Why cant we write IOUs to the banks???

So the states cant figure out a budget plan, they will stop paying more and more workers, they will start writing IOUs because they are billions in debt and cant pay any of it... so why cant people who cant pay their homes anymore start writing IOUs to the banks? i mean its the people who ruined the budgets for people in those states who are loosing their homes because they dont have jobs due to budget issues with state. Not because people dont want to pay, but because their jobs were taken from them, and they no longer can pay. Id say if a state that sucks at managing their money can write IOUs... why cant the responsible people, who in fact can manage their money, cant write IOUs to the people who are writing IOUs???

its a mouth full, but bare with me

[edit on 1-7-2009 by NickT916]

.... aparently you can write IOU's ..... as long as you write them on hundred dollar bills.

.... how do you know you cant write them ??? have you tried ? ..... all I'm saying is, you never know, .... give it a shot ..... I mean, if you dont pay them isnt that the equivalent of sending an IOU ?

[edit on 1-7-2009 by IntastellaBurst]

i might consider credit an IOU

Interesting. Wonder how VISA would react to an IOU. Just for fun. Have to try sending one in the mail after i pay my bill online just to see.

It's pretty simple really. They have all the prisons and all the guns and all the soldiers (aka cops).

The only way to get the same rights they have is to revolt.

I right guys.


"

DEAR DEBT HOLDER,
____________________


Due to recent economic misfortunes I regret to inform you I am unable to
make next months payment. Here is a document which states my intention of paying when funds are available. This document is notarized and is redeemable till July 15th 2055.



I ________________ AGREE TO FULLY PAY THE AMOUNT OF FUNDS ____ and ____ cents UPON REQUEST AT TIME WHEN FUNDS ARE AVAILABLE. ON THIS DATE IN WHICH THE PAYMENT IS DUE * JULY 15th 2009


Regards,
_____________

(Notary Stamp)


Im gonna get it notarized and do this

Ill post back and see what happens a few days from now.

I have a much better question for the op.

Will banks "CASH" "IOU'S" from the state of California????



Sparky, I love it, but I strongly suspect you will be met with, let me get my manager, let me call head office, and finally, sorry, we don't accept iou's from individuals.

[edit on 7/1/2009 by mrmonsoon]

Loans are IOUs.

They give you money and you promise to pay it back. Pretty much the definition of a IOU.

im loving that IOU letter hahah, i suppose its worth a try with an IOU and set a date for yourself and see how far it goes... i mean if you are in a hole, you are in a hole!!

once i get deep enough im writing IOUs or if you have a bad enough credit how much worse can it get

They are broke because they want to be. Inefficient management period.

Unfortunately, everyone will pay the price for that mismanagement.

Now that the government is about to set the example and send out IOU's, I expect the taxpayers of California to have the right to send in their own IOU when they have to pay their state taxes.