France has threatened to walk out of the G20 summit in London if agreement is not reached on the important issues. Bravo!
But wait. What does France want agreement on?
“I am absolutely determined, and President Sarkozy has said it loud and clear, that we actually eradicate non-cooperative centres and tax havens,” [finance minister Christine Lagarde] said.
“I know that Chancellor Merkel is very much on that line, I know that Gordon Brown has said that old tax havens have nothing to do with this new world.
“Well, we need to deliver on that and we need to be extremely united and strong.”
Now can someone explain to me what offshore tax havens and financial centers have to do with our current mess?
Everything, Dani, everything!
It should be obvious now that the whole issue is: those who created the mess will have to pay. Of course, this is neglecting the whole issue of how to fix the mess. That’s a hard question. But blaming someone, that’s easy. Of course, the French example of what hapens to the ancien regime isn’t always pleasant, so Sarkozy is hedging his bets.
On a more realistic level, it’s important to prise those who created the mess away from the levers of power, and what better way to start than to expose all of their hidden wealth?