System is mad

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I feel sorry for the young people of today, inheriting a mad economic system controlled by privateers.

I have recently read a book by the former CEO of the crashed Icelandic bank named Armann Thorvaldsson. The book title is ‘Frozen Assets’ and was published by John Wiley & Sons Ltd with the address The Athium, Southern Gate, Chicester, West Sussex, PO19 8SQ.

Pages 235 and 236 are very revealing. On page 235 he states that it is legal for rich individuals and businesses to use offshore tax havens. On page 236 he states that an American government study in 2008 found that 83 out of the 100 largest companies in America had tax haven subsidiaries, mainly in the Caribbean such as the British Virgin Isles.

So why don’t they make this sort of thing illegal? Is it because the people who make the laws are the same people who use the tax havens?

Nicolas Sarkozy in his campaign against Anglo-Saxon capitalism wants to introduce a tax on financial transactions but Mr Cameron and the City of London are against it.

I think each government should take control of their finances in cooperation with other governments for the benefit of all the people instead of a small minority as it is now.

JOHN CLARKE

Onchan

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