Every year, about 70 billion dollars that the US could be using for infrastructure, law enforcement, healthcare or education is missing. It’s hidden deep within shell companies and anonymous entities in places like the British Virgin Islands. What exactly is a shell company and how does it work?
There was nothing charming about what the British built. It wasn’t meant to protect anything except imperial revenue. It grew along the Inland Customs Line, a bureaucratic barrier that the British created to impose a high salt tax on the people living on one side of the line—the relatively saltless one.
Stock traders are accused of siphoning $60 billion from state coffers, in a scheme that one called “the devil’s machine.” The scheme was built around “cum-ex trading”: a monetary maneuver to avoid double taxation of investment profits. Germany is the first country to try to get its money back.
Thomas Piketty’s 753-page book “Capital in the Twenty-First Century”, published in 2013, sold 2.5 million copies worldwide and helped put inequality on the global agenda. But his latest, the even thicker “Capital and Ideology”, may prove still more influential.