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November 06, 2008



Not sure how this effects things, but cocaine (unlike opium) is a perishable good.


Which implies that interest rates would be very high, right?


Hayek would have been delighted.


Countless ordinary people depend on the coca trade. "We are sitting on a mountain of coca and a series of Farc 'IOUs' ", said one local. "We need the rebels back to pay the debts and buy the coca, otherwise the town will die."

The villagers of the Colombian mountains have just discovered the concept of counterparty risk.

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