Video: Government wastes billions chasing after money launderers.
Below is a fascinating video on a subject rarely discussed. Dan Mitchell is on point as always presenting another government paradigm that we have so frequently examined. This paradigm suggests that most of the time our government responds to a so-called crisis, implements benevolent and far reaching regulations and end up hurting people unintentionally while failing to solve the crisis. In lessons from Shays' Rebellion we saw how radically and quickly a government can jump to a conclusion based on perceived threats or failing to understand the source of the problem. Stopping criminals from laundering money and using far reaching regulations is just such an example. However there is a great cost to pay for such benevolence. On top of the tens of billions extracted from the banks by the FDIC, the banks are also burdened with filing millions of reports on "suspicious" activities that some have estimated cost the banking industry up to 10 billion...