The Panama Papers: Laundering Havens for War Budgets (Video)
In mid-April, economist Michael Hudson told The Real News Network that global oil and mining industries and the U.S. State Department created Panama and Liberia for the express purpose of tax evasion.
Read a full transcript of Hudson’s exchange with host Sharmini Peries below.
SHARMINI PERIES, TRNN: It’s the Real News Network. I’m Sharmini Peries coming to you from Baltimore.
Within a week the 11 million documents called the Panama papers, published by the International Consortium of Investigative Journalists, has become a household name. The documents are connected to the Panama law firm Mossack Fonsesca that helped establish offshore accounts for some of the wealthiest and most powerful leaders to launder money and evade taxes.
Our next guest, Michael Hudson, says Panama was created as a tax haven by certain sectors of our economy for this purpose. Joining us now from New York is Michael Hudson. Michael is a distinguished research professor of economics at the University of Missouri, Kansas City, and he’s a former balance of payments economist for Chase Manhattan bank. He is the author of many books, and the latest among them is Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy. And if you want to know more about that book, on our site you’ll find Chris Hedges interviewing Michael Hudson on this book. Thanks for joining us, Michael.
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