California Legislature Passes IOU Bill

In the recent news that has gone largely unnoticed is a story about our legislators passing a bill to allow vendors to use State IOUs as payment for bills owed to the State. Granted, that may sound strange in that we have an imaginary item -- an IOU -- that we then take to the State to pay a bill. Wow! Sounds strange right?

Just a darn minute, pardner. Isn't that what currency is? Darn right it is. Currency is a piece of paper that we use to buy goods and services or to pay for labor. We decided that the piece of paper means something. If everyone agrees, Bam! You got money!

This current bill was initiated by a Republican for goodness sake. Didn't he realize that he just started the move to have California in the banking business? See the post below for further info.

If California Governor Terminator signs the bill, we the people are in the banking business. Now lots of folks will wail & moan about IOUs and fiscal responsibility. Forget them! Get behind this measure! What it does is get money (liquidity) into the State economy. We need it! We want it! We deserve it! Let's do it!

If you need further info on the concept, see the book "Web of Debt" by Ellen Hodgson Brown, JD or go to her website, www.webofdebt.com. Have a good read and let's take back the economy and the Fed!

Copyright, 2010
Bill Falzett