentinck
    Overall
    (57)
    Performance
    (43)
    Story
    (44)

    Most people regard tax havens as being relevant only to celebrities, crooks and spivs, and mistakenly believe that the main offshore problems are money laundering and terrorist financing. These are only small parts of the whole picture. The offshore system has been (discreetly) responsible for the greatest ever shift of wealth from poor to rich. It also undermines our democracies by offering the wealthiest members of society escape routes from normal democratic controls.

    Toombs says: "Amazing book on tax havens"
    "Beyond ideology"
    Overall
    Performance
    Story

    Although this book might seem a bit provocative, the argument presented against the offshore business is mostly fact based. I think that it is safe to say that economic policy does not need to be based on ideology anymore, but we can go beyond ideology and base our political opinions on facts.

    Offshore business does not help economy as a whole, but it is rather a way to increase the profits of the few and externalize the risks for those, who are doing the productive work and are the true source of the wealth. Also offshoring is not only about tax evasion, but it is mostly, especially in financial sector, a way to go around the laws and regulations that e.g. necessitate the risk management for the banks. Without proper risk management, bankers can make at offshore up to six times more profit than with proper risk management and tax payers at onshore will pay the bill when the bubble bursts.

    This is one of those books that can be gladly recommended for anyone, because offshore business is quite timely topic as it was major contributor for the current financial crisis. There is still plenty to discuss and the public awareness of the true nature of offshoring is increasing quite rapidly.

    Narration was also quite good and quite British.

    0 of 0 people found this review helpful

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