Reefer madness at the Federal Reserve

Still infects some in government. (Though for different reasons than back in the day.)
Still infects some in government. (Though for different reasons than back in the day.)

Seriously, what is wrong with these people?  Our American principal of federalism allows states to go their own way on drugs. The 10th Amendment makes that pretty clear, and the old “affecting” interstate commerce bit is tripe. (Though the New Deal was built around this nonsense.)

The Feds and in this case the FED are afraid of devolution of power away from Washington fundamentally. That’s it.

Let these businesses do business. Coloradans want this type of business. It’s in their state. Leave them alone.

(From FEE)

That’s right: the Federal Reserve is now in the business of enforcing the US government’s drug laws, even if that means making a mockery of both state governments’ right to set their own drug policies and the Fed’s own governing statutes.

The Fed’s involvement in drug prohibition became official last month, when the Federal Reserve Bank of Kansas City informed Denver’s Fourth Corner Credit Union — a non-profit cooperative formed by Colorado’s state-licensed cannabis manufacturers — of its decision to deny its application for a master account…

…The Fourth Corner Credit Union isn’t taking this sitting down. On the contrary: it is suing the Federal Reserve Bank of Kansas City. Your typical civil action isn’t exactly a page turner. But this one reads like a chiller, largely because that’s exactly what it is. If you like a good horror story, I suggest you read the whole thing. But for the sake of those in a hurry, here are the Cliff Notes.

Click here for the article.