Good post. This is just the data we KNOW about though. It is not considering smuggled money, stuff converted to crypto and sent, items bought in the US but shipped to over-seas addresses. etc...
I bet the numbers are a lot higher than that.
Indeed.
You're right, it's not smuggling or illegal, but we need to really put the brakes on this. You know how you're not supposed to carry more than $10K across the border? We need to put weekly/monthly transfer limits on remittances. Banks are required to report large withdrawals. Money transfer services need to do essentially the same thing. Of course (((big banks))) and those countries I listed will lobby hard against this.
Yearly limits too. You can only transfer X per year. If you hit your limit you are done.
But you can have a large once in a lifetime transfer if you go back home... permanently.
(post is archived)