California is preparing to issue IOUs
California is preparing to issue IOUs to its creditors this week
Charts of the slump in capacity utilization by industry. Durable consumer goods are the least likely to regain pricing power right now.
Arizona sales tax revenues in April were (19.8)% below April of last year
City of El Monte, CA considering Chapter 9 Bankruptcy"So maybe we could summarize the recent strength in the leading economic index this way: The main reason we think the economy is improving is because many of us think the economy is improving."
"Law school is weak on empiricism--unlike, for example, medical school, which is moving in the direction of being ever more evidence-based. Almost every argument in law school is a hypothetical grounded in abstraction and unproved in experience."
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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.
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
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