619: AMERICAN KLEPTOCRACY: Greatest Money Laundering Scheme in History | Casey Michel

7 Dec 2025 · 33 min
Episode

7 Dec 2025 · 33 min

0:00

A podcast interview (Aug 14, 2022) between Jason Hartman and investigative journalist Casey Michel about Michel's book American Kleptocracy: how global kleptocrats exploit financial secrecy and offshoring — including U.S. states and industries — to hide and launder wealth. Michel defines kleptocracy as "rule of thieves," traces the growth of secrecy tools from the late Cold War/1990s offshoring surge, and highlights U.S. roles (anonymous trusts in South Dakota, anonymous LLCs in real estate, favorable state laws). Key impacts discussed include weakened foreign aid effectiveness, rising housing prices, hollowed local industry, and threats to democracy; the conversation closes with policy optimism driven by investigative revelations (Panama/Pandora Papers) and renewed public debate.

Questions this episode answers

24 to 32 trillion dollars

Approximately $900 billion

About $3 leaves for every $1 of foreign aid given (3:1 ratio)

98%

2002

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