- Created: Wednesday, 08 June 2016 10:41
- Written by Trevor Rayne
How fitting that London and the British Prime Minister David Cameron should host the world anti-corruption summit on 12 May 2016. Presumably in the 1920s no one told Al Capone that he should hold a conference in Chicago on combatting organised crime. The Panama Papers confirm what we already know from a string of scandals: that the City of London is at the heart of the world’s biggest network of tax avoidance, money laundering and market rigging. These are the means by which capitalists retain their profits. Pension funds, insurance companies and stock markets are all beneficiaries. If the intention of publishing the Panama Papers was to embarrass the Russian and Chinese governments, British ruling class divisions over European Union membership, combined with resentment at banking profligacy and growing inequality in the midst of enforced austerity, quickly deflected attention on to Cameron himself. Trevor Rayne reports.
Profit increasingly takes a parasitic form: interest, currency exchange deals and the manipulation of financial assets. Fraud is an extension of these methods of securing a share of surplus value and is invaluable to the British ruling class. When Cameron proclaimed, ‘I’m determined that the UK must not become a safe haven for corrupt money from around the world,’ we knew it already is.