It is a message sent from on high to the world's financial and political elite. The Roman Catholic Church is calling for the effective closure of secretive tax havens as a 'necessary first step' to restore the global economy to health.
In a policy paper from the Holy See, Pope Benedict pins the blame for the international financial crisis largely on 'offshore centres', many of which, such as the Channel Islands, are British dependencies.
'They have given support to imprudent economic and financial practices and have also played a significant role in the imbalances of development, allowing a gigantic flight of capital linked to tax evasion,' says the report. 'Offshore markets could also be linked to the recycling of profits from illegal activities.'
The Pope points to estimates that the global fiscal deficit caused by offshore activities could amount to a staggering $255bn (£175bn) which is 'more than three times the entire sum of [global] development aid'.
The Pope is right to make this argument.
The figure quoted is based on my work for the Tax Justice Network.
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I don’t think anyone will pay attention to the leader of one of the most corrupt, and wealthy, organisations on this planet!!!
That statement could be in the dictionary as the definition of hypocrisy!
Why don’t you post the last part of the article……
The bank makes very limited financial disclosures, but the Rev Thomas Resse in his book Inside the Vatican claimed a cardinal told him in 1994 that it had $4bn in deposits and an annual income of $40m. Many experts believe this to be a spectacular underestimate.
The Vatican deals with its financial affairs separately and has a deficit of $14m. It has been hit by a weak dollar, which has markedly reduced the value of contributions from the US, which make up the bulk of the church’s donations.
Caloia headed the bank after the scandalous collapse of Banco Ambrosiano triggered the death of Roberto Calvi, found hanging under Blackfriars Bridge in London, weighed down by bricks. Calvi, known as God’s Banker, was at the helm of Banco Ambrosiano when it lost £800m in a corruption scandal implicating senior members of the Vatican, the mafia and a Masonic sect whose members included senior Italian politicians.
And lets not forget that the Vatican received in 2007 around GBP680million in tax breaks from the Italian goverment.
and Is this the same church that used to sell impoverish people years out of purgatory and not pay tax on the proceeds.
As for ruining developing countries economies, severe drains on health systems and insecurity due to lowering life expectantacy from AIDS take a huge toll, especially when contraception is spiritually forbidden.
But hey blame it all on tax havens.
As so often Creg it is not either/or but both/and.
Both the Catholic church and evangelicals are making progress. They are moving away from being fixated on issues such as abortion, and hostility to gay marriage and are focusing on social justice. They have a long way to go in this regard but organised religion is shifting to the left.
Which is another nail in your coffin.
I Missed the bible section about moving to the left, but I do remember Levi, the evil tax collector who Jesus forgave of his sins of collecting tax.
My point is that the Church, like the UK and US should look at changes to improve themselves before pointing fingers.
And I’ve saiit before the large multi nationals are like Pirates, the US, UK and devolped countires supply them with their “letter of Marque” to plunder the developing world and everyone only forcuses on the caribbean beach they may or may not bury their loot in.
If you do manage to shut the beach, as it seems all your vitriol is aimed at, they will simple find somewhere else to hide it.
Your time would be better spent going after the pirates, or petioning your own MP’s to stop your government from supporting them. Just look at the recent BAE, UK, Saudi mess for a shinning example.
Do you have a copy of the Pope’s paper and can you put a link in your blog?
Thanks!
regards
Linda
“Why do you see the speck in your brother’s eye but fail to notice the beam in your own eye?”
Mathew 7:3
“Offshore pirates” is wrong that the Catholic church is moving away from being fixated on hostility to gay marriage. The Pope yesterday slated behaviour beyond traditional heterosexual relations as “a destruction of God’s work” (see http://www.telegraph.co.uk/news/newstopics/religion/3916804/Pope-says-humanity-needs-saving-from-homosexuality.html)? It is disturbing that you adduce this aged homophobe in aid of your attack on tax havens.
Good Manners
The man is clearly wrong on homosexuality. I will be quite blunt about that. As he also is on contraception, and some other issues.
But if I ignored all people I disagreed with I’d talk to remarkably few people on this earth.
Richard
Yes and no…. I appreciate that to an extent we all have to take our friends where we can get them but much of what the Pope says is so morally skewed and loathsome that if he also happens to say things which chime with your views and mine (for example, on child poverty), surely it’s more a matter of simply being pleased he gets some things right than implying your views have more value because this particular pontiff shares them?
Good manners
Well, actually I also share a Christian faith with him….
I admit mine is a liberal faith, and very non-Catholic in the form in which I practice it, but I guess we have some elements in common.
Being a Christian does not (ever) make a person right, I’d hasten to add. But it does encourage one to be forgiving of other’s faults.
Lots on this blog think I’ve got plenty! They may even have a point 🙂
Richard
Good manners and being tolerant of other’s faults are always a good idea. For example I made a post recently in which I attacked a poster personally rather than attacking his ideology, which I deeply regret. Ad hominems are unworthy so apologies to Clarke Keig if he’s still around.
I still believe the philosophy of market fundamentalism to be a callous and frequently criminal doctrine mind.
Richard and offshore pirates, I apreciate what you are saying and agree fundamentally 😉 that any fundamentalism is wrong.
I suppose that as a non-believer, I am particularly uncomfortable about giving special credence to what the Pope says about tax havens just because he’s the Pope. I don’t see how any of his statements can be treated separately from those that reveal his own personal morality, which is intolerant, ignorant and dangerous (to women who undergo hidden abortions and gays who get attacked).
Good manners
Fair point
It’s unambiguously your right to think it
Best
Richard