PANAMA PAPERS AND ALL THAT

A deceptive appearance of tranquility?

Well, how are the mighty and the powerful fallen? Lowly and shamefully, it appears, if we are to believe the PA and BVI revelations.  David Cameron, the British Prime Minister, the former Icelandic Prime Minister, and, we are informed by the Panama Papers disclosures, at least 147 world leaders and other politicians, as well as numerous rich and powerful people, have been burnt by these disclosures, and those pertaining to the British Virgin Islands.

There has been a veritable war on corruption, war on tax evasion and avoidance, war on doping, and, most probably, a war on the people who are leading these wars.  We have been hearing alot about governments taking steps to 'close tax dodging and avoidance loopholes', and many of us will doubtlessly have wondered as to how effective those steps can be, when they would in effect be targeting the very people - powerful politicians and the business elites, who are benefiting from said 'loopholes.'

Corruption in business and governments is about oiling the path to power and making more money. Some of us will remember the days when wealthy Greek super-tanker owners and other shipping magnates were registering their assets in Liberia and Panama.  Now we seem to have the wealth making similar business arrangements in Panama, the BVI and other countries whose claim to fame and economic success is probably largely due to their willingness to provide the equivalent of 'postbox' business addresses for the wealth of all nations

In Britain, the Government has been taking steps to squeeze the self-employed who have been trying to hold on to more of their earnings, without the benefit of the Panama, BVI and other countries, that have been providing financial haven or refuge for the wealth.  If one were to put aside the 'moral' and legal arguments against wealthy people registering their assets in 'tax haven' countries, it would still be difficult to feel any sympathy for leaders and others such as David Camerion, on account of his hypocrisy.  Yes, at a certain level, all or most income earners might well find the opportunity of paying less tax to the government attractive.  Especially when your government is more interested in increasing its tax revenue but being very miserly about what services it provides for the nation's citizens.

But, with David Cameron putting himself and his party and government as righteous, probably incorruptible and savour of the nation, he should not have allowed himself to be in the place where he - and probably doubtlessly others - now find himself.  We might be able to understand what motivates - greed? self-interest? - them to resort to this practice, but, yes, being somewhat hypocritical ourselves, we cannot condone their action; even though it might not be, for now, 'illegal.'  After all, the main difference between 'the moral' and 'the legal', is that the law-makers - yes, the politicians and the elites - have not yet decided to make a 'moral' or 'immoral' act or omission 'legal' or 'illegal.'

And now, we shall await act two from the rich and the political powerful.

Riding out the storm?

OWOHROD