HOT MONEY
If you’ve read ‘The Great Tax Robbery’ by Richard Brooks, this is the international version. This book will put meat on the bones of your understanding of HOT MONEY. The bulk, if not all money flowing through the banking system is laundered money. This is a mixture of crime and business money. Once laundered you cannot tell it apart. The mechanics of laundering are supplied by the governments of the world with the banks slicing off a bit for themselves.
Theoretically there is legitimate earned money and a black economy. By providing laundering facilities, the banking system can claim to ruthlessly drive dirty money out of the banking system. Read this book and see what a political joke these claims are. Dirty money is unlaundered money which is untouched by the taxman or the offshore laundering banks. Shameful behaviour.
They call it ‘flight capital’. Sneeze and it disappears. The banking system runs on Scotch Mist.
The majority of this book deals with bank fraud. Some of it is carried out by the bank and some by its employees. It is believed most of it goes undetected.
The second part of the title... The Politics of Debt... deals with the IMF money lending activities. Read this and you can see what a bunch of loan-sharks the US/IMF banking system is. Using compound interest, they make sure nobody ever manages to pay off those loans.
It’s heavy going for the non-academic. A non-economist can understand most of it. It does not paint a very flattering picture of banking.
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Hot Money and the Politics of Debt Hardcover – Jan. 1 1601
by
R. T. Naylor
(Author)
- LanguageEnglish
- PublisherLinden Pub
- Publication dateJan. 1 1601
- ISBN-100671623192
- ISBN-13978-0671623197
Product description
From Publishers Weekly
McGill University economist Naylor depicts a postWW II intercontinental inferno of high finance involving deceit, corruption, fraud, greed, conspiracy, tax evasion, drug dealing, arms smuggling and politico-monetary "peekaboo" sleight-of-hand as government VIPs worldwide, international bankers, labor unions, the CIA, the Mafia, the Vatican, the Moonies, Latin American juntas, African potentates and Middle East terrorists, Hong Kong and Panama innovators, covert contra-aiders and assorted illicit combines variously divert billions from the economy of nations. Secret Swiss and "offshore" bank accounts, dummy corporations and the like siphon off "hot money," which in some cases, charges the author, may equal a country's entire national debt. "There would be no debt crisis," he concludes, "without large-scale capital flight." Dozens of such intrigues are chronicled here with massive data, some of it "alleged," "claimed," "rumored" or "likely," yet all of it rings with credibility.
Copyright 1987 Reed Business Information, Inc.
Copyright 1987 Reed Business Information, Inc.
From Library Journal
Since the exposure of the Iran arms deal and contra aid scandal, the issue of international finance fills the headlines. In Hot Money economist Naylor deals successfully with a range of topics related to international finance, focusing especially on capital flight and the crushing Third World debt. He discusses the world monetary crisis in relation to the international oil situation, the wealth of the institutional church, the financing of the global drug trade, Swiss banks, and governmental involvement in perpetuating debt financing. The book is written in a popular style, but Naylor includes substantial enough documentation to interest readers at all levels. A thought-provoking work, Hot Money is essential reading on the contemporary scene. Highly recommended. Boyd Childress, Auburn Univ. Lib., Ala.
Copyright 1987 Reed Business Information, Inc.
Copyright 1987 Reed Business Information, Inc.
Product details
- Publisher : Linden Pub (Jan. 1 1601)
- Language : English
- ISBN-10 : 0671623192
- ISBN-13 : 978-0671623197
- Item weight : 748 g
- Best Sellers Rank: #1,546,439 in Books (See Top 100 in Books)
- #2,205 in True Crime (Books)
- #5,092 in Criminology (Books)
- Customer Reviews:
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5 out of 5 stars
5 out of 5
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Elliot Malach
5.0 out of 5 stars
Bank is a Four Letter Word
Reviewed in the United States on January 3, 2011Verified Purchase
This book is an in depth look at "hot money," money that can move around quickly for many reasons: it is dirty, tax avoidance, flight to safety and many more. What is surprising is that tax avoidance by transnational corporations dwarfs that of the "illegal" sources. It covers money laundering and how it evolved through enterprising individuals and equally enterprising countries. The book also shows how the debt of developing countries is linked to politics, corruption and the flow of hot money.
It is an eye opener. In 1984 Swiss banks controlled $350B in foreign assets, roughly equivalent to the net foreign debt of the world's developing countries. Coincidence? But the U.S. continues to embargo, bomb and invade defenseless countries to cause a capital flight to the safety of the U.S., which uses the hot money to finance more of the same,... and the scam goes on.
The book is serious but approaches the subject with both wit and humor: Referring to the brother of the president of Mexico, the author writes that over the 6 years he was head of the government's food subsidy and distribution, he earned $190K annually, out of which, by frugal living, he managed to save $112M, the amount found in his Swiss bank account.
It also brings up and interesting question: with all this bad debt from developing countries on the books of the major banks, how much longer can this house of cards withstand a total collapse?
It is an eye opener. In 1984 Swiss banks controlled $350B in foreign assets, roughly equivalent to the net foreign debt of the world's developing countries. Coincidence? But the U.S. continues to embargo, bomb and invade defenseless countries to cause a capital flight to the safety of the U.S., which uses the hot money to finance more of the same,... and the scam goes on.
The book is serious but approaches the subject with both wit and humor: Referring to the brother of the president of Mexico, the author writes that over the 6 years he was head of the government's food subsidy and distribution, he earned $190K annually, out of which, by frugal living, he managed to save $112M, the amount found in his Swiss bank account.
It also brings up and interesting question: with all this bad debt from developing countries on the books of the major banks, how much longer can this house of cards withstand a total collapse?
6 people found this helpful
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Xwag
5.0 out of 5 stars
A Conspiracy of Evidence
Reviewed in the United States on July 17, 2012Verified Purchase
This book details the history of black markets that are transparent to real markets. For example how does the US illicit drug trade impact Wallstreet liquidity; or what is the practical function of the world bank and IMF as they relate to impoverished developing countries? If these fringe questions concern you, then you should read this book because it is very well documented in a scholarly fashion.
One person found this helpful
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Dave Wagner
5.0 out of 5 stars
updated with an excellent new introduction by Prof
Reviewed in the United States on June 6, 2016Verified Purchase
Classic in the field of financial criminology, updated with an excellent new introduction by Prof. Michael Hudson.
2 people found this helpful
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