Are the California IOUs really just a state 'creating' its own currency?
EDIT: http://www.businessinsider.com/californ … ncy-2009-7
EDIT: http://www.businessinsider.com/californ … ncy-2009-7
Business Insider wrote:
The California IOU is like the currency of some third-world country that has to pay its debt in dollars. The only thing California can't do is demand residents treat the IOUs as legal tender (that would be a violation of the Constitution [yeah, that ol' thing]), but in a cash-short economy, some will probably choose to do so anyway.
Last edited by Harmor (2009-07-20 21:10:22)