By Sara Ledwith
Reuters
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. ...
... For the full story:
http://www.reuters.com/article/2014/01/30/boo...SL3N0KQ4F320...
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