The other day, I tried to log into my online brokerage account. (Just a little routine business, nothing to do with the recent roller-coaster.) But I couldn't get in. Instead, I just got a message in red, "! In order to continue, you will need to speak with Schwab."
You know you're in trouble when they put an exclamation point at the beginning of the sentence. So, I "spoke" with Schwab. It turns out, Mr. Schwab noticed that I had tried to log in from Syria. So they froze my account. As the rep explained, the freezing comes courtesy of U.S. sanctions against Syria. As soon as I can prove I'm no longer in Syria, I can have my funds back (which, thankfully are doing just fine for the moment, earning 4.5% interest in the trusty custody of Schwab). All these even though I was simply trying to transfer money from the (American) online brokerage to my (American) bank.
The financee also had a recent encounter with the less-than-smart sanctions. She tried to get a care package from her mother. But no dice. Why? The sanctions, expanded a few years ago, bar any mail from the U.S. other than documents. (The overall sanctions do have two exceptions, for food and medicine. But apparently even those small openings don't apply to small-fry like us. They need permission from on high.)
Part of this is just a personal kvetch, obviously. ("What do we want? Access to our online brokerage! When do we want it? Now!")
But I think it's also a glimpse at much of the problem with U.S. policy here. The U.S. has been increasingly cutting off connections and venues to Syria. Recently, a friend of mine who's lived here for years was arguing the folly of such a policy. Syrians, he pointed out, are traders. As in the U.S., their business is business. To be all sticks and no carrots with near-encompassing sanctions, means losing one of the most important forms of influence the U.S. can have here. Meanwhile, China, Iran, and plenty are filling the gap.
No all sanctions are bad. Despite their often dubious efficacy over the years (think Cuba) there are times when they still might be worth it anyway. But the point is simply that sanctions have costs. And in the case here, not all of them are bourne by Syria--or even kvetchy folks like me.


