I wrote a couple of days ago about the “Panama Papers” issue and touched on the key issues. I explained that this non-scandal scandal is simply another chapter in the never-ending war by high-tax governments against tax competition, fiscal sovereignty, and financial privacy.
Here are a few of the other points I made: .
- People with cross-border investments use structures designed by providers such as Mossack Fonseca to facilitate the productive allocation of their capital.
People value privacy (even more so if they’re wealthy because they have to worry more about kidnapping and other crimes), so these structures are designed to protect their confidentiality.- Cross-border economic activity and structures play a valuable role in the global economy and should not be demonized, just as GM shouldn’t be demonized if some crooks use a Chevy as their getaway vehicle.
- There’s an element of hypocrisy in this issue…
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Utopia, you are standing in it! 
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