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US dollar too weak: Criminal organizations want their money in euro.

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5/5,
  1. Alfa
    Criminals dumping weak US dollar for euro

    2 days ago

    OTTAWA (AFP) — The weakened US dollar has fallen out of favor with organized crime groups to pay for drug shipments or to settle scores, a Canadian government report said Friday.

    And if the greenback continues its slide in 2008, as expected, more and more criminals are likely to exchange euros for illicit goods, said Criminal Intelligence Service Canada in its annual report.

    "The US dollar weakened significantly against other major currencies in 2007 and according to some economists, is expected to depreciate further in 2008," said the report.

    "As a consequence, other currencies -- particularly the euro -- are poised to weaken the US dollar's dominance as the currency of choice for international remittances and payments," it said.

    "This trend could also drive an increase in observed instances of bulk-cash transfers denominated in currencies other than Canadian and US dollars," the report added.

    Organized criminal groups, topping 900 in Canada, are primarily focused on the illicit drug trade, but have also expanded into credit card fraud, organ trafficking, identity theft and even illegal logging of Canada's vast forests, said the report.

    "The illicit drug market remains the largest criminal market in terms of extent, scope, and the degree of involvement by the majority of organized crime groups," many of them operating across international borders, it said.

    Marijuana remains one of the most trafficked illicit drugs in Canada, and crops harvested here supply much of Canada and the United States.

    Methamphetamine production in Canada, meanwhile, has risen to meet expanding international demand with several "super labs" set up for foreign distribution of late.

    As well, Canada, the Netherlands and Belgium are now the primary source of ecstasy to the world, said the report.

    Canadian forests, representing one tenth of the world's forested area, are vulnerable to illegal harvesting "due to their relative abundance, isolation, and the large number of logging access roads," it explained.

    http://news.yahoo.com/s/afp/20080822/wl_canada_afp/canadauseucrimemoney_080822212441

Comments

  1. cra$h
    Re: US dollar to weak: Criminal organizations want their money in euro.

    I'm surprised that they don't supply more pharmasuticals, or does that not count?
  2. fnord
    Re: US dollar to weak: Criminal organizations want their money in euro.

    Click Me!

    A video on celebritys prefering euroes over us/canadian dollers.
    Only the first minute is of relevence.
  3. Nature Boy
    Re: US dollar to weak: Criminal organizations want their money in euro.

    This could have major implications in the long run. Could be a major stumbling block in the corrupt backing of prohibition if you consider where seized money laundering funds go.
  4. Alfa
    The black market is a huge part of economy and what it does has an effect on the rest of economy. Criminal organizations and the rest of the black market have less attachment to specific valuta. It is only logical that they are the first to dump the dollar. We will have to see who's next to dump the dollar and if critical mass will be reached. If it gets to the point where the dollar gets dumped by large cooperations, then shit will likely hit the fan, as the dollar is not backed by gold. So it may collapse to its real value. And that isn't much.
  5. fnord
    alfa a thread on the underground markets effects on the economy would be awsome.
    Grandmas already stockpiled and prepared for large scale econimical collapse in the USA.

    Bring it on!! shell be the one screaming "CLASS WAR!!! CLASS WAR!!!" and passing out molitov coctails viniger soaked rags and riot batons in the streets before returning to her friends secluded compound deep in the woods of the northern US just a few miles from the border...
  6. Alfa
    To what end?

    And yes, a thread or more about the black financial market would be nice. Feel free to start them. I am sure that if you google for black market economy, you'll hit interesting articles. There are some nice documents about this in the file archive.
  7. purplehaze
    It's like you said alfa, the U.S. does not have anything of value backing its money. We just print off more and more and play with numbers until we feel powerful. It's ignorant, our money has no real value, other than the value we give it. But in that since, gold has no value, other than the value we give it, and it being a nice conductor of electricity and all.

    This article says we will see it go down further in 2008, well it's august (8), maybe by 2009 if we can get someone who doesn't own a oil company like douche bush then maybe the U.S. economy will rise a little.

    I don't think the U.S. will suffer, any more than we already have in 2009.
  8. Alfa
    Financial analysts in Europe are not debating if the US economy will collapse, but when and how hard.
  9. Panthers007
    I'm sure once Bush & Co. are out of office in January, they'll get to work shoring-up the US dollar for the criminal black market. After all - that's what they'll go back to dealing in exclusively.
  10. Bajeda
    Corporations in Europe, East Asia, and South-West Asia (Middle-East) don't seem so sure.

    At least thats how it seems looking at the rate at which they are snapping up equity in the US!

    Weak dollar means that if the US is a large part of your market you are probably having trouble selling your products at such high prices, so the logical solution (if you have the balls) is to invest in long term capital in the US, start producing there, and then sell both in the US and export back to your home market.

    Otherwise countries and companies are betting on the US economy getting back up to snuff at some point in the future and are making huge investments to both keep their trading partner afloat and in hopes of reaping the benefits when the economy is sound again.

    As for the more fickle and less hard capital oriented drug dealers, they will probably ship more of their wares Europe's way and increasingly bypass the US. Hopefully this doesn't result in yet more adulteration of product in America.
  11. cra$h
    with a complete collapse of the US economy, what's now known as the black market will become mainstream, and turning it to more of a grey market, almost white. I'd love to see the day when you can buy crack at the local mom and pop shop, but I don't think I'd want to go through another depression to get there.
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