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[–] 31 points 2 months ago* (5 children)

They’ve invested something new. It’s called Crapitalism.

For your consideration, https://en.wikipedia.org/wiki/Kleptocracy

Orr https://en.wikipedia.org/wiki/Crony_capitalism

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  • [–] 13 points 2 months ago (3 children)

    Since 2011, more than $1 trillion has left developing countries annually in illicit financial outflows. A 2016 study found that $12 trillion had been siphoned out of developing economies.[15]

    In a 2011 forensic study of grand corruption cases, the World Bank found the United States was the leading victim of illegal incorporation of entities involved in money laundering schemes.[24] The Department of the Treasury estimates that $300 billion is laundered annually in the United States in violation of US law.[25]

    This kleptocratic financial system flourishes in the United States by illegally abusing the United States' liberal economic structure for two reasons.

    1. First, the United States does not have a beneficial ownership registry, and kleptocrats take advantage of this privacy benefit.[26]
    2. Second, kleptocrats take advantage of incorporation agents, lawyers, and realtors to unknowingly launder their money.

    Yeah that sounds about right. Probably conservative estimates, to boot.

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  • [–] 6 points 2 months ago

    First, the United States does not have a beneficial ownership registry, and kleptocrats take advantage of this privacy benefit.

    It was about to but then Trump cancelled it before it came in. Shocker.

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