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  • Do California IOUs Carry an Implicit Guarantee from the Federal Government? [View article]
    As a matter of constitutional law, the United States guarantees to each state a Republican form of government controlled by Democrats. California's scrip is probably illegal, because Congress has preemptive power to coin money and the 'full faith and credit' clause could conceivably compel other states to honor California's IOUs -- implicit if BoA and Wells are accepting script as money. Huge mess getting worse by the second.
    Jul 05 12:45 pm |Rating: +1 0 |Link to Comment
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