Wed, 29 Dec 2004

Even drug dealers are giving up on the dollar

This will slide right past most people in the US as "footnote news", but in reality it's the tip of a very dangerous iceberg for the American economy. It's going to be very interesting to see if foreign currancies (the euro) begin to circulate in the underground economy here - so far they haven't, but that could be changing.

The dollar's decline against the euro shows no sign of ending. Clearly, currency traders have made a long-term judgment about the relative value of the currencies of the Old and New Worlds. That sounds bad enough. But now there are signs that we're losing some of the most devoted fans of the greenback: drug dealers, Russian oligarchs, and black-market traffickers of all kinds.

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