Panama - Update #1

So, we're now entering day #2 of our Panama roller coaster, and damage control is definitely ramping up.

• Yesterday, I saw on TV some big name in the EU structure (too lazy to look it up, sorry) saying that his Panama company has been shut down for years. And I'm sure there was a legitimate reason for opening it in the first place.

• Our good friend, the Newly-Elected-Argentinian-President (did I mention I was feeling too lazy today?) said there was nothing illicit in his Panama activities. Ah, OK, thanks for clearing that up. I'm sure if there was anything illicit, you'd immediately disclose it.

• All the usual suspects are scrambling to assure everyone there are plenty of legitimate reasons for using offshores, such as "confidential dealings between parties", "paying less taxes using totally legal mechanisms", and... I guess that's it, really.

• Some of the more "creative" usual suspects have put forth a refreshingly new angle - we should not demonize those who use offshores to avoid paying taxes because we all do it anyway (pay as little tax as we can, not use offshores), and so there is a fundamental difference between, say, a drug dealer and a footballer, or a leader from a slavic country located to the East of Europe and a leader from a latin country in South America.

This last point takes on an amusing twist, when the argument becomes "if we demonize these tax-minimizers, then we will be demonizing everyone" and "the Big Bad State" will swallow us all as criminals.

So, for now, my prognostic is - nothing will change.

And not necessarily because of Panama, or our good old Cayman comrades.

It's more because of Switzerland, and Luxembourg, and Holland, and Austria, and Ireland. Mind you, the first two are seen as prosperous European nations, examples to follow.

And because of the nations that also do it, but don't appear often in the headlines, such as the UK or the USA.

And because of everyone who has money and power to decide.

Yes, I said "everyone". I'm most definitely not buying the "legitimate reasons" excuse.

After all, I'm sure there are "legitimate reasons" to gather up untold numbers of human beings and putting them in camps where they can't leave, without a trial to determine why they should be put there. I just can't think of one.

Hype? What do you think is the result of all these assholes stuffing their money on offshores? Destroyed lives. The drug dealer destroys the life of the young man who is addicted, and the tax evader destroys the life of the old man who waits months or years for an NHS exam, because "there is no money" and "there is no alternative".