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California’s IOUs Actually a Cleverly-Disguised Alternative Currency?

Posted Jul 22 2009 10:17pm
By now we’ve all heard about California’s fiscal crisis and the state’s seemingly desperate move to print IOUs for payment of their debts. As much as it may seem California lawmakers are grasping at straws, some (like New Deal 2.0’s Marshall Auerback) believe it may actually be a very shrewd move. By accepting the IOUs as [...]
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