Drug money saved banks in global crisis, claims UN advisor (2009)

Re:Drug money saved banks in global crisis, claims UN adviso... by sonnyblarney on Sunday October 28, 2018 @08:32PM (#18324105)

We can make money whatever we want. Fixed currencies that are backed by gold, surely, we can't 'make' gold ... but that's an artificial limitation.

I'm not saying we should make it what we want, but we have to remember that's what's at stake.

Organized crime may have the advantage that contracts are ruthlessly enforced ... so you can't have the totally corrupt value chain as you had with housing, wherein there was fiction from the house buyer, to the lender, to the VP of mortgages, to the bundlers, to the buyers of said bundlers, and to all the people trading on top of that.

Also, there are no derivatives or complex financial instruments riding on top of the drug trade, so the 'house of cards' would have a lot less falling to do if it were to come apart.

But you can't build an economy of killing people who don't pay you or sell to your customer ...

[ Parent | on HN ]

Re:Drug money saved banks in global crisis, claims UN adviso... by hndamien on Sunday October 28, 2018 @09:45PM (#18324379)

The "artificial" or rather "natural physical" limitation on gold is what give it value in the social contract in the first place, so you can't just make it what you want. If you remove the limitations, its very hard to form the contract - but not impossible.

[ Parent | on HN ]

Re:Drug money saved banks in global crisis, claims UN adviso... by acct1771 on Monday October 29, 2018 @03:53AM (#18325695)

Are you sure? History calls b.s.

[ Parent | on HN ]