Offshore banking is only the symptom of a larger problem: Elites have no qualms about conducting their finances in ways that harm their own communities. Having the savvy to work the latest tax dodge is at the very core of what it now means to be privileged. The private jet is passé; the new status symbol is the numbered account. Real power is invisible. How is hiding money from one’s government now seen as enviable, rather than treasonous? The history of Monaco, an early centre of offshore banking, provides some answers.
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