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The Hidden History of the World’s Top Offshore Cryptocurrency Tax Haven

The Bahamas represents how global capitalism can go very right, and very wrong, at exactly the same time. On Jan. 3, as Sam Bankman-Fried pleaded not guilty in New York on charges stemming from the collapse of one of the world’s largest cryptocurrency exchanges, the FTX debacle became, once again, a U.S. story. The Bahamian backdrop to the last days of FTX has faded into the background. But the torrid affair between what was once touted as the leading edge of financial technology, or fintech, and the Bahamas—a nation of 400,000 people, spread over some 700 islands, 50 miles or so offshore of Florida—is not merely incidental. It highlights the way in which the wider Caribbean region has repeatedly functioned as a Frankenstein laboratory of global capitalism. The Caribbean was the first region of the world to feel the full force of Western conquest and

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The G-20 Proved It’s Our World Government

At a time of global conflict, world powers showed that cooperation can actually work. Ahead of time, the script for the G-20 summit in Bali, Indonesia, seemed to write itself. A grouping conceived in the heyday of globalization was meeting in person for the first time under the shadow of the new Cold War. China and Russia would clash with the United States and its allies. Ukraine would hog center

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The European Project Is Now at the Mercy of the Weather

This winter, Europe may be facing a crisis without any clear solution. Right now, the sobering truth is that the future of Europe hinges on the weather. It seems absurd. But whether the winter ahead is cold or warm will determine if Europe gets through the next six months without major economic, political, and social stress. We are in this situation because, thanks to the clash with Russia over Ukraine,

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Archive

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The 1970s Weren’t What You Think

Yes, fiscal and monetary policy seemed stuck for too long in expansionary mode. But the era also saw the rebalancing of the world economy. Some historical analogies are playful. Some require elaborate academic justification. Others

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The second coming of Nato

In November 2019, from the salon doré of the Élysée Palace, where Charles de Gaulle once held court, Emmanuel Macron warned his fellow Europeans that Nato, the transatlantic alliance that had secured Europe since 1949,

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Does Ukraine need a Marshall Plan?

Amid the twisted girders, ruined walls and underground tunnels of the Azovstal plant, Ukraine’s defenders are making their last stand in the siege of Mariupol. The steel factory dates to 1933 and the era of

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