Global Financial Fraud and Inequities of Wealth. “Panama Papers”, The Tip of the Iceberg
Financial Truancy, “Economism” and Moral Ambiguity in Public Debate Today
By Khaldun Malek
Global Research
April 30, 2016
No condition of life to which man cannot get accustomed, especially if he sees them accepted by everyone around him – Tolstoy
The recent expose’ of the so-called “Panama Papers” brings to light again the morally troubling issue of tax havens and the flight of capital from taxation. The fallout from this, as is now widely known, has had serious political implications. There is already a major political casualty in the form of the former prime minister of Iceland, who resigned amidst allegations of financial impropriety by a member of his family. Politically, the issue remains a highly charged one; even David Cameron, who in recent times was one of the most vocal proponents of reforms to curb the excesses of the financial truancy of both rich corporations and individuals has not been entirely absolved from the scandal.
Some financial analysts have claimed that this is merely the tip of a very large iceberg. If true, the implications are staggering, because it gives pause to even the deeply worrying report recently published by Oxfam highlighting the global inequities of wealth which exists today. While economic inequality is a serious source of concern, it is merely a part of a larger pattern of discrimination and deprivation that afflicts all societies in the present. This question extends to far more than just economic ones; in fact, arguably the fixation on economic inequality is in danger of shifting attention away from more fundamental questions of social justice and fairness. It also gives an undue emphasis on an economic solution rather than a real one.
One of the key, though somewhat under-emphasised, aspect of Thomas Piketty’s global best-seller has not been to show the extent of the gaps between the rich and the poor but rather more pertinently how periods where the gaps have narrowed have been the rare exception rather than the rule. This in a sense gives us a more realistic appraisal of history. Seldom has the pursuit and agglomeration of wealth given pause to anything other than its own validation. If history is any guide, the impulse to accumulate wealth and power for its own sake is a universal drive that seems to transcend faith, cultures, language, politics and geography – as much as most faith and wisdom traditions counsel us against the deep spiritual and social ruin that will eventuate from such a pursuit. But in a global public culture dominated by a vain and arrogant, but more problematically, parochial ‘secularity’ promoted by the West and their allies, such discourses carry little weight.
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