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Money and Monetary Policy

'Panama Papers' blockbusters make waves abroad, but secret money is a U.S. problem too

'Panama Papers' blockbusters make waves abroad, but secret money is a U.S. problem too

The headlines about the “Panama Papers,” the gigantic trove of offshore records that surfaced this week, were all about the famous names connected to secret financial accounts: Russia's Vladimir Putin, Ukraine's Petro Poroshenko, China's Xi Jinping, Syria's Bashar Assad, Saudi Arabia's King Salman and more.

But on second glance, most of the names weren't too surprising. You didn't really expect the world's autocrats to keep their money at home, where it could be seized by whoever came next, did you? (And in some cases, the autocrats' names weren't really there; the accounts were held by family members or friends — in Putin's case, an old classmate, a cellist with...

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