It is a message sent from on high to the world\’s financial and political elite. The Roman Catholic Church is calling for the effective closure of secretive tax havens as a \’necessary first step\’ to restore the global economy to health.
In a policy paper from the Holy See, Pope Benedict pins the blame for the international financial crisis largely on \’offshore centres\’, many of which, such as the Channel Islands, are British dependencies.
\’They have given support to imprudent economic and financial practices and have also played a significant role in the imbalances of development, allowing a gigantic flight of capital linked to tax evasion,\’ says the report. \’Offshore markets could also be linked to the recycling of profits from illegal activities.\’
And for our next story, Paul Krugman, the most recent Nobel Laureate* in economics, points out the basic and essential truth of transubstantiation. Accept no substitutes.
* Yes, we know, and we don\’t care**.
** Sverige Riksbank etc etc.