Some banks and businesses in California are refusing to honor the recently-issued California IOUs. One news article reports: “Apparently, IOUs issued by an insolvent state aren’t as good as cold, hard cash. Last week, after state leaders failed to find a solution to an ongoing budget crisis, California began issuing IOUs to banks and other creditors. Now, despite initially agreeing to accept the IOUs in lieu of actual payments, some of the country’s biggest banks are refusing to honor the promises to pay.”
By honoring the IOUs, the banks are effectively agreeing to issue loans to millions of people in California. While this may not seem like a big deal now, just how many California IOUs would a bank want to have in its possession? These IOUs could eventually become the next big financial disaster –much like those loan bundles of minority subprime loans which suddenly became worthless. Maybe these banks already see the writing on the wall that California will go bankrupt.
The article notes “According to the Wall Street Journal, among the newly defiant banks are Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC), and Bank of America (BAC). Along with an announcement yesterday by Fitch Ratings that it had dropped California’s credit rating to BBB — just a few notches above speculative levels, this shift in sentiment puts immense pressure on Sacramento to find a lasting solution to the state’s woes.”
So far, the crazy socialist legislature of California still refuses to deport so much as one illegal alien. The Democrats refuse to even admit that illegal aliens take more from the state than they pay in taxes. Considering that illegal aliens either work under the table for cash, not paying any taxes, or they work minimum wage jobs, which pay almost no taxes, it’s hard to imagine why the Democrats continue to tell such obvious lies –except maybe that their liberal supporters are clueless enough to still believe them. The organization FAIR came up with an estimate that illegal aliens cost California $13 billion dollars per year.
California is a huge state, with a massive population of essentially non-productive illegal aliens. Non-Whites make up a majority of the population of California, which is exactly what happens when White people gutlessly ignore the issue of immigration. There was a massive $15 billion dollar tax hike earlier this year, which is causing productive Whites to flee California en masse, pushing the state even closer to bankruptcy. California is leading the nation into a new age of financial insolvency. Productive White taxpayers can no longer pay enough taxes to support the crushing burden of a monstrously large non-White population.
Soon California won’t even be able to pay the police, the mercenaries who keep the lid on Los Angeles, Oakland and all the other minority-infested big cities. There could be massive riots soon as welfare programs go bankrupt, or California IOUs are soon turned down by everyone. We could easily be plunged into a race war in which Blacks and Latinos try to take by force, what a bankrupt state government can no longer give them. Whites in California need to invest in guns, which could soon become a necessity just to protect your homes and families from roving gangs of non-White bandits.
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Such issues as immigration reform and health care should not be left to a thrall of politicians, who many do not have the public interest at the heart in these matters? Already we have seen this materialize with the original under-funding of our main enforcement–THE BORDER FENCE CONSTRUCTION and the weakening of the illegal worker identifier–E-VERIFY? As it always happens the status-quo have always have the monetary inroads in influencing our legislators, leaving the general population to be startled by a new law enacted, before they have a chance to respond. It really doesn’t matter who is the majority party, the American people remain alienated from secret wheeling and dealing. H.R. bills and amendments are passed in Washington chambers, but the real payout takes place behind closed doors.
This happened when Sen. Harry Reid, Speaker Pelosi used their power to under-fund E-Verify or even kill it? Then in California right now–the SANCTUARY STATE–E-Verify is under a great deal of pressure, not to implement it. Assembly member Paul Fong (Cupertino) would prohibit the state, local governments, and special districts in California from requiring an employer to use the federal “E-Verify” system, even when that employer is a contractor to the government. This is typical at state or federal level, no matter the monetary consequences to the US worker. California residents should immobilize this idiot, and threaten him losing when it’s time for re-election. SAY NO to AB 1288
Right now as I comment Homeland Security Janet Napolitano is looking for ways, to undermine the ICE raids and 287(g) the local police enforcement law as seen with Sheriff Joe Ariapo in Maricopa County, Arizona and in other states I thought the whole idea of Homeland Security, along with our politicians when they took the oath of allegiance, was to protect us all. It’s more like they are out to protect the interests of the US Chamber of Commerce, Council of Foreign Relations, ACLU and all the open border, special interest groups, including millions of jobs for illegal immigrants into our country. GOOGLE—about their—REAL—INTENTIONS?
They are already showing their true unpatriotic colors, by trying to force through another disastrous immigration reform law. They keep telling us that the 1986 Simpson/mazzoli bill is broken, yet it was never enforced by any president after Ronald Reagan signed it into law. Nor would good old Ted Kennedy sponsored it, if it didn’t ring true? It’s just another trick; to legalize “God Knows” how many illegal aliens will swarm the immigration agencies. How many their really are? Which is anybodies guess, will costs trillions of dollars to support these illiterate people in the majority of cases.
Not the pariah farmers or the businesses that do the hiring, but the taxpayer will have to foot the bill and the millions more who the lay siege to the border–once the word AMNESTY is heard. Now it’s up to the American people to demand–NO MORE AMNESTIES! GOOGLE–illegal immigration and financial costs, because the public is constantly fed propaganda from the Liberals. Call your state or federal representative today! 202-224-3121 in addition to sign the petition for California, to stop billions of welfare benefits, to the overrun State at TAXPAYER REVOLUTION. See the truth at NUMBERSUSA,
Jct: There’s nothing wrong with small denomination California State IOUs if anyone can pay their taxes with them. When Argentina’s government workers were faced with cuts, their unions talked 6 state governments into paying them with small-denomination state bonds which could be used to pay for state services and taxes by everyone.
When the local currency is pegged to the Time Standard of Money (how many dollars per unskilled hour child labor) Hours earned locally can be intertraded with other timebanks globally! In 1999, I paid for 39/40 nights in Europe with an IOU for a night back in Canada worth 5 Hours. U.N. Millennium Declaration UNILETS Resolution C6 to governments is for a time-based currency to restructure the global financial architecture.
See http://youtube.com/kingofthepaupers
Too bad California IOUs won’t be accepted in payment for state taxes and services like state bonds were in Argentina. Too bad California IOUs will be denominated too big to use as local currency. Too bad Argentina people were smart enough to avoid the tent-cities catastrophe and California people are too stupid to follow their example.
If they make IOUs legal tender, I’ll take back every joke I ever made about Girlieman Governor Musclehead if he engineers the California state currency lifeboat. .
while your article seems to have some valid points, your article makes you sound racist.