Profits from the global illicit drug trade helped keep the international banking system afloat during the crisis that swept the global financial system during the second half of last year, the UN's leading drug fighter said in an interview with the Austrian magazine Profil, which was made available Sunday. Drug money was almost the only available capital for banks, said Antonio Maria Costa, executive director of the UN Office on Drugs and Crime
UNODC chief Antonio Maria Costa Costa's remarks came as the Profil interviewer questioned him about the size of the global drug market. "If you look at agriculture markets, it is the most important," Costa replied. "According to our calculations, the wholesale value of illegal drugs is more than $90 billion, in the range of world meat and grain trade. The street trade, we assess at a volume of over $320 billion."
While profits from the illicit drug trade fund political violence by the likes of the Taliban or Colombia's leftist FARC insurgents and rightist paramilitaries, they are also finding their way into the coffers of the world banking system at a critical time, Costa said. The drug business is one of the few global growth industries right now, he noted.
"The drug trade at this time could be the only growth industry, with little unemployment," Costa explained. "The money that is being made is flowing only partly back into illegal activities, in parts of Asia, Africa, and South America, where it is used to bribe politicians, buy elections, or finance insurgents, such as the Talibans in Afghanistan, the Tamil Tigers of Sri Lanka, or the FARC in Colombia, for example."
If the illegal drug trade generates huge profits for criminals and violence that results in the deaths of thousands of people each year, then the War on Drugs must be a Failure.
How about ending this Prohibition, taking the profit away and depriving the criminals of their very lucrative businesses? No, that makes too much sense.
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