Today's guest is Brazilian economist Fernando Ulrich, one of Latin America's leading experts on Bitcoin and a longtime advocate of free market economics. His 2014 book, Bitcoin: The New International Currency, helped popularize the cryptocurrency in Latin America, where decades of inflation and government mismanagement have made alternatives to state-controlled money especially appealing. But Ulrich doesn't believe Bitcoin needs to replace the dollar to succeed, and he argues that its greatest contribution may be challenging the government's monopoly on money.
Nick Gillespie spoke with Ulrich at the Winds of Change conference in Buenos Aires, where they discussed why the AI investment boom may be drawing capital away from Bitcoin, whether Javier Milei has delivered on his promise to transform Argentina's economy, and how stablecoins are threatening national currencies. They also explore the Austrian school of economics, the risks of protectionism, and why Ulrich believes Bitcoin can expand individual freedom even if it never becomes the world's dominant currency.
0:00—Is Milei delivering on his economic promises?
4:29—Argentina's central bank
7:35—Bitcoin as a payment system
10:10—Bitcoin's adoption rate and volatility
16:38—Is AI a bubble?
19:03—What does Paul Krugman get wrong about Bitcoin?
23:13—China's relationship with Bitcoin
24:24—Differences between Bitcoin and stablecoins
28:25—Subjective value theory
32:40—The Cypherpunks and the concept of exit over voice
37:49—Will an economic crash accelerate Bitcoin adoption?
Fernando Ulrich appears on the left. Nick Gillespie appears on the right. An image of the Bitcoin logo on a gold coin appears in the center. Bold text across the top of the screen reads "Nobody Controls It."
The consequences of Kiev’s campaign against Russian refining infrastructure had travelled considerably further than the drones themselves. Months of attacks had damaged refineries, reduced fuel production and contributed to shortages inside Russia. Much of the discussion surrounding the campaign focused on the damage inflicted on Moscow: how many facilities had been hit, how much refining […]
Shevaun Haviland argues PM is right to revisit Labour’s EU red lines as current trading relationship is bad for business
Repairing the economic damage of Brexit should be the top priority for Andy Burnham as he reconsiders Labour’s red lines on EU membership, the head of one of Britain’s leading business groups has said.
Shevaun Haviland, the director general of the British Chambers of Commerce (BCC), said she welcomed the prime minister reopening the Brexit battle lines despite the uncertainty it could create, arguing that the UK’s current trading relationship with the EU was bad for business.
For many Americans overseas, the scariest day this month is not Halloween, but October 15—the final extended deadline for filing income tax returns with the Internal Revenue Service (IRS).
An estimated 3.3 million U.S. citizens live abroad, although the number is likely an undercount because the government doesn't keep a comprehensive list or require Americans overseas to register their residence. Still, American citizens and resident aliens living abroad must pay U.S. income taxes and comply with domestic tax filing requirements, regardless of where they live or work. They must also complete the dizzying process of reporting any foreign bank accounts, assets, and financial interests in foreign institutions.
When filing their income tax returns, most Americans living abroad have zero tax liability. In its 2025 Annual Report to Congress, the Taxpayer Advocate Service—an independent organization within the IRS that helps people navigate tax problems—found that for Americans overseas, "the percent of individual international tax returns reporting no tax liability is significantly higher than domestic taxpayers." Yet, the agency reports that the filing process is "complex, overlapping, and punitive." The report says failure to comply results in "harsh and disproportionate penalties…even when taxpayers make good-faith mistakes or owe no U.S. tax."
The U.S. income tax rate is low compared to other high-income countries, so Americans living overseas typically pay more in local taxes than they would here. Still, Brandon Mitchener, executive director at Tax Fairness for Americans Abroad, tells Reason that Americans living outside the U.S. are often oblivious to their income tax obligations, assuming they're exempt because they already pay taxes in their country of residence. He says that complex U.S. tax laws and financial regulations force many Americans living overseas to request an extension to October 15.
The date also coincides with the final deadline for the Foreign Account Tax Compliance Act (FATCA) and the Report of Foreign Bank and Financial Accounts (FBAR)—regulations that require Americans with foreign financial assets above a certain threshold to declare the value of their assets to the IRS or Treasury Department.
Under FATCA, Americans living overseas with foreign financial assets exceeding $200,000 at year-end or more than $300,000 at any point during the year must declare their assets when filing their income tax return. The law also requires foreign financial institutions to report information about U.S. account holders directly to the IRS. Originally enacted to catch Americans overseas engaged in tax evasion or other criminal financial activity, it has instead made American citizenship an impediment for expatriates looking to save or invest money outside the U.S.
"Because of FATCA, many foreign financial institutions shun American clients," Mitchener says. This includes Trade Republic, a German digital bank and online brokerage firm that doesn't accept U.S. citizens living abroad, a category of people it tellingly describes as "FATCA customers."
"Some charge a premium for banking-while-American," he adds, while some have "even de-banked American clients." The latter is a very real concern for Madison Berry, an American living in the Netherlands. She tells Reason she's "a little bit worried" that her European bank will one day "come back and be like, 'Oh, you're a U.S. citizen. We're gonna close your account.'"
This "reduces choice and raises the cost and complexity of everyday financial products for Americans abroad, from basic savings accounts to mortgages and retirement savings," Mitchener says, creating problems unique to America and Eritrea, the only two countries that tax citizens living outside their borders.
Compounding matters, Americans with foreign financial accounts exceeding $10,000 must file an FBAR with the Treasury Department's Financial Crimes Enforcement Network, even though the form duplicates much of the same information already reported through FATCA. The reporting requirements make investing or saving money abroad prohibitive for Americans and foreign financial institutions, with foreign banks opting to close existing accounts or outright denying Americans the opportunity to open a bank account, according to a 2019 report by the Government Accountability Office. Seven years later, little has changed. The IRS itself admits that its systems and functions are "inaccessible to or incompatible with the needs of taxpayers living abroad, creating unnecessary barriers to compliance."
Berry says figuring out her tax obligations and reporting requirements has left her "in a financial limbo." "I seriously considered renouncing my U.S. citizenship as part of the process just to make life easier." She's not alone.
Several Americans living overseas who spoke to Reason on condition of anonymity said they were also considering renouncing their U.S. citizenship rather than deal with the onerous annual tax filing process. One American living in Ireland who owns and operates a U.S.-based business says she uses a remote desktop and virtual private network to access her financial institutions to avoid scrutiny.
Another tells Reason she's considering renouncing her citizenship because America's tax system is "predatory in how complicated it is and how much responsibility it puts on ordinary people to figure everything out themselves."
The Russian Embassy in Paris has accused France of “piracy” after its naval forces seized an oil tanker in international waters near Madagascar, rejecting claims that the operation complied with international maritime law.
French President Emmanuel Macron announced the detention of the DF Peak on Monday, saying the vessel was suspected of sailing under a false flag and involvement in illegal fuel transportation.
The tanker was intercepted 450 nautical miles south of Reunion, a French island territory east of Madagascar, Macron said.
According to MarineTraffic, the DF Peak sails under Benin’s flag. Macron did not identify the owner but described the seizure as part of France’s campaign to “fight the ghost fleet wherever it may be in the world.”
The Russian Embassy called the operation a “flagrant violation of international law,” dismissing France’s references to maritime regulations and “international sanctions” as a “fig leaf” concealing “outright piracy and robbery.”
The embassy denounced the sanctions as illegitimate unilateral measures and said the French authorities failed to notify Russian diplomats of the seizure. It added that officials are checking whether any Russian nationals were aboard.
Western governments have used the term ‘shadow fleet’ to describe vessels that allegedly help Russia circumvent sanctions on oil exports. Moscow rejects the designation, arguing that it has no basis in international maritime law.
France previously detained the Tagor tanker in the Atlantic in June, and British forces seized the Smyrtos in the English Channel later that month. Moscow condemned both operations as piracy.
In July, the EU adopted a mechanism allowing member states to sell oil and other cargo confiscated from sanctioned vessels. President Vladimir Putin subsequently warned that Russia could retaliate against ships carrying Western cargo.
The latest seizure comes days after Putin and US President Donald Trump agreed to expand Russian diesel supplies to American and global markets in an effort to ease soaring fuel prices.
Washington subsequently issued a temporary sanctions waiver covering Russian diesel trade until April 7, 2027. Trump announced initial deliveries of more than 300,000 tons, followed by another 500,000 tons in November, and 1 million tons thereafter.
Login
