| |
  
|
||||||||||
California to Print Own Currency in Form of IOUs?
Submitted by gavination on Sun, 02/01/2009 - 20:18
I was wondering what the IOUs would do for someone who receives them. I'm trying to understand how this works. California, which can't pay its residents their tax refunds is going to issue IOUs that can be deposited into banks as cash... » |
|
|||||||||
The Daily Paul is a community website with no official affiliation with Ron Paul or his Presidential Committee. The content of posts and comments on the Daily Paul represent the opinions of the original poster, and are not endorsed, approved, or otherwise representative of the opinions of the Daily Paul, its owner, site moderators or Ron Paul. This site may contain adult language and adult concepts. If you are offended by such content, or feel you may be offended by such content, point your browser to a different site IMMEDIATELY. For more, read the Full Disclaimer
© 2007 - 2011 by The Daily Paul. Not paid for by, nor officially affiliated in any way with Ron Paul. | General Site Disclaimer | DMCA Disclaimer | Advertise here
I will be following this guy's lead...
and will be using his method for all future payments. I think this method could even pay off all of the US debt including it's future obligations!!
Here's the link....
http://www.dailypaul.com/node/82815
-------------------------------
I have as much authority as the Pope.
I just don't have as many people who believe it -g.carlin
A man who has hate in his heart is not a free man
Could you pay the IRS with
Could you pay the IRS with California IOU's? What happens if you can pay your federal taxes but you have CA. IOUs? This could be very interesting!
I'm gonna go out on a limb here
You would have your assets seized and be put in jail if you tried to pass the Cali-U's on to the IRS.
Thank you Dr. Paul for making me act on what I already knew was right.
*May the only ones to touch your junk, be the ones you want to touch your junk.*
i'd be happy to buy your
i'd be happy to buy your california IOUs for ten cents on the dollar ;)
funny that, food stamps used to fetch 50 cents...
like
like this?
http://i732.photobucket.com/albums/ww329/blackfridayarmy/mon...
FRN is the same as IOU
What's the big deal anyway? If California, or any other state, (or any other business) used to pay with Federal Reserve Notes (FRN), a "note" is not money; it's a "promise to pay" money. In other words, it's an IOU. If the IOU will be treated like money (like FRN), it's all the same.
California tax iou holders should stop paying txes
The taxpayers should stop paying taxes until they discharge the amount of the iou.
They should file a class action lawsuit to stop employers from having to obey the with-holding requirements until the taxpayers iou has been discharged against present taxes(zero balance owed).
Remember...
Californians aren't being screwed, they are "sacrificing", just as Obama instructed them to do.
http://federalfallacy.com
http://federalfallacy.com
Since you mention ...
sacrifice http://despair.com/sacrifice1.html
Fellowship of the White Rose
Ron Paul was right
lol. nicely put!!!
lol. nicely put!!!
Surely, the federal
Surely, the federal government does not want to be bailing out every single state. So when California asks, they will likely need to deny - or end up with all the states wanting their cut.
So...
I wonder if this setup is actually some sort of back door federal bailout of California.
Consider that CA uses this IOUs in place of money and convinces the banks to accept them as deposits for dollars. The banks are then left holding the IOUs, or rather left "holding the bag." Who bails out the banks when CA cannot pay back these loans/IOUs? Hmmm....
...
California will use these IOUs as evidence that a....
bailout is necessary for the state. They are prepared to NOT help anyone unless the state gets a special $50 billion low interest bailout. The state will use people's lives as the leverage, then just wait for Congress to cave in. No budget cuts of course. Poor situation.
California CAFR's
Sounds like there needs to be full public disclosure of California State and Municipal CAFR's (Comprehensive Annual Financial Reports)
I think the issue with these
I think the issue with these IOUs is who gets left holding the bag when CA is unable to repay. Nobody will want these IOUs and any business that does accept them will most likely have been forced to accept them.
...
Maybe they could sweet talk jeffwhite on the other thread...
...into letting them use his trillion dollar bills. hehe
http://www.dailypaul.com/node/81422
This appears to be a "bill of credit" by my reading, if one is
to accept that, in terms of our Constitution, a "bill of credit" is some sort of paper medium by which value is exchanged between the state government and one or more individuals. Although this IOU idea was used by California in the past, I don't think that makes this proposed use any the less violative of Art. 1, Sec. 10. Having said that, I have no genuine expectation that either a California court or the SCOTUS would ever dare apply that section of the U.S. Constitution, although they did so many years ago. (1830, Craig :vs: Missouri) The State may choose to call them "registered warrants", but they are IOUs or bills of credit just the same.
_________________________________________
"An economy built on fiat money is a society on its way to ashes."
_________________________________________
"An economy built on fiat money is a society on its way to ashes."
Didn't this happen to CA one time before?
Didn't they give out IOUs in 1992 or something? How did it work then?
Yeah, and the local banks accepted them.
I remember when this happened before. I don't know if they were actually required to do so, but all of the retail banks in California accepted the state IOUs as if they were checks. It didn't go on for very long though, something like a couple of weeks.
-jcr
"The problem with trying to child-proof the world, is that it makes people neglect the far more important task of world-proofing the child." -- Hugh Daniel
california is habitually
california is habitually late balancing the state's budget. in 92 wilson was governor and i do seem to remember that IOUs were given out. there was a recession but it has never been this bad. things have been piling on for so long and so i can't imagine how they will "fix" it. i think they raised taxes on alcohol the last time this happened but like i said it wasn't nearly as bad as it is this time.
and still the issue of
and still the issue of illegal immigration and its negative effect on california is never allowed to be addressed. our welfare system has been raped, there have been hospitals closed, lots more gang activity, overcrowding in our schools, graffiti and many other problems but rarely a word about this issue. los angeles has the most hellacious mayor who whines when he doesn't have enough money to fight gangs and then turns around and invites the illegals along with there gang element into the city. when a story occasionally comes up in the media concerning the problem there are hundreds if not thousands of angry citizens in the comment section who want to see the laws obeyed but nothing happens. there is a man by the name of walter moore who is trying to do everything he can to get elected as he truly wants to turn things around. the media rarely gives him any ink. the liberal celebrities throw parties to raise money and back the disgusting mayor villaraigosa who has helped promote the illegals. the chief of police says for those of us who don't like the illegals we can move. my daughter is the forth generation to live in southern calif. we have seen a lot of change. some good some bad but this by far has been the most disturbing. i keep hoping that as jobs become more scarce the citizens will surely become outraged at the jobs being taken from them by people who are illegally here and rise up. to top things off most of the money the illegals make here they send back to mexico so they don't even spend that money in the state they are taking it from. if i sound angry at the situation it's because i am.
As Ron Paul has pointed out, the problem is not
people who come looking for more opportunity. The problem is the allurement of welfare, public schools, etc. that promises a lifestyle many poor immigrants who cannot pay their way in productivity, partly because they are barred from productive, open employment. First the State lures them here, then it keeps them dependent and unlawful.
As usual, the State becomes more powerful, all people lose.
and i agree. i appreciate
and i agree. i appreciate what you are saying, it is definitely the the allure of welfare etc. it would take the state doing its job of enforcing the laws against illegal immigration. at the same time it is made harder by the actions of the illegals. we have had immigrants from mexico in southern california for as long as i can remember. nice people who as you say are just looking for a better opportunity.previously there was a mutual respect and everyone seemed to get along. this is no longer the case. until the 80's it was still not a bad situation. by the 90's things became much worse. there is now a sense of entitlement and arrogance. once nice neighborhoods have been trashed and some you don't want to drive through for safety reasons. while i obviously lay most of the blame on those who refuse to enforce the laws the people breaking the laws need to be responsible for their actions.
That is not currency it is
That is not currency it is debt!
www.rtrradio.com
www.retakecongress.com
www.revolutionbroadcasting.com
www.RJHarrismoneybomb.com
Is the Governator
Gonna be Terminated?
I don't think he'll make it to another 6th Day. Or will reach the End of Days? Whatever the outcome he'll be a Running Man from all this Collateral Damage. It doesn't take a Kindergarten Cop to get the Rundown on who the real Predator is in this situation. Arnie could be Twins with Bush Junior for the Raw Deal they've given to Commando's fighting for America. Not even Red Sonja and Conan the Destroyer could stop all the economic Red Heat.
My vote is he gets a Total Recall and his citizenship is permanently expunged with an Eraser.
Be the change you want to see
_ _ _ _ _ _ _ _ _ _
Start getting freedom today by dumping Federal Reserve Notes, Stocks, Banks and anything made outside the USA. Buy precious metals, real estate, businesses, food and guns and get your business community to use local or sound currenc
How long it take you to do that.
Or did you just cut and paste
5 minutes
I looked up his movies on www.imdb.com and made it up as I went along. Thank god I'm a genius and very modest.
Be the change you want to see
_ _ _ _ _ _ _ _ _ _
Start getting freedom today by dumping Federal Reserve Notes, Stocks, Banks and anything made outside the USA. Buy precious metals, real estate, businesses, food and guns and get your business community to use local or sound currenc
lol
hilarious!
Wonder how much actual cash
Wonder how much actual cash one could get for each dollar of CA IOU. Would be nice if some recently laid off finance guys could set up such a market, as it would serve as a good indicator of people's faith in the California government honoring it's 'obligations.'
I suppose
the average CA taxpayer does NOT have the choice whether to accept these IOUs.
I can here it now: "These IOUs are good because we SAY they are."
Can you say 'taxpayer revolution"?
I
I dont see the fed run banks going for this. Wouldnt this involve CA getting a line of credit with the banks?