MORE PROOF TRILLIONAIRES EXIST AS THE REST OF US ARE DRIVEN INTO POVERTY

As one of the only people on the planet writing about this, I have uncovered further evidence of a massive shift in wealth from the unwashed masses to a privileged few. For some time now, I have written about the distinct notion that the richest people on earth are purposely hiding how much they really have, so as the rest of us don't start sharpening our pitchforks and gathering our torches. This idea has started to trickles into the MSM now, proving that once again, my blog is way ahead of the curve and you, the regular reader, is kept much more informed than your troglodyte neighbors.

This is from Reuters:

http://www.huffingtonpost.com/2012/07/22/super-rich-offshore-havens_n_1692608.html?1342969179&icid=maing-grid10%7Chtmlws-main-bb%7Cdl1%7Csec3_lnk3%26pLid%3D182553


Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.

The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.

He used data from the World Bank, International Monetary Fund, United Nations and central banks.

The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, putting wealth beyond the reach of local tax authorities.

The research estimates that since the 1970s, the richest citizens of these 139 countries had amassed $7.3 to $9.3 trillion of "unrecorded offshore wealth" by 2010.

Private wealth held offshore represents "a huge black hole in the world economy."

So even the MSM now acknowledges that untold wealth is being hidden in offshore accounts. This money contains funds that would have gone into taxes, salaries and other areas that are not for the sole individual hiding them. Can anyone out there honestly say that of that roughly $30 trillion, most of that is not being held by a small group of people, instead of being shared with the world, especially at a time where it is most needed? This is a grotesque violation of basic human rights and anyone found to be hoarding such a sum should be drawn and quartered at first glance.

Here's worse news: the above article may be woefully underestimating the amount, a notion I completely agree with. The derivative market has a liability estimated to be worth somewhere between $600 trillion and $1.3 quadrillion dollars. All that money has to be somewhere and I believe it to be in people's pockets, forcing the rest of us toward a Massive Depression.

OpEd News writes this: 
http://www.opednews.com/articles/4/Trillions-Stashed-in-Tax-H-by-Stephen-Lendman-120825-86.html

Over 3.5 million paper companies, thousands of shell banks and insurers, more than half the world's registered commercial ships above 100 tons, and tens of thousands of shell subsidiaries of giant global banks, accounting firms, and various other companies operate there.

Nonetheless, conventional havens are misleading. Despite their vast financial infrastructure, most super-rich elites want more security. They also need easy access to First World capital markets, competent attorneys and accountants, independent judiciaries, and laws protecting them.

Professional "enablers" provide all needed services. Managing vast wealth is complex. Many skills are required. They include financial, economic, legal, accounting, and insurance. Super-rich elites demand and get the best.

Haven locations offer more than tax avoidance. Almost anything goes on. It includes fraud, bribery, illegal gambling, money laundering, human and sex trafficking, arms dealing, toxic waste dumping, conflict diamonds and endangered species trafficking, bootlegged software, and endless other lawless practices.

It's impossible to estimate total lawful and illegal wealth from all sources. It's vastly more than estimates within the parameters of TJN's study. Credit Suisse tried.

Through mid-2011, it puts total financial and non-financial global wealth at $231 trillion. It's a best guess. It's tenfold TJN's top figure. It's mind-boggling. It's roughly 3.5 times global GDP. In 2011, it was about $65 trillion.

Imagine the good a small percent of global wealth could do for billions of disadvantaged people. Imagine its ability to stabilize and recapitalize troubled countries. Imagine a world where everyone shares its wealth. Imagine one worth living in.

Global wealth represents low-hanging fruit out of reach. Instead of everyone benefiting, few do at the expense of all others. Injustice that great begs for transformational change. From the bottom up is the only way possible. Shedding light on what's dark is a good way to start

The above article states that best guess, the amount hidden is $231 trillion or tenfold what the TJN study said and jump from the year before of $166 trillion. So while the rest of us starve and keep being told that the "recovery" is right around the corner, the elites are gorging at the trough. We better wake up and realize that we are being led right toward a slave state. And the GOP is leading the charge with their economic policies all but guaranteeing the lot us living in piss poor conditions right around the corner.

Mitt Romney is awfully adamant about not releasing his tax returns from previous years and the real reason is that if the "little people" found how much he REALLY paid in taxes over the last decade, he wouldn't be within spitting distance of Obama in the polls. He exactly the kind of guy who almost certainly has billions stashed in off shore accounts and paying for none of it in taxes, effectively robbing America of funds it is rightfully owed. I can show Romney is guilty of at least two felonies, voter fraud and accepting illegal political contributions, so what would one more be in this flip floppy fraud world he lives in? I still hear idiots clamoring for Obama's records on just about everything down to his kindergarten nap time schedule, but Romney's tax returns are off limits? WTF?

All signs point to a major disaster on our horizon. The rich are taking money out of ALL banks and investing heavily in gold as are the banks themselves. Bank of America issued a warning the other day to investors that the market is over leveraged and could tank at any time, especially after September 13 should Bernake not begin quantitative easing (QE3). If QE3 does not happen, and many are certain it isn't, a huge stock slide could begin as all this false optimism within the corporate circles collapse.

Here is what BoA had to say:

Economist Michael Hanson points out an interesting circular relationship between the stock market and Fed policy. There are some who believe the Fed will not launch QE3 so long as stock prices remain high, yet the stock market is high because it anticipates QE3. Should the Fed disappoint at the September 12-13 FOMC meeting, the risk of a stock sell-off is high. S&P 500 support on a correction is in the 1360-1325 area. Additional support is at 1300-1250. Attention will be on the Jackson Hole symposium next week to get a feel for the Fed’s tone.

 

Macro catalysts increase the risk of a correction

Our strategists see an unusually high number of macro catalysts over the next 3-6 months that could take markets lower. We expect economic growth to disappoint in the second half of the year in anticipation of the fiscal cliff. This would exacerbate any slowdown from the deepening recession in Europe and decelerating growth in emerging markets. There is also the ongoing tension in the Middle East, the potential for a US credit downgrade and accelerating downward analyst estimate revisions. To top it off, September is seasonally the weakest month of the year for stock price returns

Read more: http://www.businessinsider.com/bofa-code-red-risk-of-a-sell-off-is-high-2012-8#ixzz24ludOyCG

I have been writing for some time that the government is preparing for a massive depression and the rioting that will follow as people are going to starve to death in record numbers while the rich sit behind their gated walls eating steak and laughing at our misfortune. Should this stock slide happen, Obama may take the blame for it and lose come November, putting Romney and the GOP in control and we all know how well that worked last time. But if war with Iran happens first, which it might, then all bets are off as to what may occur in our both our elections and the world. Dark times are coming people. Be prepared and do not fall for the GOP bullshit. Those guys are out to kill us all, literally. Voting for them is a death sentence. Don't be a pawn. Be a leader.