http://themoderatevoice.com/38336/big-banks-will-turn-down-california-ious/ An Internet hub with domestic and international news, analysis, original reporting, and popular features from the left, center, indies, centrists, moderates, and right Wed, 30 May 2012 18:19:52 +0000 hourly 1 http://wordpress.org/?v=3.1.2 http://themoderatevoice.com/38336/big-banks-will-turn-down-california-ious/comment-page-1/#comment-193184 DLS Wed, 08 Jul 2009 22:05:18 +0000 http://themoderatevoice.com/?p=38336#comment-193184 I was going to suggest California try auctioning some IOUs on E-Bay, but saw the Craigslist note first. Note that asking for _more_ than face value is simply silly. I was going to suggest California try auctioning some IOUs on E-Bay, but saw the Craigslist note first. Note that asking for _more_ than face value is simply silly.

]]> http://themoderatevoice.com/38336/big-banks-will-turn-down-california-ious/comment-page-1/#comment-193183 DLS Wed, 08 Jul 2009 22:03:53 +0000 http://themoderatevoice.com/?p=38336#comment-193183 It serves Cailfornia right. Incidentally, why should banks accept them at all, or at full face value rather than discounting them significantly? Neither New York City, which bankrupted itself from liberalism in the mid-1970s, nor California, who is doing it now, has the right to expect others to prop them up, likely with no long-overdue reforms at all. If California runs to Obama for help (forcing banks to accept the IOUs or for unused "stimulus" funds), it won't be a surprise at all, though it won't merit respect; it deserves none. It serves Cailfornia right. Incidentally, why should banks accept them at all, or at full face value rather than discounting them significantly? Neither New York City, which bankrupted itself from liberalism in the mid-1970s, nor California, who is doing it now, has the right to expect others to prop them up, likely with no long-overdue reforms at all. If California runs to Obama for help (forcing banks to accept the IOUs or for unused “stimulus” funds), it won't be a surprise at all, though it won't merit respect; it deserves none.

]]> http://themoderatevoice.com/38336/big-banks-will-turn-down-california-ious/comment-page-1/#comment-192804 KingofthePaupers Tue, 07 Jul 2009 14:36:24 +0000 http://themoderatevoice.com/?p=38336#comment-192804 Jct: There’s nothing wrong with small denomination California State IOUs if anyone can pay their taxes with them. When Argentina’s government workers were faced with cuts, their unions talked 6 state governments into paying them with small-denomination state bonds which could be used to pay for state services and taxes by everyone. <br>When the local currency is pegged to the Time Standard of Money (how many dollars per unskilled hour child labor) Hours earned locally can be intertraded with other timebanks globally! In 1999, I paid for 39/40 nights in Europe with an IOU for a night back in Canada worth 5 Hours. U.N. Millennium Declaration UNILETS Resolution C6 to governments is for a time-based currency to restructure the global financial architecture. <br>Too bad California IOUs won’t be accepted in payment for state taxes and services like state bonds were in Argentina. Too bad California IOUs will be denominated too big to use as local currency. Too bad Argentina people were smart enough to avoid the tent-cities catastrophe and California people are too stupid to follow their example.<br>See <a href="http://youtube.com/kingofthepaupers" rel="nofollow">http://youtube.com/kingofthepaupers</a> Jct: There’s nothing wrong with small denomination California State IOUs if anyone can pay their taxes with them. When Argentina’s government workers were faced with cuts, their unions talked 6 state governments into paying them with small-denomination state bonds which could be used to pay for state services and taxes by everyone.
When the local currency is pegged to the Time Standard of Money (how many dollars per unskilled hour child labor) Hours earned locally can be intertraded with other timebanks globally! In 1999, I paid for 39/40 nights in Europe with an IOU for a night back in Canada worth 5 Hours. U.N. Millennium Declaration UNILETS Resolution C6 to governments is for a time-based currency to restructure the global financial architecture.
Too bad California IOUs won’t be accepted in payment for state taxes and services like state bonds were in Argentina. Too bad California IOUs will be denominated too big to use as local currency. Too bad Argentina people were smart enough to avoid the tent-cities catastrophe and California people are too stupid to follow their example.
See http://youtube.com/kingofthepaupers

]]>