What is Vivek Ramaswamy’s position on cannabis? “You don’t hear me talk about the war on drugs. I’m not a war on drugs person,” Ramaswamy said when he appeared at a Free State Project event in New Hampshire last June.
Vivek Ramaswamy is an American entrepreneur seeking the Republican nomination to run for President of the United States.
Ramaswamy told the crowd he was “probably the only person in the modern history” of the Republican Party to talk about decriminalizing drugs for people with PTSD and other mental health problems.
“Psychedelics,” he said specifically. “From ayahuasca to ketamine… That’s gotta be part of the solution.”
But what is Vivek Ramaswamy’s position on cannabis? He told Fox News:
We got to catch up with the times. It’s not a popular position in the Republican Party, but I’d just, again, I guess I’m going to speak the truth. Whether you vote for me or not is your choice. I think the time has come to decriminalize it.
Later, a spokesperson from his campaign said:
The current state-level ‘legalization‘ farce contributes to the culture of lawbreaking. It’s literally against the law. For us to pretend otherwise only undermines the rule of law in this country. For that reason, Vivek favors the federal legalization of marijuana.
Vivek Ramaswamy’s Viewpoint on Cannabis
What is Vivek Ramaswamy’s Position on Cannabis? Decriminalization or legalization? Once upon a time, those meant the same thing. And indeed, in America, this may still ring true.
Vivek isn’t shy about wanting to rule by executive fiat. Suppose he’s the next U.S. President and unilaterally deschedules cannabis. Not a rescheduling, a complete descheduling.
As far as the federal government is concerned – cannabis is not its business.
Is that decriminalization or legalization? For operators in legal states, it certainly helps their tax situation. And why would the financial system fear a plant the government has delisted as a controlled substance?
Is that legalization or decriminalization? Or are those terms synonymous?
If a Ramaswamy Administration removed cannabis from the Controlled Substances Act entirely, there would be a few implications.
Implications of De-Scheduling Cannabis
Vivek Ramaswamy’s position on cannabis could empower state-level regulations. If the federal government takes a literal hands-off approach, you could argue that’s not legalization.
But is legalization ideal? Should Washington D.C. force states like Idaho to legalize? Suppose people in Idaho want to consume cannabis legally. There are 23 other states they can move to, including next-door neighbors.
Even if all 50 states legalized – isn’t it better to have local regulation of a competitive and complex modern industry? Think of the supply chain: cultivation, production, packaging, distribution, sales, marketing, and everything in between.
Do you want D.C. bureaucrats in charge of all that? Isn’t that how lobbyists capture the process and rig the rules against the little guys?
When The Feds Do Get Involved
Of course, some will argue Vivek Ramaswamy’s position on cannabis can’t be entirely hands-off. Somebody is going to have to regulate interstate commerce and international trade.
Imports and exports are federal jurisdiction and always have been. Of course, Vivek’s brand of governing may detest interstate regulation. A Ramaswamy Administration may create a free-for-all for all industries, not only cannabis.
One can hope.
And, of course, FDA bureaucrats will want to control aspects of cannabis, especially if it’s used in food products or marketed as a medical treatment. In a sense, descheduling and taking a hands-off approach empowers the existing bureaucracy.
But Vivek can use the stroke of the Presidential pen and tell the FDA to buzz off. Such is the state of the American “republic.”
Of course, if Vivek Ramaswamy becomes President, he won’t be able to decline the tax revenue. Who can, really? Except for maybe Ron Paul.
So, the federal government may tax cannabis. And so Vivek Ramaswamy’s position on cannabis matters a great deal.
But there’s something else. And it involves Vivek’s policy on the Federal Reserve Bank.
Vivek Ramaswamy’s Position on Cannabis & Money Could Change the World
Vivek Ramaswamy’s position on cannabis and money could change the world. And here’s how.
Experts must control money. That’s what the experts say. That’s why supply and demand don’t determine interest rates. You can’t trust free markets, they say. You need a central planning committee of experts.
But when the hell has that ever worked? This is not the 1920s, this is the 2020s. We have evidence of central planning, and the results are far worse than any of the theoretical excesses of free-market capitalism.
But suppose the experts are right about one thing. The price of money is too volatile to leave to a truly random process. That there should be a more market-based approach to price stability.
As in, leave it to the experts, but not the boardroom suits. Leave it to the people who are actually buying and selling in the market on a daily basis.
Like Vivek Ramaswamy’s position on cannabis, his proposal for the Federal Reserve is a breath of fresh air—a novel idea in an age of corporate-state shallowness.
What is a Government Gold Standard?
A country on a gold standard exchanges its currency for gold at a fixed rate, say, $35 an ounce. And vice versa. So, if the market price of gold goes beyond $35, people bring in their dollars to exchange for gold.
This process means the number of dollars in circulation decreases, so the value of the dollar increases. This continues until the market price of gold is back to $35.
If the market price drops below $35, the same process works in reverse. Historically common, it’s not without its flaws. Governments tinker with the mechanism like a curious 12-year-old who takes apart the television to see how it works (and ends up breaking it in the process).
A gold standard keeps the value of the money constant relative to the market price of gold. Economists have all kinds of critics and rebuttals as to why that wouldn’t work today in the “modern” economy.
To their credit, relying on gold as the sole commodity backing the government currency does run into problems. Especially when governments are always trying to cheat the system.
Vivek Ramaswamy’s position on cannabis stems from listening to the people and the real experts (i.e. not “public health”). He is responding with the correct answers. He has – more or less – done the same with the subject of the Federal Reserve and the money.
What is a Commodity Bundle Standard?
Vivek Ramaswamy should combine his positions on money and cannabis.
Vivek wants a commodity bundle standard to help solve the problem of using government currency. In this system, the market defines the U.S. Dollar as a collection of commodities. This collection or bundle is valued by what’s in it.
For example, suppose you had one million dollars. You take it to the bank and demand your bundle. It could consist of a few pounds of gold and silver, but it’d mostly be a claim on commodities (i.e. 100 pounds of grade A beef, 10 barrels of crude oil, 1,000 board feet of lumber).
Likewise, anyone who brings in a bundle (the claim on commodities) gets a million dollars. This keeps the bundle’s price at a million dollars and, thus, a stable purchasing power, assuming nobody is messing with the bundle.
Vivek Ramaswamy take on Cannabis & Money
Vivek Ramaswamy could combine his positions on money and cannabis by including 1,000 pounds of industrial hemp biomass and 500 grams of premium-grade cannabis flower in the commodity bundle.
The main takeaway: eliminating the elite’s ability to create money out of thin air and charge interest on it can only be construed as a step in the right direction.
In fact, it’s the first step.
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