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California Eyes 'IOU's' For Second Time Since Depression

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posted on Dec, 5 2008 @ 01:48 PM
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California Eyes 'IOU's' For Second Time Since Depression


www.bloomberg.com

Dec. 5 (Bloomberg) -- California, the world’s eighth-largest economy, may pay vendors with IOUs for only the second time since the Great Depression, State Finance Director Mike Genest said.

In a letter to legislative leaders Dec. 1, Genest said the state “will begin delaying payments or paying in registered warrants in March” unless an $11.2 billion deficit is closed or reduced. California, which approved its budget less than three months ago, may run out of cash by March, state officials say.

Governor Arnold Schwarzenegger warned that the state may issue the warrants, which are a promise to pay with interest, to suppliers and contractors as the seizure in credit markets may make it too costly to borrow.

(visit the link for the full news article)



posted on Dec, 5 2008 @ 01:48 PM
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Jeez, what a mess...

But hey, why not, since the entire monetary system is nothing more than a worthless IOU sham to begin with? lol

Strange times we live in, when states are failing to meet basic budgets, and yet CEO's and bankers are raking in 50 X what it would take to keep things running our country decently, if only priorities, and not greed, were the order.

www.bloomberg.com
(visit the link for the full news article)



posted on Dec, 5 2008 @ 01:58 PM
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reply to post by DimensionalDetective
 


All too true! This is a twisted show of events.

I just would love to talk with the people who appoved the budget not long ago... How do they answer for that?

Our monitraay system is based upon the belief that it works... Not the fact that it does.



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