THE CITY OF LONDON

Post # 66

This modern-day British Empire consists of interlocking political and corporate cartels that wage war to pursue power and control. The City of London is a global financial center made up of former insignificant outposts of the British Empire, such as the Cayman Islands, the British Virgin Islands, and Bermuda. These offshore jurisdictions capture wealth from across the globe and funnel it to the City where the rich and powerful hide their assets from the tax collector. The City is a semi-autonomous state within a state, a financial district, and the beating heart of the global hub of tax haven activity. It has its representative in parliament who has special privileges, and the mayor’s primary duty is to serve as an ambassador for the United Kingdom’s financial services.

London has two mayors, one presides over the greater London, but he has no jurisdiction over the square mile that makes up the City of London. The City never has to declare assets to the British government because it is an ancient, autonomous city established under the Roman Empire. It has a mayor, independent laws, and parliament has no authority over it; financiers control the politics. Global companies vote in British elections via the City of London, and the City’s lobbyist wields the most power in parliament, where it has controlled politics for more than 800 years. When member corporations face financial difficulties, they receive bailouts from the British government where money flows from the middle class to the rich.

The author Shaxson, in his book Treasure Islands, uncovers how offshore tax evasions have cost the US taxpayer 100 billion dollars in lost revenue each year while bankers and multinational corporations operate side by side with nefarious tax evaders, organized criminals, and the world’s wealthiest citizens. Treasure Islands exposes the culprits and its victims and shows how the elite route one-half the world’s trade through tax havens. Politicians are spokespersons of the financial elite, such as Goldman Sachs. Simultaneously, the elite funnel twenty-five percent of international finance through the City of London and its offshore British territories, which make up the second British empire.

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Published by Kenneth E. Long

Author, college professor of economics, swimming and tennis enthusiast

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