The global market in money – housed in the offshore ‘shadow’ banking system – holds …
One of the great advantages of asset ownership is lower taxes. Tax on income from labour tends to be higher than tax levied on assets or property. Any attempt to equalise taxes on income earned from property and labour is fiercely resisted by the wealthy, as is the way of the powerful. Equalisation is now also opposed by those who own a property but are not defined as wealthy. By co-opting a whole new class of homeowners into the world of asset ownership, the wealthy have ensured protection from higher taxation.