COMMENTARY | America knows how to party.
Laws friendly to marijuana passed in Colorado and Washington may soon be adopted in California and Oregon. Pot is big business and no one knows the drug trade better than, Joaquin “El Chapo” Guzmán, who apparently is still alive and seemingly available for consulting or partnering opportunities. It appears that “they” have not yet managed to kill off the competition and it may be time to send in the drones. If you are thinking about getting in on this game, think twice, because according to the Controlled Substances Act, marijuana is still illegal and selling it is a federal offense. According to Bloomberg, the Obama Administration and U.S. Attorney General, Eric Holder, are open to finding a federal framework to maintain these newly passed state laws. Of course, they are!
These changes are sparking up feverish investment speculation in marijuana companies, which are as fracking hot as shale oil and online gambling stocks. Oh yes, online gambling is legal! While the West Coast was working on ways to legally get high, U.S. banks and states have been mobilizing around online gambling as a way to generate profits. Pot and online gambling are two of America’s latest attempts to dive deeper into what has historically been mob business. El Chapo’s los Zetas and the Mob from yesteryear has been replaced by Wells Fargo, GreenGro Technologies and Zynga. The national commercialization of pot and online gambling is a sure bet.
U.S. Banks have self engineered their rise back to record profits by focusing away from the consumer and towards abstract derivatives trading, which has been compared to online gambling on steroids. According to Evan Soltas, U.S. banks addiction to online gambling now amounts to a third of U.S. profits. Many Americans agree with securities law expert, Hillary A. Sale who does not see any difference between complex derivative trading and gambling.
Substituting principles for profit … U.S. states are following the bad example set by U.S. banks. Nevada and New Jersey quickly passed state laws so that they could boost profits by legalizing online gambling. Recent advances in the stock market may signal broad based approval for these shifts to legalize pot and online gambling. Unfortunately, the market is also allowing banks to create an alternate reality for themselves through derivative gambling at the same time. Many see this as a problem contributing to America’s class divide supporting an impoverished people’s economy and a wealthy, abstract narco-gambling economy fueled by business and government. Society is left to wonder who will be left on the losing side of these trades and online wagers. Conservatives are divided on whether legalized pot is a gateway drug or would decrease our collective ability to compete in terms of sustainable growth and productivity.