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The key problem is I don't see a scenario where the US economy collapses and the rest of the world is fine to escape to. The 1929 Wall Street crash led to a glo

The key problem is I don't see a scenario where the US economy collapses and the rest of the world is fine to escape to. The 1929 Wall Street crash led to a global economic depression, likewise the 2008 US subprime mortgage crash led to the global "great recession".

deleted 3y ago
[deleted]
082349872349872 3y ago
(having voted with my feet decades ago) I'd bet people in the Old Country are not worried about economic, but rather political, instability. Other people in the thread have mentioned tax issues, but really, as far as tax havens go Montana is right up there.
hollerith 3y ago
Economic depression or recession is not the worry: the worry is political extremists on the left or on the right taking control of the government a la Russia in 1917, Germany in 1932 or China in 1949. Even though the probability of such an outcome is very low, it makes sense for rich people to protect against it because of how deadly and full of long bouts of suffering and trauma such outcomes are.
- barryrandall 3y ago
  I think you're getting at the root of the issue. The problem isn't that the perceived probability of a revolution is high, it's that people are accustomed to that being effectively zero, and it's not perceived to be effectively zero any more.
- Milton6 3y ago
  And if such a thing happens there will still be an economic crisis
- archagon 3y ago
  Which political extremists on the left are at risk of taking control of the government…?
- mostlysimilar 3y ago
  > political extremists on the left or on the right One of these two groups actively courts such extremists while the other shuns them.
Hrnrurj 3y ago
[flagged]
paxys 3y ago
It isn't an economic problem but rather a political one. People don't like it when their freedoms are restricted, and that is the direction this country is rapidly going in. For example if abortion is outlawed nationwide with no exceptions then it helps to have an alternate passport and a private jet ready to take you anywhere you need to for medical care.
- jayski 3y ago
  If you need an abortion or IVF, you don't need a second passport and definitely not a private jet. You just need 10 mins worth of googling and a regular airplane ticket to one of the many places that will perform those procedures on foreigners. People are crossing the border every day to get crazy dangerous esthethic surgeries in Tijuana. I'm more worried about living in a country where 50% of the citizens hate the other 50%, where the media keeps pushing everyone to hate even more. That has been the downfall of many countries. It has real potential to make life very difficult fast, especially if you have kids.
  - silverquiet 3y ago
    > I'm more worried about living in a country where 50% of the citizens hate the other 50% The medias (I really don't think there is a singular "media" as everyone seems to) certainly can make quite a bit of money off this situation, but I was taught as a child by a particular religion that Democrats are demons who want to kill babies. I am not exaggerating nor am I particularly young; that is to say that this is not a recent development. When the indoctrination has reached that deep, I don't believe there really is any coming back. But yes, as I say to myself many times a day now, I am so glad I don't have kids; there is vanishingly little of this world I would wish to share with them.
  - 082349872349872 3y ago
    > where the media keeps pushing everyone to hate even more I used to think of the 90s as a relatively peaceful time, but now that I've met several refugees (and their descendants) from all the wars in what used to be Yugoslavia, I'm not so sure. For them, the media were TV/radio, not internet. So totally different.
ccppurcell 3y ago
But presumably some countries did better than others following the crash. It still makes sense to diversify your portfolio.
futureshock 3y ago
It’s to hedge against increasingly authoritarian government in the US and the deteriorating social safety net. The economy could be great but still be a terrible place to live.
- 082349872349872 3y ago
  > The economy could be great but still be a terrible place to live. On that note, as long as SWIFT and the rest of the global system stays up, it's possible to have your investments in the US but your neighbours elsewhere.
  - futureshock 3y ago
    This one weird trick!
randomdata 3y ago
The US was, and remained, stable through those events. Were the US to become unstable, it is true that it would likely take the rest of the economic world with it, but eventually countries with some stability would start to recover. Whereas, whatever conditions made the US unstable would likely only be exacerbated in the mess – economic downturns are not a good time to find stability! – making recovery improbable.
unstatusthequo 3y ago
Exactly. What amazing country are they planning on sheltering in? Good luck.

deleted 3y ago

[deleted]

082349872349872 3y ago

(having voted with my feet decades ago) I'd bet people in the Old Country are not worried about economic, but rather political, instability. Other people in the thread have mentioned tax issues, but really, as far as tax havens go Montana is right up there.

hollerith 3y ago

Economic depression or recession is not the worry: the worry is political extremists on the left or on the right taking control of the government a la Russia in 1917, Germany in 1932 or China in 1949. Even though the probability of such an outcome is very low, it makes sense for rich people to protect against it because of how deadly and full of long bouts of suffering and trauma such outcomes are.

barryrandall 3y ago
I think you're getting at the root of the issue. The problem isn't that the perceived probability of a revolution is high, it's that people are accustomed to that being effectively zero, and it's not perceived to be effectively zero any more.
Milton6 3y ago
And if such a thing happens there will still be an economic crisis
archagon 3y ago
Which political extremists on the left are at risk of taking control of the government…?
mostlysimilar 3y ago
> political extremists on the left or on the right One of these two groups actively courts such extremists while the other shuns them.

Hrnrurj 3y ago

[flagged]

paxys 3y ago

It isn't an economic problem but rather a political one. People don't like it when their freedoms are restricted, and that is the direction this country is rapidly going in. For example if abortion is outlawed nationwide with no exceptions then it helps to have an alternate passport and a private jet ready to take you anywhere you need to for medical care.

jayski 3y ago
If you need an abortion or IVF, you don't need a second passport and definitely not a private jet. You just need 10 mins worth of googling and a regular airplane ticket to one of the many places that will perform those procedures on foreigners. People are crossing the border every day to get crazy dangerous esthethic surgeries in Tijuana. I'm more worried about living in a country where 50% of the citizens hate the other 50%, where the media keeps pushing everyone to hate even more. That has been the downfall of many countries. It has real potential to make life very difficult fast, especially if you have kids.
- silverquiet 3y ago
  > I'm more worried about living in a country where 50% of the citizens hate the other 50% The medias (I really don't think there is a singular "media" as everyone seems to) certainly can make quite a bit of money off this situation, but I was taught as a child by a particular religion that Democrats are demons who want to kill babies. I am not exaggerating nor am I particularly young; that is to say that this is not a recent development. When the indoctrination has reached that deep, I don't believe there really is any coming back. But yes, as I say to myself many times a day now, I am so glad I don't have kids; there is vanishingly little of this world I would wish to share with them.
- 082349872349872 3y ago
  > where the media keeps pushing everyone to hate even more I used to think of the 90s as a relatively peaceful time, but now that I've met several refugees (and their descendants) from all the wars in what used to be Yugoslavia, I'm not so sure. For them, the media were TV/radio, not internet. So totally different.

ccppurcell 3y ago

But presumably some countries did better than others following the crash. It still makes sense to diversify your portfolio.

futureshock 3y ago

It’s to hedge against increasingly authoritarian government in the US and the deteriorating social safety net. The economy could be great but still be a terrible place to live.

082349872349872 3y ago
> The economy could be great but still be a terrible place to live. On that note, as long as SWIFT and the rest of the global system stays up, it's possible to have your investments in the US but your neighbours elsewhere.
- futureshock 3y ago
  This one weird trick!

randomdata 3y ago

The US was, and remained, stable through those events. Were the US to become unstable, it is true that it would likely take the rest of the economic world with it, but eventually countries with some stability would start to recover. Whereas, whatever conditions made the US unstable would likely only be exacerbated in the mess – economic downturns are not a good time to find stability! – making recovery improbable.

unstatusthequo 3y ago

Exactly. What amazing country are they planning on sheltering in? Good luck.