Understanding ‘Moneyland’ — the offshore world of the super-rich – Politics – ABC News (Australian Broadcasting Corporation)

Mountain of money

But the invention of offshore finance by bankers in London and Switzerland in the 1950s changed that, he says.

“You didn’t need to put money in a hole in the ground any more, you could steal it, stash it, and then miraculously they liberated it, they set it free — and then you could spend it,” Bullough says.

Now, the super-rich grow nest eggs and siphon funds into offshore tax havens, and corruption inflicts damage on political and democratic institutions across the world.

via Understanding ‘Moneyland’ — the offshore world of the super-rich – Politics – ABC News (Australian Broadcasting Corporation)

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