At one end, tax evasion and cash hoarding have left US companies – particularly tech companies – with a vast amount of money to invest. This glut of corporate savings has – both directly and indirectly – combined with a loose monetary policy to strengthen the pursuit of riskier investments for the sake of a decent return. At the other end, tax evasion is, by definition, a drain on government revenues and therefore has exacerbated austerity. The vast amount of tax money that goes missing in tax havens must be made up elsewhere. The result is further limitations on fiscal stimulus and a greater need for unorthodox monetary policies. Tax evasion, austerity, and extraordinary monetary policies are all mutually reinforcing.

Nick Srnicek, Platform Capitalism, loc. 38