US journalist discussed American criticism of Cayman
US journalist John Fund has claimed that US Congressional criticisms of the Cayman Islands and offshore financial centres is just “cheap demagoguery”.
John Fund, Wall Street Journal columnist, touched upon numerous topics in an interview with the Cayman Observer before speaking at a Cayman Islands Financial Services Association (CIFSA) function.
Fund said that the current campaign against the Cayman Islands carried out by US Senators Max Baucus and Chuck Grassley, and attack on offshore financial centres in general by Senator Carl Levin ignore the fundamental issue of what the United States itself is able do in order to become more competitive in the global economy.
John Fund is a renowned US political and economic commentator and also a Fox News contributor and author, who has won numerous awards for his work as a journalist. The opinion of Fund is considered to be very influencial therefore his visit to Cayman is important for the jurisdiction. Inviting him was the initiative of CIFSA to address industry leaders.
Fund said that “there is an historic tension in the world between those who want to produce wealth and those who would redistribute itâ€, and that “low-tax centres such as the Caymans have a little more than 1% of the world’s population actually living in them, but they hold about a fourth of the world’s financial assets”, which means that they could be targeted because of clash of interests.