Tuesday, April 5, 2016

The Panama Papers Will Change Little of Substance

Sure, some people will undoubtedly get fined, some might actually see time behind bars, but the only change that will matter will be the extraordinary measures people like this will now implement to make sure such leaks don't happen again.

The fact remains that, as long as you continue to have an economic operating system where vast sums are possible to accumulate, people will always have a need to hide significant portions of it. And if that means having subtle changes in law to occur to make that easier, than that will also happen, eventually.

The thing you have to remember is that "Big Money" can afford to be patient, when it has to be, and it never forgets what is important to it. It is the essence of institutionalized self preservation. And no matter what law to reform you might get passed, on the heels of whatever public passion of the moment, that system of self preservation will do whatever it needs to do to put things right again for that purpose.

The Panama Papers: Boon for Tax Regulators, Bad News for Dodgers