HuffPost's Zach Carter appeared on MSNBC's 'The Dylan Ratigan Show' to discuss the controversial trade agreement between the U.S. and Panama. Carter recently reported that the deal could provide wealthy Americans with a tax loophole by allowing them to "hide" their money in Panama-based companies and banks.
"It's just very easy to set up an offshore corporation and bank account in Panama," he said. "It only costs about $2000 and it takes about three or four days for that process to be complete."
Criticizing the trade agreement as irresponsible, he said, "Panama's got some of the most secretive and restrictive bank secrecy laws in the world and ... a very long history of refusing to cooperate with tax authorities in the U.S. so it's very perplexing that you'd want to even engage with this country in a trade deal to begin with."
WATCH (via MSNBC):
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Great interview, Dylan should keep speaking on the Panama Trade Deal and having guests on the show that give innovative ideas on how to change Nafta!
Kudos Dylan for taking the American side!
We do know what the effects of trade openness are, yet most pundits choose to ignore them: Once we account for the process of labor-substituting technology upgrades, the effect of trade agreements on domestic jobs is actually positive!!! We know this now (just read anything coauthored with Prof. Bhagwati) and yet we still revert to the myth of “we are exporting jobs to China and Mexico” and now to Panama; because it is a theory that “makes sense”. I do not understand why Americans take the job destruction process that they are going through so superficially that they are not willing to question these simplistic anti-trade explanations.
Also, the arguments against a Panama agreement are just preposterous, here are 2 rebutals:
1) Currently US trade with Panama is just peanuts because there is no agreement (douhhhh) (Not that it is going to be huge, but why piss on an export-led momentum during the next years of cheap dollars? Hey, if Continental is not buying new Boeings, maybe CopaAir will.
2) If the US had ever eschewed an entire market due its bank secrecy rules, then it would not have engaged in trade with most of northern Europe!! As economies integrate, regulation becomes relatively homogeneous (vg. with Canada and Mexico).
Dylan, dude.... QUIT YELLING SO MUCH ! geez.... we get your point.
Tone it down a little.
Would like to e-mail you a related document,
my e-mail address is
jimevanhoe@gmail.com
Regards
James P. Evanhoe
POTUS, can you please stop touting the "free" trade bills as a solution to any of the problems plaguing the American citizen? Or at least admit that it's being done solely to enrich and protect the elite.
Zach Carter is to trade policy what Paul Krugman is to sound economic policies that do not involve aliens as the foundation of their theory.
Kai
But be careful…the Koch brothers may be following you in a black stealth helicopter via the transmitter they have put in your head so they can use mind control to steal your babies and sell them to the Chinese for the unobtanium they need to run their secret lair.
BTW, do you mind if I cross-post your vapidity to some other sites. My friends and I like to read comments like yours and laugh. Especially when it confirms the Law of Diminishing Liberal Intelligence which states:
If a liberal hasn’t said something illogical, self-contradictory, physically or financially impossible, historically inaccurate or just outright stupid, you just haven’t listened to them long enough.
Kai
Its our last chance to save our democracy...