Drug money laundered by banks kept financial system going during recent crisis

money laundering

Drug money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations’ drugs and crime tsar has told the Observer.

Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were “the only liquid investment capital” available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.

That certainly explains why the US government doesn’t want drugs legalized. Clearly, our financial system is rotten and corrupt even beyond ravings of the most fevered Marxist. Hedge funds, banks, politicians, corrupt cops, those who build prisons, and many others all profit mightily from drugs being illegal. But now our financial system has been poisoned by drug money. While the government knowingly stands by and does nothing.

  • This is the tail end of the story(s) we both posted links to… 18 months ago.

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