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Paul Merrell

HSBC tax evasion: Bank helped conceal $100 billion in Swiss accounts - Feb. 8, 2015 - 0 views

  • Global banking giant HSBC for years catered to a motley crew of weapons dealers, tax evaders, tin-pot dictators and celebrities, using its private Swiss arm to shield accounts worth more than $100 billion. Documents obtained and analyzed by the International Consortium of Investigative Journalists (ICIJ) reveal how HSBC (HSBC) used the secretive Swiss banking system to conceal the identities of accounts holders, and in many cases, help depositors avoid paying taxes.
  • ICIJ's findings are based on data turned over to French authorities by former HSBC employee Hervé Falciani in 2008. The files were later obtained by the newspaper Le Monde and shared among other media outlets. ICIJ said the leaked documents show that HSBC "repeatedly reassured clients that it would not disclose details of accounts to national authorities" and even "discussed with clients a range of measures that would ultimately allow clients to avoid paying taxes in their home countries." In a statement provided to ICIJ, HSBC said that its Swiss private bank has undergone a "radical transformation in recent years," including reforms that will make it more difficult for clients to evade taxes or launder money. "We acknowledge that the compliance culture and standards of due diligence in HSBC's Swiss private bank, as well as the industry in general, were significantly lower than they are today," the statement said.
Gary Edwards

Hating the Establishment Is Not the Same as Supporting Liberty | Foundation for Economic Education - 1 views

  • You might point to the American Revolution as a contrary case. We tossed out the British monarchy and invented freedom! But think again. The war itself created a new establishment consisting of politicians, military generals, bond dealers, and influential landholders.
  • Twelve years after the Declaration of Independence, these groups got together and formed a new government that, in time, became as oppressive and restrictive — and in some ways, more so — as the one the revolutionaries overthrew. And this occurred despite the existence of classical liberal political norms and intellectual culture.
  • He has said nothing about dismantling power.
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  • Indeed, he is on record with his desire to radically expand the power of the state.
  • He wants surveillance, controls on the internet, religious tests for migration, war-like tariffs, industrial planning, and autocratic foreign-policy power. He’s praised police power and toyed with ideas such as internment and killings of political enemies. His entire governing philosophy boils down to arbitrary, free-wheeling authoritarianism.
  • As for Sanders, everything that is bad about the current establishment he promises to make worse with more programs, bureaucracy, taxes, controls, and government power in order to making life fair, just, and equitable. He speaks as if he’s never heard of the failed history of socialism and certainly hasn’t learned anything from it.
  • The ideal is liberty, not the overthrow of existing elite structures as such.
  • They resist rampant populism that would lead to a pillaging of the nation that is serving them so well.
  • To understand Machiavelli, realize that his black beast was the cleric Savonarola, Florence’s quasi-dictator who led a mass movement of crazed pietists who pillaged and burned material possessions as a pathway to heaven. The Bonfire of the Vanities of 1487 was one result. This is exactly the kind of mania that establishments exist to keep at bay.
  • The main payout is the control of the state apparatus that outlives the establishment’s overthrow. It makes sense that the results will tend to be more ruthless, vengeful, and bloody than anything that came before.
  • Establishments are as Machiavelli described: stable machines that keep competitors at bay but otherwise seek to make the system work for themselves.
  • The goal should be the tearing down of power itself and its replacement by simple human rights and a society that functions according to civilized standards.
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    "But there's a problem. The state power we oppose is not identical to the establishment we reject. You can overthrow the establishment and still be left with a gigantic machinery of legalized exploitation. All the agencies, laws, regulations, and powers are still in place. And now you have a problem: someone else is in charge of the state itself. You might call it a new establishment. It could be even more wicked than the one you swept away. Indeed, it usually is. Maybe always. Anatomy of the Establishment What is an establishment? It is a network of large and cooperating interest groups that have developed a stable relationship with state power. It includes finance, organized labor, public bureaucrats, government contractors, big businesses with quid pro quo relationships with regulators and politicians, political families with a strong stake in the election process, intellectuals at state-friendly think tanks and universities, and so on."
Paul Merrell

Israel Grants Golan Heights Oil License - Business Insider - 0 views

  • srael has granted a U.S. company the first license to explore for oil and gas in the occupied Golan Heights, John Reed of the Financial Times reports. A local subsidiary of the New York-listed company Genie Energy — which is advised by former vice president Dick Cheney and whose shareholders include Jacob Rothschild and Rupert Murdoch — will now have exclusive rights to a 153-square mile radius in the southern part of the Golan Heights. That geographic location will likely prove controversial. Israel seized the Golan Heights in the Six-Day War in 1967 and annexed the territory in 1981. Its administration of the area — which is not recognized by international law — has been mostly peaceful until the Syrian civil war broke out 23 months ago. "This action is mostly political – it’s an attempt to deepen Israeli commitment to the occupied Golan Heights," Israeli political analyst Yaron Ezrahi told FT. "The timing is directly related to the fact that the Syrian government is dealing with violence and chaos and is not free to deal with this problem.”
  • Earlier this month we reported that Israel is considering creating a buffer zone reaching up to 10 miles from Golan into Syria to secure the 47-mile border against the threat of Islamic radicals in the area. The move would overtake the UN Disengagement Observer Force Zone that was established in 1973 to end the Yom Kippur War and to provide a buffer zone between the two countries.
Paul Merrell

White House wants Republicans to disqualify Trump as reactions snowball - 0 views

  • As international condemnation of Republican Party presidential candidate Donald Trump's proposal to ban Muslims from entering the US snowballs, the White House has called for Trump to be disqualified from the presidential race and urged Republican candidates to reject him. Trump called for blocking Muslims -- including prospective immigrants, students, tourists and other visitors -- from entering the US following a shooting spree in San Bernardino, California, by a Muslim couple whom authorities said had been radicalized. The White House lambasted Trump's proposal for the ban, maintaining on Tuesday that Trump's outburst disqualified him from becoming president and called on Republican Party presidential hopefuls to disavow him with immediate effect. White House spokesman Josh Earnest said Trump's campaign had a "dustbin of history" quality to it and said his comments were offensive and toxic, according to Reuters. "If they are so cowed by Mr. Trump and his supporters that they're not willing to stand by the values enshrined in the Constitution, then they have no business serving as president of the United States themselves," Earnest said, according to The Associated Press (AP).
  • The Pentagon, the headquarters of the US Department of Defense, warned on Tuesday that Trump's anti-Muslim rhetoric undermines US national security, especially fueling the Islamic State in Iraq and the Levant's (ISIL) narrative of a US war with Islam. Asked about Trump's remarks, Pentagon spokesman Peter Cook said Muslims serve in the US armed forces and that America's war strategy to combat the Islamic State hinged on support from Muslim countries, according to a Reuters report. “Anything that bolsters ISIL's narrative and pits the United States against the Muslim faith is certainly not only contrary to our values but contrary to our national security,” Cook told a news briefing, refraining to mention Trump by name. US Homeland Security Secretary Jeh Johnson said Trump's proposal could thwart US efforts to connect with the Muslim community and Secretary of State John Kerry said his ideas were not constructive. The Pentagon counts thousands of service members who self-identify as Muslims. Data released by the US Defense Department showed that 3,817 active-duty members and 2,079 members of the National Guard and reserve identified their faith as “Islam.” However the real number could well be higher as the identifications are voluntary.
  • UN secretary-general strongly opposes Trump comments UN spokesman Farhan Haq said recently UN Secretary-General Ban Ki-moon strongly opposes Trump's call for a ban on Muslims entering the United States. Haq said the secretary-general has repeatedly spoken out against all forms of xenophobia and statements against migrants, racial or religious groups "and that would certainly apply in this case." While political campaigns have their own dynamics, Haq said, according to AP, “we do not believe that any kind of rhetoric that relies on Islamaphobia, xenophobia, any other appeal to hate any groups, really should be followed by anyone.”
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    That figures. Trump is out-polling Hillary at the moment.
Paul Merrell

Voters Like Trump's Proposed Muslim Ban - Rasmussen Reports™ - 0 views

  • Despite an international uproar and condemnation by President Obama and nearly all of those running for the presidency, Donald Trump’s proposed ban on Muslims coming to the United States has the support of a sizable majority of Republicans – and a plurality of all voters. A new Rasmussen Reports national telephone survey finds that 66% of Likely Republican Voters favor a temporary ban on all Muslims entering the United States until the federal government improves its ability to screen out potential terrorists from coming here. Just 24% oppose the plan, with 10% undecided. Among all voters, 46% favor a temporary ban on Muslims entering the United States, while 40% are opposed. Fourteen percent (14%) are undecided. (To see survey question wording, click here.)
  • Trump, the front-runner in the race for the 2016 Republican presidential nomination, proposed the ban following last week’s massacre in San Bernardino, California. Sixty-five percent (65%) of voters believe the two shooters in the incident were radical Islamic terrorists. Those individuals had entered the United States without problem and escaped detection despite several actions here suggesting that they had violent intentions. Fifty-nine percent (59%) of voters believe it is too easy for foreigners to legally enter the Untied States. Only 10% believe it is too hard, while 23% say the level of difficulty is about right. Still, when thinking about immigration policy in general, 59% also feel that the United States should treat all potential immigrants equally, down only slightly from June. Thirty percent (30%) think the United States should allow more immigrants from some countries than others, a finding that’s changed very from past surveying.  Eleven percent (11%) are not sure. Late last month – and prior to the mass murders in San Bernardino, Trump said he would support government tracking of Muslims living in the United States through a federal database, a plan his fellow GOP rivals said was going too far. But at that time, one-in-three voters - and a slight plurality of Republicans – supported government monitoring of Muslims.
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