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Offshore Banking and Tax Havens Have Become the Heart of Global Economy

Posted: 04/15/11 10:10 PM ET

As millions of Americans prepare to file their income taxes ahead of Monday's deadline, Democracy Now! interviews British journalist Nicholas Shaxson about how corporations and the wealthy use offshore banks and tax havens to avoid paying taxes and other governmental regulations.

"Tax havens have grown so fast in the era of globalization, since the 1970s, that they are now right at the heart of the global economy and are absolutely huge," Shaxson says. "There are anywhere between $10 and $20 trillion sitting offshore at the moment. Half of world trade is processed in one way or another through tax havens." Shaxson is the author of the new book, Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens.

Read the entire interview transcript


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