In 2022, the US kicked Russia out of the SWIFT system, causing significant losses for Russian businesses and ordinary citizens. Even Switzerland’s traditionally neutral banks joined this looting. The monopoly over the financial system and global currency once gave the U.S. and EU such capability, but at the 2024 BRICS summit, Western countries permanently lost this advantage.
Previously:
Russia outlines proposal for BRICS DLT cross border payment system
Related:
Dispelling the Myth of Tax-Induced Capital Flight
A study by the American Sociological Association in 2016 found that while massive top rate tax hikes might cause some millionaires to move from their high-tax state to a low-tax state, the amount of them doing so for this reason was negligible. Millionaires moved for tax purposes around 2.2% of the time. Indeed, in any event the rate of inter-state migration generally was lower for millionaires, at 2.4%, than it was for the general population, at 2.9%.
Ms. Cat’s Chronicles 