U.N. crime chief says drug money flowed into banks

U.N. crime chief says drug money flowed into banks

www.iht.com

VIENNA: The United Nations' crime and drug watchdog has indications that money made in illicit drug trade has been used to keep banks afloat in the global financial crisis, its head was quoted as saying on Sunday.

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So, you just had a confession who is the chief of world drug trade! ))
If the money belonged to some "independent" drug dealers, how could the Bank System use them for itself? - This is the real money laundering, described by Marx!
Bank system privatized the printing press and prints different kinds of currency and "stocks". But this paper should also have kinda material value - so "launder" papers!)
One of the way is also to get population on the needle - to create an artificial necessity, for which this population will give any sums of money it has earned....

www.iht.com
(visit the link for the full news article)

[edit on 30-1-2009 by Russi]

What a hero Mr. Costa is to speak publicly about this evil abuse of power. We have repeatedly heard of the massive increase in the opium fields of Afghanistan since the US went there to purportedly free the people from the control of the Taliban. Someone's been making a lot of money from that country's crop and I doubt that it would be the Afghan nation.

"money made in illicit drug trade has been used to keep banks afloat "

Holy crap.
Takes a lot of cash to keep banks afloat nowdays.

That's a lot of drug money.
Who buys all of these drugs?

Nothing new here. Drug profits have been laundered through banks since the beginning of prohibition, ie the 1930s. The modern Miami skyline was literally built with coc aine profits realized in the late 70s and 80s.

No wonder governments won't legalise or allow people to grow their own tobacco,coca, marijuana plants or whatever else, it's obvious they just don't like competition.

not competition they just need to support their empty stocks by your money...


[edit on 30-1-2009 by Russi]

Here in Canada there was an attempt about 5 years ago by the Liberal government to decriminalize drug us and eventually control and heavily tax sales, starting with marijuana.

It makes eminent economic sense, lowers the price for users, and downsizes the organized crime component and reduces the violence.

The US ixnayed the plan.

So the War on Drugs continues with the drugs winning as always.

Someone familiar with money laundering explained how it was positive as money stolen from some place else gets introduced into the system for local recirculation. He rationalized it was better than money leaving the local system to go to some safe haven elsewhere.


Mike F