There’s a report from a French News Agency that I found grimly amusing. It seems that organized crime has taken a good look at the falling dollar and now prefers payment for narcotics and other nefarious products, in Euros rather than US Dollars! This was in the annual report from Canada’s Criminal Intelligence Service and reported by Agence France Presse. Here are some quotes from the report worth pondering.
“The US dollar weakened significantly against other major currencies in 2007 and according to some economists, is expected to depreciate further in 2008.”
“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.”
“This trend could also drive an increase in observed instances of bulk-cash transfers denominated in currencies other than Canadian and US dollars.”
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.
“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’s unfortunate to have one more reason to be ticked off with organized crime but here it is: When even the Mafia demands payment in Euros, instead of dollars, it’s just one more signal for everyone to dump dollars and buy something of value, like oil. Russia has Oil and so do the Moslems of the Middle East. We have Dollars: Lots of them. Oil has ever increasing value and was once again heading skyward, this afternoon, even as the dollar dropped. Just when you thought the oil crisis was over and sanity was returning; back up the creek we go and we still can’t find a paddle. As of this writing the stock market is down about 214 points and its being led by banks like JP Morgan as they discover that their Fannie Mae holdings have lost value. By startling coincidence it seems that the inventory of unsold real-estate is an ever expanding thing while the aforementioned Fannie Mae and Freddie Mac have an ever more difficult time finding anyone to buy their paper. Shocker!
I say all that to say this: What does it say to you when you have reason to trust the accounting practices and the financial judgment of Canadian Organized Crime, The Russian Strongman cum dictator Putin, over the holder of half of all US mortgages and the whole financial sector of the stock market?
I intend to drown my sorrows this week in some overpriced diet cola while I go to see the movie IOUSA this weekend, which makes the author of this blog look like a cockeyed optimist. Perhaps later I’ll turn on the Democrat Convention and listen to the litany of additional spending they’re proposing to make us a more just and prosperous country. I find a certain amusement in the spectacle of all those democrats trying to sell us Obama while our standing in the world diminishes and our economy becomes too speculative for drug pushers.
I can’t say that I blame them. I would rather talk about a world in which we all get free healthcare, education, pensions, disability, housing and perhaps a free eclectic car: but that’s not the world we live in. Still the puppet theatre must go on but just once I would like to see a democrat even mention the insolvency of social security, Medicare, and the bankrupted federal government, and discuss that at their convention.
A convention is supposed to be a happy time, a joyous coronation of a “heaven sent leader like Obama” and it should remain unsullied by talk of rising dictators, oil blackmail, the gridlock on energy policy, the falling dollar and illegal immigration. Who wants to talk about that at the convention? I still wish they would mention it at least once in a speech somewhere…..