Title: Moneyland (Why thieves &crooks now rule the World & how to take it back)
Author: Oliver Bullough
Whilst I was on my December holidays in Belgium I had opted to buy a day ticket to Brugge. It was here that, whilst I walked through the small town (still decorated in an old-style fashion) during the festive season, that I enjoyed a beer, home-made waffle, and located a small book store.
At first I thought I wouldn’t find anything since most of the books were in Belgian (obviously since i was in Begium). However, in the small English section I did find this book, which turned out to be an intriguing book.
If you look at the picture of the cover, it is of a US Dollar with another piece of currency that covers the lower part of the face (as the cowboys used to do in a bank heist). Basically, the picture suited the content of the story, namely thieving.
It starts off the first chapter in the Ukraine, with one of the prior high ranking government officials who was living a rich lifestyle that he should not have been able to afford with his government earnings. Yet, when it was investigated he didn’t own it, but the properties were owned by a company, which in turn was also owned by another company in another country. All around it goes and ends up back at him, after one had dug deep enough.
The book then delves into the time after the second world war decades, where off-shore banking was introduced into the modern world. As was well illustrated in the story, before offshore was introduced, wealthy individuals could not hide their wealth as easily since they had it with them in their home countries. But with offshoring, individuals took the opportunity to store their wealth in other jurisdictions, and amass more, all safely away from their home jurisdictions. Thus, wealthy individuals took the new concept to hide their wealth and amass even more, all in secret and hidden away from their local tax man.
Nowadays, a good term to describe countries that accommodated these wealthy individuals are called ‘tax havens’.
The book also explains other means which wealthy individuals, and government officials, used to improve their lifestyles, and within the protection of some legislation = diplomatic passports.
Every chapter gives terrific material, and is very insightful. Some of the concepts were already familiar to me, but the idea of how some of these proposals were utilized to hide away wealth, and the economic consequences of these actions were very new and definitely gave me food-for-thought. As they would say, I formed new connections within the nodes of my brain on how these means were used, other than the legal means meant to promote economic growth.
To the layman who wishes for a good book to read, this should be on your list. For any academic and individuals interested in law and finance, this would be an interesting read not to miss. For every other individual that just wishes to fill their book rack with another great read, have this in your collection (like mine 🙂 ). Terrific book, well written, very insightful and well explained. The author did a great job in researching the topics he published in this work. I gladly give the book a rating of 4.8/5 (mainly because i wish he could tell me a bit more of this dark network, and stories from within).
Don’t pass this one up.