Posted on 07/02/2009 4:51:15 PM PDT by SeekAndFind
The Bank of America is saying it will buy them dollar for dollar.
ML/NJ
Right. I’m sure all you’ve got in your wallet are pieces of eight. Numerous articles on the web says the “emit bills of credit” part of Section 10 is not operative. Just the way it is.
As far as I know, the constitution is whatever the courts might say it is, tomorrow. Precedents are out the window on the 2nd amendment, I presume precedents are out the window for everything else, now that we are a nation of men, rather than a nation of laws.
An interest-bearing certificate that was issued by Missouri, and usable in the payment of taxes, was thus ruled to be an unconstitutional bill of credit.
I for one am getting tired of being peod on.
But seriously, I think IOU's are not the same as a "bill of credit." A bill of credit is the creation of money out of thin air. The entity that performs that function in the US is a private corporation known as "Federal Reserve."
Bills of Credit are non-interest-bearing government obligations that circulate as money.
How nice! Not operative! And from a supposed FReeper too.
Is there anything in the Constitution that you do consider "operative," PAL?
ML/NJ
I assume the IOUs are for people/companies doing business with the state government..
Seems to me they deserve everything they get for doing business with a corrupt criminal entity, that aids and abets illegal aliens, while forcing the legitimate working men and women to pay for it.
Voters delivered a crushing blow to the state finances in May, when they rejected five ballot proposals that would have eased the budget strain.
Too bad
Who is affected
To save money for education and debt payments, Chiang plans to withhold $424 million that would go for state operations, primarily to vendors, as well as another $141 million in payments to small businesses.
Doing business with a corrupt government, that aids and abets illegals aliens while forcing law abiding tax payers to pay for it. Serves them right!
Lots of pain. We need more.
Cool.
So can we do this also?
Can I stop my witholdings to the Feds, and send them IOU’s instead?
You'd be lucky to find a remnant of people anywhere who have both read the Constitution and actually believe in what it says.
But try to have a bit of compassion for those who fail to meet that standard; too many people aren't ready to admit that the Republic is dead and that their government is merely a shell of legitimacy filled with vile corruption worse than any decent person could imagine.
Just look at the depths to which they are willing to sink to maintain their cocaine supply.
If that means that the CA IOU's are not bills of credit, I agree. But it would be false to say that states are free to emit bills of credit. If a state started issuing notes/money -outside of the federal banking system- they would be shot down, pronto.
Dense reading, but see Craig v. Missouri, 29 U.S. 410 (1830).
Easier reading, and additional case citations at, "Bills of Credit" from The Constitutional Law Of The United States, by Westel Woodbury Willoughby (1910).
Just relaying what the Law Professor wrote in 1915. That’s all. I didn’t personally nullify that clause.
You bet..
Been coming a long time now...The clues being obvious.
A government that wont secure and protect it's own sovereign legitimate borders, will itself, eventually become illegitimate.
Like flooding the county with billion in counterfeit currency, backed by nothing...
These are country killers.
Time for California to secede and then print their own money.
As a State California could mint gold and silver as money. The California dollar could be one gram of Silver (31 grams to an ounce).
one of the state senators has a bill to allow joe-sixpack to send the State of California an IOU whenever the citizen receives an IOU from the state...an offset.
Does anyone have the bill number?
What you did is known a an "appeal to authority" which is a type of fallacious argument. You could also tell me what Barney Frank said or what Obama said as if it had some merit.
ML/NJ
The people allowed the chains on government to rust away through neglect;and for long years the beast was content to bide its time ,snapping up only the unwary fringes of society;but now the beast is about to devour the whole country.
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