I’m utterly gripped by Oliver Bullough’s Moneyland and its account of the meta-country being built through the ability of global elites to escape national jurisdictions, facilitated by an army of lawyers, accountants and wealth managers. One of the most incisive themes concerns the acceleration of this corruption and the difficulty which it creates for public or private investigators seeking to reconstruct events. Not only do investigators move more slowly than those they are investigating, they do so in a game which is rigged against them as it is much easier to hide wealth through global dealings than it is to find it from the vantage point of a particularly national jurisdiction. From pg 20:
The physicist Richard Feynman supposedly once said: ‘If you think you understand quantum mechanics, you don’t understand quantum mechanics.’ I feel the same way about the way offshore structures have warped the fabric of the world. But if this dizzying realisation sends me out of the house and away from my screen, there’s no escaping it. The building where I buy my morning coffee is owned in the Bahamas. The place I get my hair cut is owned in Gibraltar. A building site on my way to the train station is owned in the Isle of Man. If we spent all of our time trying to puzzle out what is really happening, we’d have no time to do anything else. It’s no wonder most sensible people ignore what the super-rich get up to. You follow a white rabbit down a hole, the tunnel dips suddenly and, before you know it, you find yourself falling down a very deep well into a new world. It’s a beautiful place, if you’re rich enough to enjoy it. If you’re not, you can only glimpse it through doors you lack the keys for.
The vertigo this induces can only be solved by recognising the inadequacy of methodological nationalism to make sense of the scale of this corruption, hence his notion of moneyland as something akin to a meta-country being built within the crumbling ruins of the Westphalian order. From pg 25.
Moneyland induces vertigo to such an extent that, once the idea had occurred to me, I felt dizzy because it explained so much. Why do so many ships fly the flags of foreign countries? Moneyland allows their owners to undercut their home nations’ labour regulations. Why do Russian officials prefer to build billion-dollar bridges rather than schools and hospitals? Moneyland lets them steal 10 per cent of the construction costs, and stash it abroad. Why do billionaires live in London? Moneyland lets them dodge taxes there. Why do so many corrupt foreigners want to invest their money in New York? Moneyland protects their assets against confiscation.