Comment by colechristensen
6 days ago
>a bank account outside America’s control
There really isn't such a thing if you want to do business in America. If you're in the US and doing business with a bank, the courts can order that bank to do things or face isolation from the entire financial system.
> There really isn't such a thing if you want to do business in America
There are to varying extents. You want a country that isn't aligned with or dependent on America, but also isn't its adversary. (And which has a good banking system.) That list was classically Turkey, the UAE and Switzerland. Today I'd add India, Qatar, Canada and Brazil and remove Switzerland.
Yeah I'm no expert in financial systems but since the money ultimately needs to be spent in the U.S. it doesn't seem that important whether the funds are frozen in the U.S. or locked away overseas and can't be transferred in for the next ~4 years.
It's much more than that, foreign banks will comply with US court orders, it's not just a blockade.
US courts shut down a series of Swiss banks that were trying to hide American's assets behind the swiss banking secrecy laws while also doing business on American soil (just having bank employees in the country did it).
> since the money ultimately needs to be spent in the U.S. it doesn't seem that important whether the funds are frozen in the U.S.
Of course it does. The hypothetical we're considering is the administration illegally freezing bank accounts. You don't need something legally impenetrable. Just complicated enough that it slows down the goons while you fight them in court.