As goes California," says the adage, "so goes the nation." All eyes are therefore on the Golden State as it attempts to solve its $26 billion budget deficit. The world's eighth largest economy is not going quietly into that pit of debt and devastation that has devoured Third World countries whole. The State's voters have drawn a line in the sand against further tax hikes, while Democratic leaders have drawn a line at further cuts in services or selloff of public assets. State legislators are deadlocked, caught between the rock of tax ceilings and the hard place of debt limits. "Expect the best and accept nothing less," says another adage that typifies the attitude sometimes called "California dreaming." You create your own reality. Instead of trying to prop up an old model that has failed, you can dream up a new one. If anyone can come up with an original solution to the problem, Californians should be able to. But what? While waiting for developments, Governor Arnold Schwarzenegger has started paying the State's bills with IOUs ("I Owe You"s evidencing debt, technically called "registered warrants"). Hmm . . . Pay the bills with IOUs. Not a bad idea!
"Expect the best and accept nothing less," says another adage that typifies the attitude sometimes called "California dreaming." You create your own reality. Instead of trying to prop up an old model that has failed, you can dream up a new one. If anyone can come up with an original solution to the problem, Californians should be able to. But what? While waiting for developments, Governor Arnold Schwarzenegger has started paying the State's bills with IOUs ("I Owe You"s evidencing debt, technically called "registered warrants").
Hmm . . . Pay the bills with IOUs. Not a bad idea!
Yonkers Mayor Phil Amicone asserts that the New York state Senate impasse will bankrupt Yonkers within 10 days time if the deadlock continues. The mayor is concerned that he will have no other option than to pay the Yonkers Police Department and Yonkers Fire Department with IOU's. The concept for payment with IOU's originated in the mind of California Governor Arnold "The Terminator" Schwarzenegger. The IOU concept may be the only cform of payment available to Governor Schwartzenegger and similarly, the only option for Mayor Amicone.
And what happens to States Rights if they do ?
Looks like an awful lot of myth is gonna get some close examination. Some parts of the US are becoming ungovernable, and not in the way the teabaggers want. keep to the Fen Causeway
