CNBC reported today – it is a ongoing story in business media – that:
“Wealthy U.S. families are increasingly applying for second citizenships and national residences as a way to hedge their financial risk, according to a leading law firm.
The wealthy are building these “passport portfolios” — collections of second, and even third or fourth, citizenships — in case they need to flee their home country. Henley & Partners, a law firm that specializes in high-net-worth citizenships, said Americans now outnumber every other nationality when it comes to securing alternative residences or added citizenships.
“But if I’m wealthy, I would like to hedge against levels of volatility and uncertainty. The idea of diversification is well understood by wealthy individuals around what they invest. It makes no sense to have one country of citizenship and residence when I have the ability to actually diversify that aspect of my life as well.”
Where does one begin with these weak knees 1 percent? What goes unsaid, is that many of these transactional wealthy families or their second and third generation trust fund heirs have helped create and expedite the problems America now faces.
Racial division? Many of these transactional citizens funded things like Black Lives Matters which heightened and broadened racial divides. According to the NY Post:
“Black Lives Matter’s national organization doled out just over $30 million— 33% of the nearly $90 million it received in public donations from 2020 to 2022 — to charitable foundations, public filings show.”
Wealthy families and the corporate boards they sit on did that.
Our country’s balance sheet? Our national debt of $34 trillion? Much blame goes to these wealthy families who tried to buy off what they perceive as the proletariat while protecting their wealth and insider status via loopholes and regulatory protection.
I do not know with certainty, but I am guessing that most of these weak knee deserters built their fortune as portrayed in the movie “Get Hard:”
America is worth fighting for day-in and day-out. What is worth living for in life? Life has to have meaning and purpose. Protecting and bettering the greatest country in the world is a purpose.
I leave you with a great scene from the limited series “Billions” on Showtime:
This is not an indictment of many expats or people who move because of culture, family, education, etc. But moving to protect your wealth? Because you are concerned about instability in America. Those who think that, have not traveled the world.
We need more protectors of America. Not meme warriors, not apathetic citizens, but those willing to get in the trenches and protect and better the greatest country the world has ever known.
As Wags said in the “Billions” clip, if it gets bad here in the United States, there is nowhere you can go that will not be touched by it.
Note: the opinions expressed herein are those of Chuck Warren only and not his co-host Sam Stone or Breaking Battlegrounds’ staff.
