About Senate Bill 1813 (passport confiscation), I’m not sure if anybody brought this up before on Isaac:
Perhaps most important, though, is Title II of the bill – “Stop Taxhaven Abuse.”
Long story short, if the U.S. government decides in its sole discretion that a foreign jurisdiction is impeding tax enforcement, Uncle Sam can shut them out of the U.S. financial system, no questions asked.
It’s just another measure to turn foreign banks into unpaid spies of the federal government … and limit financial freedom for U.S. citizens.
This is a bully move, plain and simple. Most of the global financial system depends on U.S. banks for correspondent accounts. When you wire money from Cambodia to Brazil, for example, the funds pass through New York.
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