"No doubt a perilous situation. Next year it could be state governments in
the US. California, New York, and Michigan are in terrible financial
straits."

Good news for those in CA.  The state is about to start paying IOU's again
instead of checks:  We Want Our
IOUs<http://www.nbclosangeles.com/blogs/prop-zero/IOUs-By-Months-End-100413059.html>

There are many things about this that are completely wrong, but the one that
gets me the most is the fact that a citizen cannot pay his state taxes with
an IOU.

Hello.  I owe you 5k.  You owe me 10k.  Let's just say you owe me 5k.  Or
the opposite.


J

-

Experience hath shewn, that even under the best forms those entrusted with
power have, in time, and by slow operations, perverted it into tyranny -
Thomas Jefferson on government


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