The Fatal Flaw in the West’s Fight Against Autocracy

Source: Foreign Policy
by Casey Michel

“To hear Western politicians tell it, liberal democracies are in an existential fight against the forces of autocracy, despotism, and dictatorship around the world. That framing has found a home in U.S. President Joe Biden’s recent rhetoric and is the raison d’etre for his upcoming Summit for Democracy. Biden and the other Western politicos echoing his calls are correct in their diagnosis. … But their efforts to thwart rising autocracy have overlooked a critical way Western democracies themselves enable such regimes to thrive: by providing anonymous financial secrecy tools that allow kleptocrats around the world to move, hide, and launder their ill-gotten wealth, safely away from the prying eyes of their own people.” [editor’s note: But if the little people want to use, say, cryptocurrency to hide THEIR wealth from the kleptocrats, that’s a bad thing – TLK] (10/06/21)