Sunday, January 25, 2009

UNODC chief Costa: Illegal drug trade saved banks This is pretty strange. According to the UN's "drug czar," we can thank the liquidity of black market drug trade money for saving some banks and maybe even some countries' economic systems. VIENNA, Jan 25 (Reuters) - 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. [...] "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." Well maybe we've finally found a bizarre and dysfunctional reason for keeping drugs illegal -- the banks need the unregulated cash flow. Of course, if we weren't wasting all our money on an unproductive war on drugs and converted the black market to economic productivity, we wouldn't need the liquidity of black-market cash. 9:13:55 PM | drug policy | Related  | permalink | comment []

A Letter to the Editor that practically writes itself Check out this news from Canada: Hemp Refiner Expected To Provide New Income For 200 Farmers Stonehedge is now set to establish a bioprocessing facility in Eastern Ontario to serve North American markets. Some of the products and co-products are aimed at the automotive, energy, agriculture, construction material, and pulp and paper markets. This fibre separation facility ( decortication plant ) is expected to provide new farm income for about 200 farmers, putting more than 12,000 acres into cultivation, said John Baker, president and founder of Stonehedge. So why are we denying our farmers the opportunity to compete in the global market? Why is the U.S. giving a government monopoly on hemp industry jobs to Canada? 10:25:01 AM | drug policy | Related  | permalink | comment []

Open Thread Sito Negron does a wrap-up on El Paso coverage: In the end, the debate was both greatly inspiring and gravely disappointing. It was inspiring because with very little notice the City Council was able to air in public so many issues that need to be debated at the highest levels, and it was disappointing because the state and federal leadership failed to uphold what ought to be their first priority, the honest search for the best policy. They bowed to fear. The El Paso Times wraps up as well: We are at the point where we have to do something. Frustration in El Paso and Juárez has reached such levels that taboo subjects are actually being given consideration by people who would not have thought of discussing them before. Johann Hari: The Contradictions Facing a Black President of the American Empire. Interesting article about the real reasons for much of the conflict between the U.S. and Bolivia's Morales, and the resulting paradoxes facing Obama. DrugSense Weekly 10:18:44 AM | drug policy | Related  | permalink | comment []