Tuesday, May 09, 2006

China Driving up Prices of more than Oil

AP is reporting that Chinese and US agents siezed more than 300 pounds of cocaine smuggled from Columbia. Aside from showing that South American drug gangs are moving into Asia as a new export market, the move is also putting price pressure on more traditional drug and specifically cocaine prices in the rest of the world. "Everyone notices the rising oil prices and blames the booming Chinese economy, but there are side effects. Rising standards of living in China are creating more free money and the young often convert that to drugs. If the China drug market takes off, prices are going torise for drugs in the rest of the world too," says noted economist James Finalley of the Flatley Foundation.


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