Drug Money Helps Banks Through Crisis

[Jim Finnel]

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.

Vienna-based UNODC Executive Director Antonio Maria Costa said in an interview released by Austrian weekly Profil that drug money often became the only available capital when the crisis spiralled out of control last year.

"In many instances, drug money is currently the only liquid investment capital," Costa was quoted as saying by Profil. "In the second half of 2008, liquidity was the banking system’s main problem and hence liquid capital became an important factor."

The United Nations Office on Drugs and Crime had found evidence that "interbank loans were funded by money that originated from drug trade and other illegal activities," Costa was quoted as saying. There were "signs that some banks were rescued in that way."

Profil said Costa declined to identify countries or banks which may have received drug money and gave no indication how much cash might be involved. He only said Austria was not on top of his list, Profil said.


News Hawk: User: 420 MAGAZINE ® - Medical Marijuana Publication & Social Networking
Source: ENCOD
Copyright: 2008 European Coalition for Just and Effective Drug Policies
Contact: Encod.org
Website: https://www.encod.org/info/DRUG-MONEY-HELPS-BANKS-THROUGH.html

 

[pamphleteer]

Feeding the Beast has become the major source of the crisis in America.
After reading this news it seems billions in bailout money was still " needed" for corporate banks, and the shear hypocracy is staggering.
The Corporate Fascists who have brought on the financial crisis are the same people who retard progress in diversified energy resources.
The main "enemies" are --
1} OIL CORPORATIONS
2} Pharmaceutical Corporations
3} "Law" Enforcement
4} DuPont

Marijuana reform is a part of a much larger effort to resist the encroaching police state. In the 60's, The Nixon Administration used newly enacted drugs "laws" to silence dissent, especially in regard to the Vietnam War. In the 70's there was promise the ban on the noble weed would be lifted, but by the 80s, "Reaganomics" changed all that.

The U.S. has become a much more violent place as hardcore criminals are released from overcrowded prisons to make room for marijuana dealers. The only winner in this rigged system is the prison "industry" [ In fact the land of the "free" has a larger percentage of its population behind bars than any other nation in the world!].

The Financial Crisis has unwittingly presented the best opportunity to legalize weed, as farmers are desperate for a "new" cash crop, more people may be open to "new" ways to relieve stress, medicinal marijuana can ease the suffering of people who have cancers brought on by the industrial pollution produced by the enemies of reform, and even the money grubbers are now hysterical to find new ways to generate revenue. It is time to get serious and stand up for your right to persue happiness.

​

 

[banana420]

I love when I see articles like this one that says how drug money helped the banks and stuff because people make such a big deal about marijuana but I know if they legalize it, it would help out so many states. In california we are so far in debt but we are one of the, if not the state that has the most weed sold from it and people are making bank off of there personal gardens but if they where to legalize it and tax it, it would help cali so much in there budget crisis but so many people are so against it bc it is illegal that they wont even take the chance and try it.

 

[Damagoman]

"In many instances, drug money is currently the only liquid investment capital,"

Praise the Ganja Gawds and Pass the Bowl