California State Controller John Chiang announced
on January 26 that California's bills exceed its
tax revenues and credit line and that the state
is going to print its own money known as IOUs.
The template is already designed.
Instead of receiving their state tax refunds in
dollars, California residents will receive IOUs.
Student aid and payments to disabled and needy
will also come in the form of IOUs. California is
negotiating with banks to get them to accept the IOUs as deposits.
California is often identified as the worldâs
eighth largest economy, and it is broke.
<http://www.counterpunch.org/roberts01292009.html>Link
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Posted By johannes to
<http://www.monochrom.at/english/2009/01/is-it-time-to-bail-out-of-america.htm>monochrom
at 1/29/2009 05:44:00 PM
