The Spider’s Web: Britain’s Second Empire
During the days of the British Empire, London was the most impressive financial center in the world. As the empire began to decline and anti-colonial sentiments rose, more and more British territories sought independence. The financial stronghold of the capital also began to decline. In the Spider’s Web: Britain’s Second Empire tells the story of how these challenges transformed the country into a global financial power, and how their enduring importance has shaped the world we live in today.
After the fall of the Empire, the City of London’s banking network began building a network of foreign jurisdictions to hide these funds in offshore safe places, shielding them from meaningful external scrutiny. They became addicted to unregulated forms of dollar lending. These fortunes were amassed by any means necessary, including a series of nefarious frauds, tax evasion, drug and arms dealing, and other covert operations. This is a corrupt system. Some of the money has been withdrawn from poor countries, depriving these struggling economies of their ability to deliver much-needed growth and infrastructure.
Throughout the movie, we see the story of two Londoners. One is a bustling epicenter often romanticized by the US and the rest of the world, while the other is a free market run by savvy businessmen who deftly avoid the gaze of international financial regulation.
“In the UK, bankers are a protected species,” admitted one interviewee, who was part of a chorus of whistleblowers, financial insiders and social justice activists who watched the film. We are told that there is as much as $50 trillion in foreign accounts that are tax havens; many of the hardest of these safe havens are British.
The end result is a system that benefits the wealthiest. Meanwhile, hard-working, tax-paying citizens continue to struggle and suffer.
Collaging authentic newsreel footage with insights from a team of world-class financial investigators, In the Spider-Verse: Britain’s Second Empire is an impeccably researched and meticulously presented portrait of a complex global conspiracy.
Directed by: Michael Oswald
