Moneyland Book Summary And Review

Moneyland reveals the extraordinary extent people would go to in order to evade taxes and other things that endanger their money, thus solving the puzzle of how the wealthy keep getting richer.

Have you ever look at a billionaire’s lifestyle and feel sick to your stomach wondering how they are able to live like that while so many people around the world are in need? When you take into account how many of their fortunes were created through deceit and corruption, it gets even worse.

The worst aspect about observing the disparity between your income and that of the extremely affluent, though, is how they consistently appear to be able to escape paying high taxes. Although that is bothersome, how do they manage to do it?

The solution to this question and many more are covered in Oliver Bullough’s book Moneyland: Why Thieves And Crooks Now Control The World And How To Take It Again.

You’ll learn all the methods rich people employ to conceal their wealth, as well as how they relate to murder, crime, and international corruption. Once you learn how the globalization of finance created opportunities for the wealthy to exploit a system with way too many flaws, everything will become evident.

Table of Contents

If you have a lot of money, you might think about keeping it hidden in accounts abroad.

Imagine that you have recently stolen millions from your nation and are seeking for a place to hide them. You might think of the bank, but only amateurs utilise those. Putting it under your mattress might be your next thought, but that is also not a wise move.

Offshore bank accounts are the best location for filthy money. You should seek out those who have sound financial judgement and support your stance in the law. The Caribbean island of Nevis is one such location.

Up until the 1980s, Britain was in charge of Nevis. Following the island’s declaration of independence, a few American lawyers collaborated with the ruler to transform it into the ideal place for concealing hidden money.

Another illustration of this is the British island of Jersey. But, it gained attention when a Russian prosecutor by the name of Yuri Skuratov discovered that his nation had sent billions to the Jersey-based corporation FIMACO.

Skuratov discovered after doing more research that FIMACO was crooked and had no purpose. He suspected that it was a mechanism for authorities to conceal the money so they could use it as they saw fit to enjoy the high life.

Skuratov made this information public and quickly faced criticism. A state-run TV channel released footage showing a man who resembled him mingling with prostitutes. This just served to confirm his concerns about the bank’s shady activities.

National borders are not a barrier to the wealthy class’s stifling dominance.

You might be tempted to believe that you won’t experience the problems this book details if your nation has a low level of corruption. If you’re English, for instance, you could believe that your nation’s structure guards against crimes like this.

Be wary, though, as kleptocracy, or corrupt and rich rule, has many ways to circumvent national boundaries.

The murder of former KGB agent and UK citizen Alexander Litvinenko may serve as the best illustration of this. In 2006, polonium poisoning claimed his life. As this element is not present in the natural world, there were suspicions.

Litvinenko tried to fight organised crime in Russia prior to his relocation to the UK. He had revealed covert groups in his nation’s administration that killed troublesome politicians and businesspeople.

When he arrived in the UK, he resumed telling private investigators about his earlier finds. He is recognised with aiding in the dismantling of one risky Russian leader’s multimillion dollar agreement. Litvinenko passed away not long after that.

An award for “services to the Fatherland” and a seat in the Russian parliament were quickly given to one of the suspects in the crime.

Sadly, this is not an isolated instance, despite the fact that it can look like it. Several other catastrophes of a similar nature have occurred, demonstrating that it is difficult to reveal the power of kleptocrats.

There are a few tax havens in the United States alone.

I spent six months living in the British island of Man a few years ago. I was informed by everyone that it was a “tax haven.” I had no idea what that meant, but now that I have a greater understanding of taxes, it makes more sense.

There are some tax havens in the United States, despite the fact that you would assume that islands like this are the only ones in the world. at least in terms of avoiding absurd trust taxes.

It is in your best interest to minimize paying taxes on any large sums of money that you intend to leave to a beneficiary after your passing. And some states have laws that are more favorable in this regard.

The improbable state of South Dakota is one of them. The amount owned by trustees there increased seven times in just ten years!

Trusts are misused in Nevada and other places as well. You can create a trust that lasts 365 years if you make use of its laws. Years, you read that correctly. Also, there are no taxes due on the contributions you make!

Also, because to this condition, it is quite challenging to access assets placed in accounts like this. To put it another way, putting your money in a Nevada trust may be your best option if you were getting divorced and wanted to keep it secure.

They are so safe that no one has ever tried to take money out of a Nevada trust.

Moneyland Book Review

A compelling and informative examination of the hidden realm of global wealth and its effects on politics, society, and democracy can be found in Oliver Bullough’s Moneyland. The journalist and novelist Bullough gives readers a gripping description of how money moves across borders and how it is used to cheat taxes, launder illegal funds, and stifle democracy by drawing on his years of research and interviews with important figures in the world of offshore banking.

The book is divided into eight chapters, each of which focuses on an element of the world’s wealth structure. Bullough takes readers on a tour of some of the most secretive countries in the world, where the rich and powerful hide their wealth and valuables from tax and law enforcement officials.

Bullough argues how these nations, also referred to as “Moneyland,” offer a shelter for criminals, kleptocrats, and dishonest politicians, enabling them to launder their illicit wealth and keep their positions of authority. He demonstrates how these actors are able to avoid accountability and justice due to the global financial system’s secrecy and opacity, prolonging inequality and weakening democracy.

Bullough uses various case studies and examples throughout the book to demonstrate how the global wealth system functions and what effect it has on people and society. He calls for more openness, responsibility, and collaboration between national and international institutions as part of his reform proposals.

Overall, Moneyland is a thorough and engrossing read that sheds light on one of the most important and complex challenges facing the globe today. This book is understandable and educational to readers from many backgrounds thanks to Bullough’s engaging writing style and capacity to simplify complicated ideas and material. Anybody interested in the relationship between money, politics, and society, as well as how we might fight to make the world more fair and just, should read this book.

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