The Pandora Papers — A question to Capitalism

Updated: Nov 8, 2021

Recently, a groundbreaking report has been published by the International Consortium of Investigative Journalists (ICIJ) which reveals how the elitists, politicians, Kings, and businessmen notoriously stashed away the money from authorities’ eyes. This report had been unearthed by almost 11.9 million documents, and by more than a thousand reporters.




However, this is not the first time that the money might have been exposed. Previously, the Panama and Paradise papers also revealed the same kind of secrets about how the Bahamas, Belize, and other safe-heaven are used for hiding and untaxed the money. According to the wall street journal, almost $32 trillion remained untaxed which is more than the total GDP of the US in 2020. The Pandora papers open the gate for the world to look at how the unchecked wealth is traveling to offshore tax havens by bypassing the so-called system.

These people are from 91 countries including 330 politicians and 35 current and former top leaders of the world. This includes the king of Jordan, president of Ukraine, Kenya, Ecuador, the prime minister of the Czech Republic, the former British prime minister Tony Blaire, and Russian president Vladimir Putin plus 130 billionaires from Russia, 330 billionaires from Indian, and some Pakistan sitting cabinet ministers.


The paper somewhat answers the questions of Oxfam report 2020 which asserted that Oxfam report provided detailed insight how the top 1 percent richest persons own money more than billions of people and grew their wealth by many percent during Covid-19 when the ordinary people were losing wealth. This illicit money, hid from the authorities, is not just being used to protect, but according to some analysts it might also be used for arms dealing, terror financing, and illegal activities.



All the above-mentioned facts are trying to awake the world that something is very unusual and self-explaining whether the globe is for the bourgeoisie to maximize their wealth by exploiting the loopholes. On one side, the people are in the trap of impoverishment where billions of people are steeping down to extreme poverty. On the other side, these billionaires are hiding their wealth to remain safe from taxes.


References:

https://indianexpress.com/article/explained/why-do-the-pandora-papers-matter-7550033/

https://www.youtube.com/watch?v=BtMKezDN8iM

https://www.icij.org/investigations/pandora-papers/pakistan-imran-khan-prime-minister-allies-offshore/

https://www.icij.org/investigations/pandora-papers/global-investigation-tax-havens-offshore/