The Bogus Anti-Terrorist Crackdown on Financial Freedom

In the post–9/11 era, federal officials are treating cash as they would a suspected weapon of mass destruction. They have created legions of new restrictions and reporting requirements for citizens’ money. But the new controls have done nothing to make Washington any more competent at protecting Americans from real threats. Federal experts estimated that Mohamed Atta and the other 18 hijackers required only about half a million dollars in total financing to carry out their attacks on September 11, 2001. That is a tiny fraction of the trillions of dollars’ worth of currency transactions that occur daily around the world. Terrorism expert Brian Jenkins observed, “Terrorism tends to be a low-budget item. The real resources are fervent young men who are willing to blow themselves to bits.” But the feds seized upon the attacks to greatly expand intrusions into Americans’ financial affairs. The terrorist attacks instantly endowed George W. Bush with the right to micro-manage world financial institutions — or so the Bush administration apparently believed. And while Treasury Department officials portrayed their decrees as first strikes against “money that kills,” in reality it is almost impossible to determine which dollar bills have homicidal intent. The USA PATRIOT Act gave the feds the right to financially strip-search every American...read more