According to a study by the US based Tax Justice Network there's somewhere north of 21 trillion dollars stashed in offshore tax havens. That's trillions with a "t".
In addition, US corporations are hoarding cash in the range of 2 to 6 trillion, depending on what you read, a phenomenon that is repeated in various other affluent economies.
There is such a glut of money that the overnight interest rate at the Swiss Central Bank has been in negative territory recently. That means the bank charges the depositor to have the money parked there overnight - reverse interest as it were!
Puts the global financial crisis in a whole new perspective, doesn't it?
No comments:
Post a Comment