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.
If the rest of the countries of the world allow the U.S. to get away with this then they only have themselves to blame. There is no way that a work around solution can’t be developed if there is the will. New York is not the only major financial center in the world.
The US government is like the proverbial elephant in the china shop, blindly ambling around and breaking everything.