Has the Pope Unwittingly Sanctioned a Financial Crime?

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The Reserve Bank didn’t change interest rates yesterday. The RBA needs to stay out of the news as much as it can these days.

You might be wondering why we haven’t commented much on the Reserve Bank accusations over supplying money to Iraq. Both in the form of bribes and the contract to print Iraqi money. Well, we’re not surprised by the stories. This is how people do business in some countries, especially ones subject to sanctions by the US. If you criminalise something, criminals flock to it. And central banks were designed to cover up the fraud of fractional reserve banking, so why wouldn’t they engage in illegal behaviour themselves?

Much more interesting are developments at the Vatican Bank. Keep in mind what happened to anonymous websites like Silk Road, alternative currencies like the Liberty Dollar and any other financial infrastructure that can be used for questionable activities. They were shut down and anyone involved charged with crimes.

Well, it turns out that the Vatican Bank may have been ‘an unwitting vehicle for money laundering and other illicit finances‘ for the embassies of Iran, Iraq and Indonesia. The bank is set to close all accounts of foreign embassies as part of a clean-up effort. We reckon the Americans should be sent in to shut the place down and charge the Pope with financial crimes like they charged the founder of Liberty Dollar.

Regards,

Nick Hubble+
for The Daily Reckoning Australia

Join The Daily Reckoning on Google+

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Nick Hubble
Nick Hubble is a feature editor of The Daily Reckoning and editor of The Money for Life Letter. Having gained degrees in Finance, Economics and Law from the prestigious Bond University, Nick completed an internship at probably the most famous investment bank in the world, where he discovered what the financial world was really like. He then brought his youthful enthusiasm and energy to Port Phillip Publishing, where, instead of telling everyone about The Daily Reckoning, he started writing for it. To follow Nick's financial world view more closely you can you can subscribe to The Daily Reckoning for free here. If you’re already a Daily Reckoning subscriber, then we recommend you also join him on Google+. It's where he shares investment research, commentary and ideas that he can't always fit into his regular Daily Reckoning emails.
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