You know, in a strange sense, Arnie’s I.O.U.’s are an unintentional step in the right direction.
I.O.U.’s are a form of credit, and the State of California, the world’s eighth largest economy, has every right to create credit, they just need to go about it a different way. Ellen Brown once again provides insightful and thought-provoking commentary (and covers the legality) of the States acting as sovereign issuers of of their own credit.
Several people have asked me, “Is it even lawful today for a State to form a bank modeled after North Dakota’s 1919 charter?
I think that Ellen has answered that question in the article linked above, partly in the manner that I would.
To Ellen’s sound reasoning, I would like to add that government has an obligation to act responsibly, period. Our federal government is not doing that. Our privately owned federal reserve is not doing that, and our privately owned investment banks are not doing that either. Ergo, without a responsible federal government to protect the people or a responsible banking system available to fuel commerce, the States really have no choice but to act responsibly, and sovereignly, with respect to both serving the interests of their people, and their economies.
Maybe that should be clearly written into the Consititution if it is not inherantly assumed in the existing language that there is a succession of responsible government.
If you would like to help try and convince YOUR state government to act responsibly to counter and correct the federal government’s mishandling of your trust, you can take action here.
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.