Is It Time to Bail Out of the US?

bigbadwolf

Registered
More good cheer from Paul Craig Roberts at vdare.com:

California State Controller John Chiang announced on January 26 that California’s bills exceed its tax revenues and credit line and that the state is going to print its own money known as IOUs. The template is already designed.

Instead of receiving their state tax refunds in dollars, California residents will receive IOUs. Student aid and payments to disabled and needy will also come in the form of IOUs. California is negotiating with banks to get them to accept the IOUs as deposits.

California is often identified as the world’s eighth largest economy, and it is broke.

A person might think that California’s plight would introduce some realism into Washington, DC, but it has not. President Obama is taking steps to intensify the war in Afghanistan and, perhaps, to expand it to Pakistan.
 

criswkh

Registered
I read somewhere a couple months ago about smaller towns making their own money. It seems like print a different currency is like Disney World with their mickey bucks. I wish Argentina would make more coins :)
Here is a good site if you are wondering what is going to happen to tax revenues. Which I think they will be going down for at least 2-3 years.

http://www.layoffdaily.com/
 

igor

Administrator
criswkh,

Usage of complimentary currencies is considered to be a sign of upcoming crisis. That means that banking system is not working properly. Back in 2001-2003 Patacones, LECOPs and other types of pseudo-currencies were in circulation in Argentina.
 

criswkh

Registered
Thanks Igor for the information. I think the US hasn't seen this type of printing in a while and people are worried of what is to come. Do you think some Providence in Argentina could start doing this with the coins?
 

perry

Registered
I do believe it is time to bail out of Fiat currencies and invest in tangible assets. Gold. Silver, Land that can produce foods are your best investments.
 

bigbadwolf

Registered
pericles said:
I do believe it is time to bail out of Fiat currencies and invest in tangible assets. Gold. Silver, Land that can produce foods are your best investments.
I couldn't agree with you more.
 
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