Published on July 13, 2009
Part 1/3 http://www.youtube.com/watch?v=Wix24jnGqc4
Parg 2/3 http://www.youtube.com/watch?v=DLZqAg7EOo4
Theres nothing wrong with small denomination California State IOUs if anyone can pay their taxes with them. When Argentinas 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.
Too bad California IOUs wont 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.
If they do make IOUs legal tender, I'll take back every joke I ever made about Girlieman Governor Musclehead if he engineers the California state currency lifeboat.