Tuesday, January 27, 2009

This is what you are financing by maintaining your money in a large corporate bank

UN crime chief says drug money flowed into banks
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 . .

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. . ' "

But wait a minute, the US government said this years ago:

"The International Monetary Fund estimates that the amount of money laundering occurring on a yearly basis could range between 2 and 5 percent of the world's gross domestic product--or somewhere between $600 billion and $1.5 trillion. Estimates come from a variety of sources based upon both macroeconomic theories and on microeconomic approaches. The U.S. Department of the Treasury has suggested that $600 billion represents a conservative estimate of the amount of money laundered each year, and some U.S. law makers believe that, not only does the amount lie somewhere between $500 billion and $1 trillion, but that half is being laundered through U.S. banks."
"Money Laundering", FBI Law Enforcement Bulletin v.70 no.5 (May 2001): p.1-9

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