California Threatens To Pay Workers With IOUs As Deficit Soars!

walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
20/08/2010 10:48

Interest only article but could affect us in the long run:



Could this happen here in NC?



It could be the beginning of the end of the global financial institutions and structures as we know it ...

what starts off in the USA usually ends up in Europe ...



http://www.huffingtonpost.com/2010/08/18/california-threatens-to-p_n_686952.html



http://yhoo.it/a718rY





http://bit.ly/clxzWt

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
20/08/2010 11:00

I think California was in financial trouble even before this financial meltdown. It's amazing really, when you think about the number of wealthy people who live there. You don't associate places like Malibu and Santa Barbara residing in a broken state.



Power is shifting from West to East. Britain has to find ways to export to Brazil, India and China. High tech innovation is where we may have the edge

newscoop


Joined: 23/12/2007
Posts: 2197

Message Posted:
20/08/2010 11:58

California had the same problem a few years ago, they paid then with IOU's



They cannot raise taxes because it always needs a referendum to do so and the Californians do't believe in self sacrifice expecting the federal government to bail them out.



Think Greece/TRNC but with bigger cars.