Wretchard,

The biggest source of “free capital” in the world is the illegal drug trade. No way are the bankers going to make those flows transparent.

And the worst part of it is that the drug money does not care a bit about 50% losses. It is hot money any way. All that means is that 50% of the cash is legalized not 100%.

BTW Silicon Valley was founded on drug money. It does have its uses because it is “high risk” money. The problem is that we used to have a smarter class of drug dealers.