And still they impute crime to gold and bitcoin


Why Criminals' Currency of Choice is the U.S. Dollar

By Sara Ledwith
Friday, January 30, 2014

It seems counterintuitive but cash-hoarding criminals can be depended upon to uphold the international monetary order, or so a new book maintains.

The vast quantity of hundred-dollar bills in hard currency held by drug dealers outside the United States is a key to America's global dominance, according to economist John Williamson.

The criminals' currency of choice is both a vote of confidence -- because they choose dollars over euros, yen, or Swiss francs -- and an interest-free loan to the United States.

It's a point Williamson and others bring home in "The Power of Currencies and Currencies of Power," a collection of essays edited by former Reuters global economics correspondent Alan Wheatley that shows how the world's currencies work to reinforce the geopolitical pecking order. ...

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