One good reason why so many people seem to be fleeing everything American when it comes to finance may just be the open, blatant corruption:
Executives from cryptocurrency exchange Binance met with Treasury Department officials last month and discussed loosening U.S. government oversight on the company, while it was also exploring a business deal with a Trump family crypto venture, according to people familiar with the talks.
The Binance executives asked Treasury officials in Washington to remove a U.S. monitor that oversees the exchange’s compliance with anti-money-laundering laws, some of the people said. The move would mark a first step toward returning the company, which in 2023 pleaded guilty to violating those laws, to the U.S. market.
Binance has also been in talks to list a new dollar-pegged cryptocurrency from World Liberty Financial, a crypto venture backed by President Trump’s family, other people familiar with the discussions said. Listing the token, known as a stablecoin, could catapult it into a huge market and potentially bring in billions in profit for the family.
Those dealings mark the progression of a growing alliance between the Trump family and Binance, the world’s largest cryptocurrency exchange, which paid a record $4.3 billion fine for allowing terrorists, drug traffickers and sanctioned actors to move billions of dollars through its exchange. The Treasury talks took place after Binance had already begun discussing deals with representatives of the Trump family.
Everyone’s been talking about the weird circumstance of people fleeing the bond markets at a time when equities are going over a cliff. To say it’s unusual is an understatement. The words you keep hearing is that they’re “selling America” which will have huge effects on the ability of the U.S. to function going forward.
I suspect that the fact that Trump and his oligarch cronies are now just openly corrupt is part of this. (Look at Elon…) The instability resulting from Trump’s insanity is overwhelming enough, but without the rule of law or even any necessity to keep up the appearance of honesty it’s pretty easy to see why people would look elsewhere to put their money