« Peggy Noonan on the future | Main | Oligarchy Narrative »

July 14, 2009


Account Deleted



James Bowery


Eminence Grise

Heard this morning that major banks are refusing to accept California IOUs. So as I read it, when the banks are in trouble, the government has an obligation to help them out. But when the government is in trouble, the banks can't be bothered. Hmmm. Methinks government won't be the only thing localized...

And I vote for "Grizzlies" (as in the Bear Republic, more likely as in "grisly").

Ken Hagler

How about "Unconstitutionals," in memory of the long-dead U.S. Constitution which says:

"No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."

As a side note, it would be really nice if police forces got smaller, but I think the chance of that happening is approximately nil.


@Ken: "No State shall ...make any Thing but gold and silver Coin a Tender in Payment of Debts...

You are spot-on, but since the federales have finagled their way around this one by "defining" the dollar as something that equates to gold, then not allowing exchange of dollars to gold, one might expect California to do the same scam.

Going to be very interesting to watch all the unintended consequences boil up over this.


Local currencies are legal as Ithaca Dollars and Berkshire Bucks and a number of iterations of Time Dollars prove. Whether a state can do it is another question. That goes back to the Articles of Confederation and was a major reason for the Constitutional Convention or so I learned in history class long ago.

Local currencies also were popular during the Great Depression. Maybe we should revisit Upton Sinclair's End Poverty in California (EPIC) program that was the platform on which he ran for Governor of that state in 1934. He ran as a Democrat although received little or no support from the party. His Socialist past and "radical" ideas were too much for them.

The comments to this entry are closed.