California is getting a clue and moving to create a state chartered bank to allow pot growers to bypass the massively rapacious, abusive and oppressive organized crime syndicate called the “federal reserve” banking system. But why restrict it to pot growers and why remain in the dollar system at all? The “fed” is quite deliberately sinking the dollar and expecting the clueless peasants to go down with the ship so the western aristocracy can steal every last bit of real wealth out from under us, finishing the job they started with the great ripoff of the 1930’s. And their plans will definitely come to fruition if americans insist on using their discredited federal reserve notes while they flood in by the trainload as the rest of the world bails out of it. The time is now for states to assert their 10th amendment powers and create a non-fed currency and banking system for the sake of the physical survival of their people.
Last week, the California Senate passed a bill that would establish limited state-chartered banks to serve the cannabis industry. Final passage of this legislation would remove a major federal roadblock in front of the developing marijuana industry in the state and further nullify federal prohibition of cannabis.
Sen. Bob Hertzberg, (D-Van Nuys), along with a bipartisan coalition of nine cosponsors, introduced Senate Bill 930 (SB930) in January. The legislation would create a self-contained banking system for the cannabis industry in California.
Because marijuana remains illegal under federal law, cannabis businesses in states that have legalized marijuana remain effectively locked out of the banking system. If a federally chartered or insured financial institution touches marijuana money, it takes on significant legal risk. The federal government insures or charters virtually every bank in the U.S. As a result, cannabis businesses have been forced to transact almost exclusively in cash. Passage of SB930 would completely bypass the federal banking system and create a limited banking alternative for the marijuana industry in California.
Under the proposed law, the state would license “cannabis limited charter banks and credit unions.” Cannabis businesses would be able to deposit funds in these institutions and write checks on their accounts for limited purposes, including paying state or local fees and taxes, rent on property associated with a cannabis business, paying vendors, or buying state or local bonds or warrants. These checks could only be deposited or cashed at the issuing cannabis limited charter bank or credit union, or another cannabis limited charter bank or credit union that agrees to accept the check, keeping them outside of the federal checking system known as the automatic clearing house (ACH)….
The Federal government has used banking laws as a weapon in its unconstitutional war on cannabis by making it impossible for marijuana businesses to access the banking system – even in states where marijuana has been legalized. The feds can prosecute bankers for knowingly engaging with cannabis businesses under the Bank Secrecy Act, the USA Patriot Act, and the Racketeer Influenced and Corrupt Organizations (RICO) Act.
The Federal Reserve has gotten into the act, denying its services to state banks chartered to serve the marijuana industry….