Before you light up, drop out and tune in, know that you might be helping the economy. Oh, woes of woes! How can you, a millennial anti-establishment new age hippie support the war machine that is the global economy? Well, you are.
The interviewee poet, political analyst and comedian Peter Dale Scott says that many banks managed to stay afloat during this multi-year recession due to the laundering of drug money. The funniest instance that he mentions was when someone turned in a Swiss bank for laundering Colombian drug money. After paying extensive fines, every single official involved at UBS Bank was arrested. Actually, they weren’t, the only person that went to jail was whistleblower for breaching confidentiality and the woman whose money was being laundered. I guess the moral here is if you happen to be laundering money, make sure that you hold a position at a prestigious if not also nefarious, banking institution.
This second video shows the year end results of cannabis legalization in Colorado. Most of the trends seem positive. Colorado is now home to 500 cannabis dispensaries with large profit margins. The legalization seems like it has created a new economy, opening a well of untapped capital. It has created 60 million dollars in revenue since then and even lowered the amount of teenage marijuana usage. Of course, there is still an illegal market for the sale of the drug; it still accounts for about 40% of the market. The reasons vary but in regards to our subject it still creates movement of liquid assets.
There is a very amusing caveat here. Because the Federal Government still considers marijuana a class one drug, banks are unable process the funds made from the sale of marijuana. Yes, that $500 million that was made during the peak of cannabis sales last year was primarily liquid assets. Cold hard cash. This has actually created another unintentional market in the form security firms that offer protection for these businesses. It can’t be safe walking around high with a black garbage bag full of cash, after all.
Drugs and the economy is still quite taboo. If you have any further addition to the conversation, please feel free to express your opinion in the comment section below.