Archive for July 23rd, 2012

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$20.3 trillion hidden in offshore banks

July 23, 2012

Report: at least $20.3 trillion hidden in offshore banks by global elite

According to the most detailed study of the so-called offshore economy to date, conducted by James Henry, former chief economist with the consultancy McKinsey, the world’s richest people have taken advantage of cross-border tax laws in order to put away a shocking $20.31 trillion in offshore banks.

While this likely isn’t all that crazy to those who are familiar with the massive conflicts of interest in the Federal Reserve and the fact that the Federal Reserve works with banks to put Americans on the line for the failures of banks, it might be surprising to those who have no clue how the international financial system works.

The astounding sum uncovered by Henry is slightly less than the 2011 Gross Domestic Product (GDP) of Japan ($5.87 trillion) on top of the 2011 United States GDP ($15.09 trillion).

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