[Economic]
Paradise Papers reveal the rise of a new class: The global oligarchy
by Conor Lynch
Posted November 14, 2017

rise of a global oligharchyIn response to the recent leak of 13.4 million files from two offshore service providers earlier this week, which documents how the world’s wealthiest individuals and corporations avoid paying taxes on their fortunes, Sen. Bernie Sanders, I-Vt., warned that the world is quickly becoming an “international oligarchy.”

A who’s who of prominent and wealthy individuals have been implicated in the Paradise Papers, the bulk of which come from the offshore law firm Appleby. This includes right-wing hedge fund billionaire Robert Mercer, rock star Bono, Commerce Secretary Wilbur Ross, pop star Madonna, Queen Elizabeth and many others. Multinational corporations such as Apple, Facebook, Uber, Nike, Walmart and McDonalds have also been implicated in the leaks.

That corporations and billionaires evade taxes by stashing their money offshore is hardly a revelation, of course. The Paradise Papers come about a year and a half after the Panama Papers — a leak of 11.5 million documents from the Panamanian offshore service provider Mossack Fonseca. These leaks do, however, provide an insight into the world of global economic elites and the rise of what is essentially an international plutocratic class. More…