A couple of years ago, the journalist Nicholas Shaxson published a fascinating, chilling book titled "Treasure Islands," which explained how international tax havens -- which are also, as the author pointed out, "secrecy jurisdictions" where many rules don't apply -- undermine economies around the world. Not only do they bleed revenues from cash-strapped governments and enable corruption; they distort the flow of capital, helping to feed ever-bigger financial crises.

Read the whole story at The New York Times