As countries like Greece and Spain struggle under massive debts that are impoverishing its people, the financial elite around the world are getting richer and richer. This report explores the ever-widening gap.
"There are customers that have up to 100 vehicles in their garage", Torsten Muller-Otvos from Rolls Royce tells us. Each one costs around half a million Euros and yet last year Rolls Royce sold more cars than ever before in their 100-year history. Since 2009 the rich have become on average 6% wealthier around the world. So while one in six Americans now has no health insurance, Manhattan's 58 billionaires have made more profit. In Switzerland, tax packages and bank secrecy have made it a haven for the super-rich. Ingvar Kamprad, owner of Ikea, "is worth 50 billion francs, but only pays 200,000 francs of tax a year. Yet he makes 90 million every single day." Despite their massive income the super-rich aren't too happy about the idea of their tax loopholes being closed. In their minds they contribute to the state, even if its not through taxes."I know a lot of rich friends who have charities.They do give back to the community." But as the Western world struggles through a financial crisis, the parallel world of the globe-trotting elite continues to escalate and according to all forecasts, the gap between the financial top and bottom is only going to get bigger.
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Italy - The Almighty Dollar
- 24' min 43'' sec [30 April 2012]
Vatican bank fails EU financial transparency criteria
With Italians forced to tighten their belts, the previously untouchable Catholic Church's finances face further scrutiny as a report by Moneyval exposes multiple failures in transparency at the Vatican bank. "Something like 55% of our salary goes to taxes. Really, from January 1 to July 15 we work for the state. Very nice!", the Peruzzis tell us. Not far from the Peruzzis, effervescent barista and cafe owner Francesco plays the tax system a little more loosely. "Often when you know a client really well, you don't print a receipt. This way you avoid paying tax. Sometimes you just have to try and work the system to get ahead." Both Francesco and the Peruzzis live and work in a city dominated by the architecture, iconography and sheer presence of the Catholic Church, and as they struggle to pay their bills and get by, they've grown increasingly uncomfortable about the tax breaks and special privileges enjoyed by the Vatican. "I think everybody small or big must make a sacrifice." But that's something the Church doesn't seem to feel it needs to do and while the government is talking tough, many suspect nothing will change. "The result will be another Italian sweet deal, as always." ABC Australia
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Iraq - A Nation On Edge
- 7' min 50'' sec [5 March 2012]
Since the US pulled out of Iraq, the country has been chaotic. Contrary to what the US are saying, mass poverty, clashes between Sunnis and Shiites and political corruption are tearing the nation apart.
Despite Iraq's oil wealth, one fifth of the population live in poverty, unemployment is high, and almost 2 million are reported to be malnourished. The situation is compounded by growing violence across the country. As Majid Tofan, editor of alMehda newspaper, explains, "Corruption is a huge problem in Iraq and many terror operations are financed by corruption." In light of these considerations, many Iraqis hold a widespread "distrust of politicians" and the motives behind their actions. Yet as one female student says, "we do hope that a new political leader will emerge, capable of creating full security for everyone." AXIOM, Lennart Berggren
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USA - The Insider
- 13' min 42'' sec [23 July 2012]
The publication of Glenn Carle's account of the CIA's investigation methods has been fraught with controversy. This report discusses the former agent's shocking claims with him and asks why he is speaking out. "I was there. What we did counts as torture". Former CIA agent, Glenn Carle, argues that after 9/11 the face of US international relations changed forever. Instructed that "the absence of an answer is proof of guilt", Carle claims he was given carte blanche with suspected Al Qaeda detainees, and actively encouraged to "do whatever it takes" to get information. Reviled by colleagues and politicians for speaking out, he remains adamant that "someone has to tell the truth about what we have done".
