Englund

  What we are seeing is a shift to a multipolar world — not necessarily towards deglobalisation. Capital flows at the same level in late 2023 as in 2008, the last peak. Not all globalisation reflects good or genuine integration. One factor boosting indices, for instance, is the growing use of offshore tax havens, as the economist Brad Setser has noted. https://www.economicstrategygroup.org/wp-content/uploads/2024/10/Setser-Exec-Summary.pdf Gillian Tett Financial Times 22 November 2024 https://www.ft.com/content/1cfa6b3e-16c2-41e9-a1f6-fc90afaa7a98 Gillian Tett - en av mina Gurus https://englundmacro.blogspot.com/2020/07/gillian-tett-en-av-mina-gurus.html What the heck is happening in the Cayman Islands? https://englundmacro.blogspot.com/2019/10/what-heck-is-happening-in-cayman-islands.html The U.S. government and the European Union spent the past decade changing laws and pressuring big multinationals not to book profits in offshore jurisdictions, such as the Cayman Islands, where t...

 tether the cryptocurrency has grown into an important cog in the global financial system, with as much as $190 billion changing hands daily. In essence, tether is a digital U.S. dollar—though one privately controlled in the British Virgin Islands by a secretive crew of owners, with its activities largely hidden from governments.  Known as a stablecoin for its 1:1 peg to the dollar, tether gained early use among crypto aficionados.  But it has spread deep into the financial underworld, enabling a parallel economy that operates beyond the reach of U.S. law enforcement. Wall Street Journal 10 September 2024 https://www.wsj.com/finance/currencies/tether-crypto-us-dollar-sanctions-52f85459 Forget the Cayman Islands, the United States is now the place https://englundmacro.blogspot.com/2023/08/forget-cayman-islands-united-states-is.html  

Monaco riskerar att hamna på den mellanstatliga organisationen Financial Action Task Forces (FATF) ”grå lista”.  Det utgör en betydande risk för Monacos banksektor som enligt Bloomberg hade omkring 160 miljarder euro under förvaltning i slutet av 2023 – motsvarande ungefär 20 gånger landets BNP. Di 21 juni 2024 https://www.di.se/nyheter/miljonarsparadiset-nara-att-hamna-pa-gra-lista/ Monaco Expected to Join Dirty Money ‘Gray List’ United Arab Emirates was added to the gray list in March 2022. That move seen as among the most significant steps in FATF’s history, given the country’s position as the main financial hub of the Middle East. The Gulf state was removed in February after Emirati officials made it a political priority to escape the designation, tightening scrutiny on various nationalities and paving the way for high-profile extraditions of individuals accused of white-collar crimes. The principality faces scrutiny not just from the FATF but also from the Group of States Agai...

 Jersey är ett självstyrande brittiskt territorium som tillsammans med grannön Guernsey blivit kända för sina stora finansiella industrier.  Ön har i regel en företagsskatt på noll procent, med några få undantag, och likaledes beskattas inte kapitalvinster över huvud taget. Sverige och många andra länder har ett avtal med Jersey om att dela information gällande till exempel medel på bankkonton, inkomster, transaktioner och ägaruppgifter.  ”De var tidigt ute att träffa avtal med Sverige. På många sätt har Jersey varit ett föredöme för många andra länder, informationsutbytet har fungerat över förväntan” DI 26 mars 024 https://www.di.se/digital/klarnas-flyttplan-startar-bolag-pa-kanalon-jersey/ Artificiell intelligens, AI, hjälper nu Klarna i jakten att vända fjolårets stora förlust på 10,4 miljarder kronor till vinst. https://englundmacro.blogspot.com/2023/10/artificiell-intelligens-ai-hjalper-nu.html A Sunny Place for a Shady Online Business https://englundmacro.blogspot.c...

  Back   -  Next  -  Book Home  -  Climate Change Ska vi behålla den svenska kronan,  I studion: Anders Borg, fd finansminister, Leif Östling, näringslivsprofil, och Alexandra Stråberg, chefsekonom Länsförsäkringar.  Ekonomibyrån SvT 20 oktober 2023 Englund: ECB’s €5 Trillion Problem (englundmacro.blogspot.com) Did they really think there would be no financial consequences to keeping interest rates at or near zero for more than a decade?  Englund: Major central banks’ balance sheets have more than tripled since 2008 (englundmacro.blogspot.com) ChatGPT parent OpenAI seeks $86bn valuation Planned stock sale would make the chatbot maker one of the world’s most valuable private companies Financial Times 20 October 2023 https://www.ft.com/content/e4ab95c9-5b45-4996-a69e-46075d6428e5 "First North-index har tappat nästan 20 procent under 2023"  OBS även fallet under 2022 DI 23 oktober 2023 https://www.di.se/nyheter/ett-halvt-decennium-utra...

 Investigators have named more than 1,800 suspects and raided over a dozen international banks The first hit were Bank of America’s Merrill Lynch and Barclays Plc, then, in monthly instalments, Morgan Stanley, BNP, Nomura and many of their peers. Bloomberg 31 August 2023 https://www.bloomberg.com/news/articles/2023-08-31/bank-of-america-barclays-bnp-among-banks-raided-as-hunt-for-tax-cheats-widens The co-owner of one of Germany’s oldest and most prestigious private banks  with links to Scholz has been charged in court with arranging a €280mn tax fraud over his alleged role in a long-running dividend tax scam. FT 18 September 2023 https://www.ft.com/content/834f26ea-aeac-47e6-883c-ed1ff39298a9 A Sunny Place for a Shady Online Business What the heck is happening in the Cayman Islands? https://englundmacro.blogspot.com/2023/08/forget-cayman-islands-united-states-is.html Inlägg med etikett Cayman https://englundmacro.blogspot.com/search/label/Cayman

Puerto Rico’s aging and fragile power company was already bankrupt and in desperate need of repair when Hurricane Maria tore across the island in 2017. The storm caused more than $90 billion worth of damage and knocked out electricity in some areas for almost a year. A house in the upscale community of Dorado recently went on sale for $44 million, setting a new local record.  Act 60. The program allows newcomers to pay no federal income tax and zero taxes on dividend, interest and capital gains income — making it popular with investors and crypto holders. But those already living on the island aren’t eligible for all the perks Bloomberg 18 August 2023 https://www.bloomberg.com/news/features/2023-08-18/puerto-rico-s-power-problem-spotlights-poverty-affordability-crisis

 The white sandy beaches of Bermuda probably spring to mind, or else the private banks of Switzerland? In fact, the world’s most affluent are increasingly piling their wealth into American states. That is according to claims from the Tax Justice Network’s latest Financial Secrecy Index Vietnam has a financial secrecy score of 81 – but it ranks 24th on the index, owing to its relatively smaller influence on the world stage. South Dakota is a sparsely populated state in the American Midwest – close in size to Romania but with fewer than 900,000 residents. So what is the reason for the South Dakotan trust industry’s rapid expansion? The answer is favourable tax laws and deregulation, experts say. There is no state income tax in South Dakota, and trusts can be held secretly. Alaska, in 1997, passed a law allowing the creation of domestic asset protection trusts. This means someone setting up a trust can also be the beneficiary, allowing the person to shield their assets from creditors...

As a crown dependency, its taxation system is entirely separate from that of the UK. There’s no capital gains tax, withholding taxes or wealth taxes and most businesses pay 0% tax on profit. Bloomberg 11 August 2023 https://www.bloomberg.com/news/articles/2023-08-11/south-africa-s-finance-expats-are-moving-to-the-isle-of-man

 Malta, home to hundreds of betting sites and dubious oversight, is a target of an international money laundering crackdown. Bloomberg December 14, 2021 https://www.bloomberg.com/news/features/2021-12-14/malta-europe-s-online-gambling-capital-troubled-by-money-laundering-crackdown What the heck is happening in the Cayman Islands? Almost 20 per cent of banks’ cross-border dollar funding is now supplied by entities based in the Cayman Islands Gillian Tett 10 October 2019 https://englundmacro.blogspot.com/2019/10/what-heck-is-happening-in-cayman-islands.html Världens dollarmiljardärer gör skatteinbetalningar som motsvarar mellan 0 och 0,6 procent av deras förmögenheter. – Vi har stärkta bevis för att de allra rikaste betalar väldigt lite i skatt, betydligt mindre i procent jämfört med andra grupper i samhället. Expertgruppen föreslår därför en global miniminivå för förmögenhetsskatt på 2 procent för världens 3 000 rikaste människor. En sådan skatt skulle generera ungefär 250 miljarder...

And some tax havens are closer to home than many would imagine. Nicholas Shaxson the author of “Treasure Islands,” a book about tax havens, and “The Finance Curse,” about oversize global finance. NYT 11 October 2021 https://www.nytimes.com/2021/10/11/opinion/pandora-papers-britain-london.html What the heck is happening in the Cayman Islands? Almost 20 per cent of banks’ cross-border dollar funding is now supplied by entities based in the Cayman Islands Gillian Tett 10 October 2019 https://englundmacro.blogspot.com/2019/10/what-heck-is-happening-in-cayman-islands.html

Almost 20 per cent of banks’ cross-border dollar funding is now supplied by entities based in the Cayman Islands Gillian Tett 10 October 2019