Global Financial Corruption
The Pandora Papers Explained
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The Pandora Papers Explained
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Well well, well, if it isn't the consequences of their own actions, i'm here to talk about the pandora papers. If you haven't heard about this recent bombshell, it's coming to us from the international consortium of investigative journalists, that is quite a mouthful. But if you haven't heard of this group before it's over 600 journalists and they recently dropped some fire mixtapes on us back in 2016, known as the panama papers, now this entire effort, they like really dug into some crazy stuff, it's 2.9 terabytes of data. That amounts to almost 12 million documents.
That's really showcasing the secret financial transactions of the rich, powerful and famous. It is absolutely insane 35 current and previous world leaders over 300 politicians and many many others. Some of the crazy names on the list are: is the former prime minister of britain, tony blair, elle and john. Even our boy, ringo starr has made this list and potentially, at least in totality, this could add up to 32 trillion dollars in money.
That's avoided taxes, offshore entities, shell companies and trust. It is absolutely insane now. This is obviously a very new and developing story. So here's what you need to know of for at least now in terms of the global economy at least thus far we're not really seeing much of an impact from the pandora papers in terms of large western economies.
The only person who was really named was roberto. Nito, who happens to be jerome powell's counterpart down there in brazil, but he doesn't have the same level of influence, so we're really not seeing any huge negative fallout because of his naming in these documents. Now, in terms of wall street, you can honestly pretty much say the same thing: we're not really seeing a huge adverse reaction. There were two main prominent corporate level, people named the founder of softbank and then the founder of reliance group and neither have commented on it.
Thus far, but even though they were named, like i said, we're not really seeing that huge negative fallout in terms of the u.s political system, the president has yet to address these pandora papers, but we do have some interesting commentary from something that was written back in June, when leaders steal from their nation's citizens or oligarchs flout the rule of law, economic growth slows inequality widens and the trust in government plummets. Corruption threatens united states, national security, economic equity, global anti-poverty and development efforts and democracy itself, but by effectively preventing encountering corruption and demonstrating the advantages of transparent and accountable governments, we can secure a critical advantage for the united states and other democracies. Now i know i know i know this sounds really nice and the current political regime is talking the talk and only time will tell if they truly walk the walk. Now there is something that i want you to know about, that relates to the pandora papers and the us, and that's specifically south dakota. It does appear as if south dakota, you know the state within the us, has become an offshore destination for some of the world's most wealthy people to hide their money. The icij commented year after year in south dakota state lawmakers have approved legislation drafted by trust industry. Insiders providing more and more protections and other benefits for trust customers in the us and abroad. Customer assets in south dakota trust have more than quadrupled over the past decade to 360 billion dollars, folks, that is billion with a b.
In fact, this entire bout of insanity has gotten so far out of hand that the washington post even said south dakota, now rivals notoriously opaque jurisdictions in europe and the caribbean in financial secrecy. What in the world is going on now matt? This all sounds crazy, but it's just south dakota right, it's not like. We have to worry about another state within the union. Unfortunately, there were actually two other states named within the pandora papers.
Both florida and nevada were named as tax havens that people commonly take advantage of. I'm well aware that the ethos of these pandora papers, many of you watching right now, will not find shocking. I i know i know color me surprise. The rich, wealthy, powerful people are hiding their money.
I don't think anyone is truly finding this jaw dropping it it's more of confirmation of something that we all kind of knew was going on now. Fortunately, it doesn't seem to be having an impact on the global economy and it doesn't really seem to be having an impact thus far on the u.s markets, but it does beg the question: what's going to be done, what can be done in all reality? I don't have that answer, i'm not sure that anyone has that answer. We are almost seemingly relying on current politicians and regulators to take care of it, but we all know that there's a huge sense of cronyism within the world's elite. In my personal opinion, the best thing that we could do in this moment in time is continue to highlight the illegal illicit and nefarious actions and hope that at least some world leader steps up, and maybe i'm being naively optimistic.
But we need someone with power and influence to step up and finally start fighting this corruption. Now, that's all i have for you today. I would love to get your thoughts on this entire pandora paper debacle in a comment below and until i catch you next time best of luck in the markets. You.
We aren’t seeing fallout because trust in governments is at an all time low and this type of thing has become par for the course. Shiiiiit I need some of the South Dakota cash. And David Scott wants to jail retail. Fml the world b crazy!
This is an amazing accomplishment , by these investigative reporters. They deserve recognition for this heroic effort. Many thanks from the average public. This much money, Trillions, does have an impact., believe me.
The market is driven by; Narratives and emotions in the short run, Fundamentals and truth in the long run. Use this to your advantage.
What is the best definition of corruption?
Corruption, is a form of dishonesty or a criminal offense which is undertaken by a person or an organization which is entrusted with a position of authority, in order to acquire illicit benefits or abuse power for one's private gain.
What are forms of corruption?
Forms of corruption vary, but can include bribery, lobbying, extortion, cronyism, nepotism, parochialism, patronage, influence peddling, graft, and embezzlement.
The main forms of corruption are bribery, embezzlement, fraud and extortion.
When did the Roman Empire become corrupt?
476
Finally, in 476, the Germanic leader Odoacer staged a revolt and deposed the Emperor Romulus Augustulus. From then on, no Roman emperor would ever again rule from a post in Italy, leading many to cite 476 as the year the Western Empire suffered its deathblow.
What was the main reason of corruption in Roman Empire?
Questions: (i) What was the main reason of corruption in administration of the Roman Empire? Ans: The extortion of the higher bureaucracy and the greed of the provincial governors were the main reasons of corruption.
Denmark, New Zealand, and Finland are perceived as the least corrupt nations in the world, ranking consistently high among international financial transparency, while the most perceived corrupt country in the world is Somalia, scoring 8–10 out of 100 since 2012.
Corruption, is a form of dishonesty or a criminal offense which is undertaken by a person or an organization which is entrusted with a position of authority, in order to acquire illicit benefits or abuse power for one's private gain.
Main causes for corruption are according to the studies (1) the size and structure of governments, (2) the democracy and the political system, (3) the quality of institutions, (4) economic freedom/openness of economy, (5) salaries of civil service, (6) press freedom and judiciary, (7) cultural determinants, (8) …
I'd just say all of us in the country does a stop hold on paying taxes until we get what we all deserve in return.. They can't come after all of us..
The problem is that the most corruption comes from the ones leading the world. so who on earth can ever punish these few money leaching individuals.
Those dumb corrupt fcks will do nothing but war against privacy for the 99%. Meanwhile the rich will get richer and the poor will get poorer. Prove me otherwise please
Love the vid. I’m happy for you and looking forward to the change for the channel. I’m also looking forward to gaining more financial literacy as it moves forward.
The volume of taxation being avoided is so great, that if was available to the governments, we could reduce personal income tax to zero. For the UK, it was estimated (in I think 2005) that £250bn was the amount of unpaid tax, compared to only £175bn in income tax. Just imagine all the money you earned was yours. You still pay sales tax, corporation tax, and in the UK National Insurance (though that is just another tax allegedly ring fenced for the NHS … but isn't anything of the sort), etc. but your labour doesn't come with a service charge that you need to pay to the government. And the thing you have to remember, the money you are paying to your governments is to shore up the lack of money that the wealthy and connected avoid paying.
South Dakota won't comply with the illegitimate government occupying DC so the political hit pieces by media keep coming. You should stick to stocks and stay out of politics.
Shocking People who make money want to keep all the money they make. We should all want to keep All the money we make. Income tax was supposed to be temporary.
When the government learns they can get power they will keep it and take more. We just need a flat sales tax of 15%, All other taxes need to go, and no Deductions for anything. When you are rich and buy Million dollar homes or new equipment for your business then you pay more then someone buying a 1 dollar pop. So the rich pay more in taxes and poor pay less. This is fair. No double or triple taxing of the OUR money. When the government claims that a tax cut takes money from them they are lying. Tax cut means you keep your money. That is not the government's money never has been never will be. All money spent by them is OUR MONEY.
In London there is a little borough in the centre called The city of London. Here they have their own tax rates and police force who enforce their own laws, different from the rest of us. Not a lot of people know that but this whole thing makes more sense when you know.
your continuous, scatter brain theories are hardly believable. im so glad i got out when i did to avoid listening to this big nose underbite scam of a human
Our Boy Ringo……yo, what happened to "peace and love" Ringo, show me some of the love….like donate 100k to me….
this pandora news is just a distraction, whats the reason of the distraction is what scares me
Nice video.
When you say that you want to stand up to work them abs…. Did you mean on the chair?
Also…. I can't figur out, if I like the headphones on when you talk… Idk… And hey… Its your show, it looks good. So keep up the good work.
And yet absolutely NOTHING will be done about it. When they're all involved who will endorce the "laws"??
Nothing will happen .. they will just write a buncha new laws and raise taxes on working people even higher
Look up Executive order 6120. Look up what is in the “infrastructure” bill that allows the IRS to see every transaction in ANY account that has $600 or has done $600 dollars worth in transactions. I think history is repeating itself. Our money in the banks ISN’T SAFE.
Great video Mark! Easy to understand. Can’t wait till the next one. Catch you on the live stream, Mike.
I told you shib was going to pump and you down played it propping up hex the devils coin.
I know you don’t k ow your crypto yet but some of us that have been in it for a while know what’s up? Sell your hex buy shib steak it in there shiba swap steaking pool! Not to late. Hex Richard will rug pool your ass brother!! I warned you. Late man
Love it, on point and easy to understand Matt! Good luck in this new journey, we need more people to say and dig the truth!