Everyone is talking about California using IOU’s. Could California’s crisis inadvertently emancipate them/us? What’s the difference between Federal Reserve Notes and IOU’s? I don’t think there’s any. If a State issued IOU’s and they accepted them as payment and businesses did as well, wouldn’t this serve as money? Granted, I HATE this paper money the govt controls us with, but I would rather see it decentralized rather than it’s destructive power being concentrated wholly in DC.
If State’s can issue IOUs they wouldn’t need to follow the Federal govt or the Federal Reserves dangling carrot. Private money, money chosen FREELY, is THE answer, but could these IOUs give us greater freedom? I would REALLY love to see these IOUs start functioning as money and then see the Fed try to curtail it and come into conflict with various states, especially HUGE states like California.