As an Economic Hit Man (EHM) in the 1970s I spent a great deal of time in Panama. I hate to admit it, but I helped forge the system that has now been exposed in the Panama Papers. It is a system of legalized crimes. How else can we describe it?
This EHM system has created a global economy where 62 individuals have as much wealth as half the world’s population, big corporations enjoy the airports and highways, fire and police departments, school systems, and other infrastructure of countries like the United States without paying for them and where governments are controlled by a handful of extremely wealthy individuals. The hard-earned tax dollars of the average US citizen finances the infrastructure and social services that benefit the very rich and their corporations while they shelter their incomes in tax havens.
Although the tax sheltering schemes disclosed in the Panama Papers were developed in the 1970s – during my time as an EHM in that country – the foundations of the system go back more than a century. (more...)