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An onslaught against "tax havens" will be "an arresting sideshow"
Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5780

Posted: 3/16/2009 11:43:37 AM

By: Photos and soundbites

"The net effect of this is that far from concentrating on the one package of measures that will have a positive impact - providing economic stimulus - the G20 is likely to fall back upon the bits that look good on paper and provide arresting headlines and soundbites but don't get to the cause of the slump. So expect some initiative against hedge funds, something agreed on excessive bank bonuses and an onslaught against tax havens.

It's the G20 equivalent of Gordon Brown's assault on the bankers - an arresting sideshow and not without merit but a sideshow nonetheless. While he berates the bank chiefs for their greed, the real catalyst for financial ruin - his and former US Federal Reserve chairman Alan Greenspan's encouragement of an explosion of credit (coupled in the UK with an inability to curb government spending) - is ignored."


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