Capital controls always work in disfavor of the banana republic who imposes them. Capital stays away. There are still many ways to secret money overseas. Risky, but identifying the beneficial owner of many assets is difficult. Once in place, they effectively block the flow of capital into the country.
Once that happens, it is all over.
If, by definition, we’re now a “banana republic” with this latest attempt to control capital, it’s even worse than I thought.
All the more reason to finally stand up on our hind legs and make some noise.