The article further explores how this influx of foreign wealth has not corrupted the American system but rather exposed its existing compromises. It points out that the U.S.'s oligarchs, like their Russian counterparts, are both the results and active engineers of a system failure. The piece concludes by highlighting the need for a more robust American infrastructure of wealth, secrecy, and tax avoidance to prevent the further rise of an American oligarchy.
Key takeaways:
- The US has become a haven for foreign wealth, with the rise of American oligarchy being investigated in the January + February 2024 issue of the magazine.
- The superyacht Amadea, owned by a Russian businessman, ended up in California after a family vacation went wrong and is now owned by the US government due to legal proceedings.
- The US and its allies have blocked, seized, or frozen more than $280 billion in assets from hundreds of sanctioned Russian businessmen, politicians, family members, and fixers since the Russian invasion of Ukraine.
- The American political and financial system has invited the world's wealth hoarders to come and stay a while, leading to a great transnational wealth transfer eased along by the booming, multitrillion-dollar American private-investment industry.