California is going to issue IOUs instead of spending money because they don't have any more money. Isn't this the same thing as printing their own money?
Isn't this a violation of Federal law?
I wonder. Could I print my own money? Would you accept it? If so, email me with a list of anything you might have for sale.
1 comment:
Article ! of the Constitution: Section 10. No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything 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.
It is plainly unconstitutional for CA to issue IOUs. But I'm not a lawyer.
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