We have all heard about the crisis on the US southern border. We hear a bit less about the crisis on the US European border. This crisis is not about foreigners trying to get into the US. It is about US firms fleeing high US corporate tax rates. They are doing it via “inversions”, taking advantage of laws that enable them to move earnings overseas. And while the IRS and the Obama Administration in general may not like it, European law firms love it. Reuters reports that European firms are marketing themselves as inversion specialists. And there is competition between European countries to get more US companies to do inversions in their jurisdictions. So where is this headed? Good question.