American Kleptocracy, with Casey Michel

The podcast explores American kleptocracy, detailing how the U.S. has become a hub for money laundering. Casey Michel, author of "American Kleptocracy," defines kleptocracy as a transnational system where ruling elites pillage local populations and transfer illicit funds to Western financial systems, particularly the U.S. The discussion highlights how states like Delaware, Nevada, Wyoming, and South Dakota enable financial secrecy through shell companies and anonymous trusts, attracting illicit wealth from around the globe. This influx of dirty money harms Main Street America, as seen in instances where Ukrainian oligarch Igor Kolomoisky laundered billions into small towns, leading to economic devastation rather than revitalization. While recent legislation aims to combat anonymous shell companies, enforcement remains a challenge.