Sunday, December 13, 2009

The Authorized Money Launderers

This isn't news to me. It's long been known in the drug policy reform community that big banks launder drug money.
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.
This is one very big reason they haven't legalized drugs. They know it would destroy the black market profit margins and all that lovely money would dry up. Just as the banksters own our politicians, the gangsters own the banksters. Ironic really that without the outlaws, the white collar criminals would have gone under.

[More posts daily at The Detroit News]

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Blogger Ruth said...

White collar; another version of 'snow'?

Of course, those private prisons are making a mint for such crooks as the Cheney/Darth family. They'd never go for legalizing drugs, it would cost them so many bodies to harbor.

10:58:00 AM  
Blogger Libby Spencer said...

Prison industry also a big reason. Really strong lobby.

And a whole lot of people make big bucks on prohibition. Lots of them are well connected politically.

12:25:00 PM  
Blogger Capt. Fogg said...

A major reason that we have drug prohibition is that alcohol prohibition was a movable feast for all who benefited from it, from wood pulp producers to enforcement to the jailers. The drug problem just suddenly appeared right after prohibition was repealed. The history is out there, but you have to look for it. It's not exactly taught in the schools.

9:47:00 AM  
Blogger Libby Spencer said...

So true. Lot of stuff they don't teach you in school Fogg.

8:42:00 AM  
Blogger Libby Spencer said...

Btw, I like the avatar but I kind of miss the sea captain.

8:43:00 AM  
Blogger Capt. Fogg said...

He's still around, but spending much more time in the car than in the boat.

Bah humbug!

10:58:00 AM  
Blogger Libby Spencer said...

Oh dear? Bad boating weather I assume?

12:39:00 PM  
Blogger Capt. Fogg said...

Partly, but All the Christmas festivities of all the groups I belong to have me feeling like Gulliver in Lilliput.

3:59:00 PM  

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