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Country
1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 07/03/2009 : 12:48:16
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quote:
Originally posted by Nickelless
What's the difference?
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I can take my CASH down to a coin dealer and say, "Gimmie some silver." If I show up with a California IOU a dealer will say, "What good is that IOU to me."
California is broke; basically bankrupt without declaring bankruptcy. What's next? I think they are going to have to liquidate assets like in any other bankruptcy; property and tangible items of value will be sold to pay off their debt. Since California can't print money, they are on the hook to pay off creditors. Those who hold California bonds issuances, those individuals on pension, salary, and welfare of all kinds will be given less or nothing. |
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California issuing IOUs in lieu of cash
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