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dr ray

You Could Not Make This Up

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Cayman Islands, where residents enjoy almost total freedom from taxes, is close to defaulting on wages to its civil servants and is to get a loan backed by the UK taxpayer.

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Will the loan be paid back?

Its not a loan from the UK. The UK is underwriting it.

In theory it would be paid back but to do this the Cayman Island would have to introduce some taxes to raise funds. If it doesn't and can't pay the loan back the UK tax-payer steps in and picks up the tab.

Essentially the uk taxpayer will be subsidising the lifestyles of some of the worlds richest and least taxed people.

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Its not a loan from the UK. The UK is underwriting it.

In theory it would be paid back but to do this the Cayman Island would have to introduce some taxes to raise funds. If it doesn't and can't pay the loan back the UK tax-payer steps in and picks up the tab.

Essentially the uk taxpayer will be subsidising the lifestyles of some of the worlds richest and least taxed people.

:lol::lol::lol:

(well what else can you do)

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Just a guess but...if we underwrite their loan, then we get leverage to force them to (1) give up information about certain banks accounts based there and (2) introduce taxes on some of that money...

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heck why not ?

we send millions in poverty aid to india but their GDP is much higher than ours.....

and we seem fine governing afghanistan on our tab.

so why not. just print more.

its costs us nothing. until we have to pay it back via inflation.

do you think india will bail us out or not ?

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Just a guess but...if we underwrite their loan, then we get leverage to force them to (1) give up information about certain banks accounts based there and (2) introduce taxes on some of that money...

I'm sure thats true and if the financial institutions and individuals who benefit from using the Cayman Islands had any sense they would chip in with the loose change in their pockets and pay off the £38 million.

Out of interest (no pun intended) I tried to open an account on the Cayman Islands a couple of years back when the European withholding tax was introduced. No ID required and you could open the account in the name of Adolf Hitler if you wanted. It was the high fees which put me off but I suppose if you were depositing several million or hundreds of million you could negotiate these down.

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If we do not pay the wages of the cival servants in the Caymans who is going to be sycophantic to all the rich Brits and Americans who have tax-free savings based there! Come on, be serious!

If I was a British politician on the take - not saying there are any - then the Caymans would be the place that I would stick my bungs.

Wasn't it the place where Tom Cruise discovered his bosses' mafia clients had all their money in 'The Firm'? Why do you think that the Caymans were chosen as that kind of location in the book and film?

Edited by The Masked Tulip

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heck why not ?

we send millions in poverty aid to india but their GDP is much higher than ours.....

and we seem fine governing afghanistan on our tab.

so why not. just print more.

its costs us nothing. until we have to pay it back via inflation.

do you think india will bail us out or not ?

May explain why Gordon Brown was so keen on 3rd world debt cancellation at a G8 meeting some years back. Perhaps he was hoping that China etc would cancel our debts too.

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Wasn't it the place where Tom Cruise discovered his bosses' mafia clients had all their money in 'The Firm'? Why do you think that the Caymans were chosen as that kind of location in the book and film?

Doubt we'll have to bother about them for much longer, if the Warmists are to be credited.

All three islands were formed by large coral heads covering submerged ice age peaks of western extensions of the Cuban Sierra Maestra range and are mostly flat. One notable exception to this is The Bluff on Cayman Brac's eastern part, which rises to 140 feet (42.6 m) above sea level, the highest point on the island.

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Its not a loan from the UK. The UK is underwriting it.

In theory it would be paid back but to do this the Cayman Island would have to introduce some taxes to raise funds. If it doesn't and can't pay the loan back the UK tax-payer steps in and picks up the tab.

Essentially the uk taxpayer will be subsidising the lifestyles of some of the worlds richest and least taxed people.

Wrong. The UK is not underwriting it. It is commercial lending from Cayman based financial institutions. There is absolutely no recourse to the UK available to these lenders under either the Cayman Islands law or the Cayman Islands constitution. There is no way that the UK taxpayer will have any liability. That is just disinformation put around by NuLab, as part of the smokescreen to disguise the fact that Brown is the one who truly fvcked the UK economy.

Cayman is actually projected to show a budget surplus within the next 2 fiscal years - what about the UK :lol: ?

Re "The Firm", there is far, far more dirty money in London, NY, and most of all Luxembourg. By FATF standards, Cayman also outstrips most g20 countries - it is certainly far more compliant with international AML and CTF requirements than the UK, US and all of the EU.

I have spent the last 15 years of my professional life tracing dirty money (billions of dollars) from drugs, arms, corruption and terrorism - if I am asked now where is the best place to launder or hide money, it most certainly would not be the cayman islands - the compliance structures & enforcement are way too strict, and the authorities will give up any & all bank information at the slightest hint of dodginess, much more so than the UK. The Cayman Islands also has a far more lax privacy regime than the UK, thanks to the lack of any data protection act..

Edited by OffshoreAlert

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Wrong. The UK is not underwriting it. It is commercial lending from Cayman based financial institutions. There is absolutely no recourse to the UK available to these lenders under either the Cayman Islands law or the Cayman Islands constitution. There is no way that the UK taxpayer will have any liability. That is just disinformation put around by NuLab, as part of the smokescreen to disguise the fact that Brown is the one who truly fvcked the UK economy.

Cayman is actually projected to show a budget surplus within the next 2 fiscal years - what about the UK :lol: ?

Re "The Firm", there is far, far more dirty money in London, NY, and most of all Luxembourg. By FATF standards, Cayman also outstrips most g20 countries - it is certainly far more compliant with international AML and CTF requirements than the UK, US and all of the EU.

I have spent the last 15 years of my professional life tracing dirty money (billions of dollars) from drugs, arms, corruption and terrorism - if I am asked now where is the best place to launder or hide money, it most certainly would not be the cayman islands - the compliance structures & enforcement are way too strict, and the authorities will give up any & all bank information at the slightest hint of dodginess, much more so than the UK. The Cayman Islands also has a far more lax privacy regime than the UK, thanks to the lack of any data protection act..

Thank you Offshorealert.

The original information was in the Telegraph and I tried to summarise it as accurately as I could..

You have shown how forums like this and blogs can help balance the misinformation and spin which is published in the MSM.

There is always someone who has first hand information which they can share.

Personally I always look at HPC before the mainstream media now.

The skill is in distinguishing the idiot posters from the knowledgeable ones.

And the newspapers wonder why their futures look bleak

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