Sarkozy on tax havens, and more
French President Nicolas Sarkozy has just delivered a speech to assembled ambassadors about, well, the state of the world.
We recently noted how Joseph Stiglitz has been talking about the damage that tax havens cause to the world economy. Now it seems Sarkozy is on the case. Here's an excerpt:
"The first factor that has marked the past year is of course the financial crisis that began with the "subprime" scamdal, serious -but still unpunished- mistakes by rating agencies and, in a general way, the excesses of financial capitalism which has experienced serious abuses: concealment of risks, uncontrolled sophistication of financial instruments, gaps in regulation and persistence of tax havens capturing a part of global savings that would be more justly employed financing investment and growth."
While we will wait to see concrete actions from Mr. Sarkozy's government before getting too excited, it is nice to see him saying just the sort of thing that we have been saying for some time. People are beginning to notice the central role of tax havens in this ghastly global economic mess. Many people haven't yet noticed much so far - because of the secrecy jurisdictions' remarkable ability to shift the blame "elsewhere" - and nowhere.
While on the subject of France, the French speakers among you may be interested to hear of a radio programme, soon to be aired (in French), on the subject of tax havens. Featuring TJN and several of its allies.