Posted on 07/15/2009 8:33:42 PM PDT by perfect_rovian_storm
Marshall Auerbuck at New Deal2.0, a blog for the Franklin and Eleanor Roosevelt Institute (just so you know where they stand), sees dramatic consequences if California is allowed to continue printing IOUs and then use them to collect taxes. According to the San Diego Union-Tribune, Republicans and Democrats alike embraced legislation last Friday that would make California IOUs legal tender for all taxes, fees and other payments owed to the state - an action that effectively would mean that California is entering the currency business . . .
(Excerpt) Read more at businessinsider.com ...
This Business Insider seems like a lefty publication.
Can they really be worse at it than the federal reserve?
And dude, that is one scary picture.
How ‘bout we just trade it to Mexico for 24 bucks and some beads.
Please, Pleeeeeeeeeease, puh-leeeeeeeeze don’t sell us to China to raise cash!
Well, OK, if you must, just sell Los Angeles and San Francisco!
I don’t know anything about it. I just found the article very interesting.
The preservation of the Union at the cost of what? Everything every other State and individual American has? For generations? No, the Union isn’t WORTH the freedoms we would have to surrender to save it — it wasn’t in the 1860’s, it absolutely is not now! If the Union cannot be preserved through Constitutional means, let the Union dissolve and another notion (or nations) be formed in its wake... Not a likely scenario — but ENOUGH of surrendering liberties just to empower and enrich WASHINGTON while they bankrupt and lord it over us!
We could throw in your state with that since
thousands of Zonies populate my city especially during the summer.
Heh...I just hope my wife doesn’t hold me to my words about moving to the first state that secedes! lol
Raise cash? Nah, were going to have to do that to that when they want to redeem their 2 trillion in treasury bills. Just know you were sold at a very nice price.
no
I think they’ve already taken my state. And we didn’t get any damned beads for it either.
I would argue that bailing out California is exactly the wrong thing to do. Why? So they can continue to back irresponsible fiscal and social policies? I feel for any right thinking individual stuck in California. But that state needs to learn a lesson.
I don’t know where you’d get that idea from this article and the comments on it.
So far California is issuing IOU’s without any consequences. That is surprising, and frightening - because indeed, CA has entered the currency business - and no one seems to care.
Bailing out California is not necessary for preserving the Union.
The State should declare bankruptcy. The resident’s of the state should have a Constitutional convention to review what went wrong, and start all over, quite possibly with serious consideration to splitting the state into three new states, North, Central, and Southern.
If they do it right, they just might save the country. Bailing out California would guarantee a perpetual bailout of California every other year.
Cheers!
Once upon a time we were only 48 states. We could still afford to lose a couple.
Isn’t it illegal for them to do that?
and it would not be a currency it would be scrip, worthless
hEY! I live here. I pay my taxes and I deserve to see my state go down with a front row seat
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.