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Damn, thats crazy.
Did he release all the Epstein files yet?
Let's pretend this passes and becomes law. Now imagine a nationwide call for people to do a run on their bank, and pull out all their money. Even when the banks try to limit withdrawals, it doesn't mean you can't come back at some point and keep withdrawing.
Not everyone would do it, but eventually the news would be running in panic mode, as would investors.
I'd imagine the banks would be keen to demand a reversal of the law real quick..
You wouldn't even need to organize some mass campaign to get people to pull money out. This thing will trigger a bank run all on its own. Do you think the banks have enough reserves to immediately cash out the accounts of every non-citizen? Sometimes a bank decides it doesn't want to do business with someone anymore and will close their account. If that happens to you, they send you a check with your account balance on it. But we're talking tens of millions of people here, many with substantial amounts in US accounts. This order, if implemented, would cause every bank in the country to collapse. They just don't maintain the reserves to cash out that many accounts all at once.
Sharemarket too, I'd have to sell my US shares without my brokerage bank acct (I don't live in the US)
Let’s pretend this passes and becomes law.
It's en executive order. Nothing to pass, and it probably will get defeated in court unless they can venue-shop and route it to a corrupt judge.
It’s long past time to kill executive orders. Even the times they are used for good, they are often legally dubious and live on the whims of the courts.
They need to go back to what they were originally intended to be. It wasn't supposed to be a way to enact new laws, it was meant to give agencies direction on how to go about enacting and enforcing laws passed by congress.
The whole system is broken and corrupt though. So no simple fixes for any of the issues unless you consider tear it all down and start fresh as simple.
It wasn’t supposed to be a way to enact new laws, it was meant to give agencies direction on how to go about enacting and enforcing laws passed by congress.
EOs should be considered dead on arrival and unenforceable unless they begin and end by listing which laws passed by Congress they're meant to enforce and enact.
The problem isn't citations, it's the legislative branch and the courts not doing their duty of oversight.
Yeah that’s gonna generate an absolute shitload of lawsuits.
Also, way to go speeding the shift away from the USD as the de facto global reserve currency. Jesus tapdancing christ.
Draining the courts' resources AND make daddy putin happy, sounds like a win-win for Trump
this is their goal, they're trying to collapse the US economy. disaster capitalism is all that's left when all other fields are taken/captured by effective monopolies. there's no room for organic growth, just smashing shit to the ground and buying up distressed assets on the cheap
we have done this boom/bust cycle many times now
I'm certain that suddenly de-banking all green-card holders will .. do wonders for the US's innovation-position, globally .. won't it?
Ideology masquerading as "thinking" never legislates properly.
Bullying idiots, with their oversimplification "reality" they're doing their bullying in.
_ /\ _
Corporations are not citizens, so all corporate accounts are toast as well, right?
Of course not, just like rich non-citizens will have exceptions made for them. The rules only apply to the poors.
So what would happen to all of those bank accounts of people on work visas?
…or legal permanent residents…
Seriously! Anyone who thinks about this for half a second realizes the repercussions of only allowing US citizens bank accounts. Are we just eliminating immigration entirely now? Immigrants have to prove that they are financially self-sufficient and doing that without a bank account is... effectively impossible. Every legal permanent resident would be immediately unable to function in society. Most jobs require direct deposit into a bank account these days and won't issue paper checks. How do you even pay rent or a mortgage without a bank account.
It would be absolute chaos.
OR just all the thousands of people from other countries that do business with the US.
Hell even my travel Wise card gives me a local US bank acct number, I don't even have a visa
Profit!
The article makes it sound like Trump's racism against Somais and hatred of Ilhan Omar has a basis in fact and sanewashes his invasion of US cities by armed goons. Not unusual for the often-shoddy journalism of the oligarch-owned Independent.
One thing that is correct that many people posting here seem not to understand is that there is no current residency requirement to open a bank account in the US. Some banks will refuse because of their own policies, but that's it. You have to prove your identity, not your lawful residency status.
Do you want to collect less in taxes? Cuz this is how you encourage cash under the table compensation agreements. Fuck it, make it a law you have to be a citizen to own a home, trade stocks and buy anything that is not food. Ill get my citizenship from Niue where they have an average annual population growth rate of 1 person per year and ill go full on undocumented illegal who follows the lae by not paying taxes!
So now republicans are cool with the government telling businesses who they can and cannot do business with?
I'm not sure whether to file this one under projection or just good old bigotry.
He truly is the stupidest man I've ever heard of...and I knew a guy who boiled his sliced bread because the toaster was broken (true story, and he procreated...a lot).
So if someone is a permanent resident are they just expected to keep their money under their mattress?
Their what now? That's ICE's money. After the pulled the immigrant out of his bed, that money was just laying there. Nobody owns it, so it's finders keepers. /s
No need for the /s. In the Land of the Free the swine can just keep it. Legally.
(Technically it has to be involved in a crime, but ICE are criminals, so anything they do is by definition involved in a crime. And it's not like technicalities have ever stopped other pig breeds from stealing people's cash anyway.)
Correction, it doesn't need to be involved in a crime, the cops just need to pretend to think it might have been.
Bank runs are great for the economy
Why is that pedophile not in prison yet?
They can open up Cayman Island bank accounts just like the billionaire tax evaders.
What a shithole. But, in a weird silver lining sort of way, part of me doesn't mind the government hurting banks and more of the economy going underground out of reach of taxation.
I think this will ultimately lead to Trump hoovering up the wealth of his enemies, by closing accounts and having banks transfer the assets to his own hoard. DOGE stole information from the treasury, so Trump has a list to work with.
I wonder if the goal is to push more people into crypto to prop it up?
Just waiting for that inevitable heart attack…
I hope it fucking hurts, too.
Damn. Instead of releasing the Epstein files, he's really gonna shoot the USD in the foot some more. I bet they're stupid enough to also try to confiscate that money. Watch those Benjamin's become toilet paper real quick.