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The Gadfly did not need an IMF study to tell him this:
WASHINGTON — Income inequality can lead to slower or less sustainable economic growth, while redistribution of income, when measured, does not hurt and can even help an economy, IMF staff found in a research study released on Wednesday.
Although the study by International Monetary Fund economists does not reflect the Fund's official position, it is another sign of a shift in its thinking about income disparity.
"It would still be a mistake to focus on growth and let inequality take care of itself, not only because inequality may be ethically undesirable but also because the resulting growth may be low and unsustainable," according to the study.http://www.nytimes.com/reuters/2014/02/26/business/26reuters-imf-inequality.html?hp&_r=1
Hmmm -- so money hoarding by the 1% elites fucks up the equilibrium of traditional economic growth models to the point that the overall economy is savagely degraded, yet if some of that hoarded money were to be redistributed right back in to the economy, shit gets better.
Lol. If that isn't the final fucking nail into the decrepit coffin of trickle down economics, The Gadfly doesn't know what would be.
Which brings us to this story:
By Danielle Douglas, Published: February 25
Swiss banking giant Credit Suisse helped wealthy Americans hide billions of dollars from U.S. tax collectors for several years and federal prosecutors have done little to hold violators accountable, according to a U.S. Senate subcommittee report due out Wednesday.
The allegations were particularly stunning in the face of the budget cuts and deficits that the United States faces, lawmakers said. The report casts the Justice Department as a hapless enforcer that has dragged its feet in getting Credit Suisse to turn over the names of some 22,000 U.S. customers.
Lawmakers have accused the bank of helping wealthy Americans avoid paying taxes on as much as $12 billion in assets held at the institution. Prosecutors have been aware of the misconduct at Credit Suisse for at least four years, in which time they have indicted seven bankers and launched a probe of the institution, according to the report. But no one has stood trial, and the bank has not been held legally accountable, the report says.
Justice spokeswoman Emily Pierce bristled at the report’s characterization of the department, pointing out that it has charged 73 account holders and 35 bankers and advisers with offshore tax evasion offenses since 2009.http://www.washingtonpost.com/business/economy/credit-suisse-helped-wealthy-americans-cheat-the-irs-senate-report-says/2014/02/25/e45c7dee-9d9d-11e3-a050-dc3322a94fa7_story.html?hpid=z1
So for years, 22,000 super wealthy American citizens (care to bet a few big business and political names are on that list?) have been illegally avoiding U.S. taxes by offshoring their profits and gains into a single, shadowy Swiss bank. The bank is shielding around $12 billion of U.S. earned currency, which if one were to imagine the top tier tax rate of 35% being applied, it would equate to around $4.2 billion that lawfully should be back in the people's treasury, where it could be allocated for better public use other than existing simply to fatten the inheritance portfolios of the parasitic brood of the plutocrats.
And The Gadfly just has to laugh at the shrill Justice Department lady who huffily exclaimed that the DOJ has charged "73 account holders with offshore tax evasion since 2009." What does that average out to -- about 14 cases a year? Lol. And for an even more disparate number - she has brought 73 cases out of a total of 22,000 -- that works out to be a whopping rate of 0.33% (less than one half of one percent). Yeah - lady - you're just burning up the court system with your prosecutions aren't ya'? - by the time you get around to prosecuting all 22,000 of those criminals, hmm - let's see - 22,000 divided by 14 cases per year - that comes out to 1571 years . . . . . The Gadfly rests his case.
Anyhow, the tax evading cash hoarders need to be outed. The Gadfly wants to see every fucking one of those 22,000 names on that list and also wants to see the list published in it's entirety in every post office, every public square and downloadable from the internet. These elitist fucks want all of the benefits that come from living and playing in a modern, tax-payer financed society and infrastructure, but don't want to be burdened with the task of participating in the collective paying for it? Good! Fuck them then. The Gadfly says - confiscate every penny of those $12 billion in funds and revoke the U.S. citizenship of all 22,000 of those selfish pricks and tell them to go find some other democracy to blood-suck off of.
And they have the balls to call these fucks the "givers" of our society?? HA!
----TFG
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