The Bottom Falls Out of the Capitalist System
This is how it happens.
Sure, it is Dr. Doolittle today...but as the crisis deepens it will include everyone.
We will ALL be swamped with penalties and interest...usury-style...compliments of our local, county, state, and national governments.
It is coming UNDONE, folks, hang on for a wild-ass ride these next few years.
California Won't Accept Its Own IOUs
Quote:
We will ALL be swamped with penalties and interest...usury-style...compliments of our local, county, state, and national governments.
It is coming UNDONE, folks, hang on for a wild-ass ride these next few years.
Its a government version of the Easter island die off. Expect the growth of kleptocracy; camera generated tickets, tickets for one mile over, confiscation of real estate, vehicles, and cash, disproportionate of the crime, for the most minor of offenses.
California is usually ahead of the pack. It is already bankrupt so it is paying off its vendors with IOU's. Banks will not accept the IOU's. The vendors have their own bills to pay including taxes on the IOU's which California counts as income.
"Small businesses that received $682 million in IOUs from the state say California expects them to pay taxes on the worthless scraps of paper, but refuses to accept its own IOUs to pay debts or taxes. The vendors' federal class action claims the state is trying to balance its budget on their backs."
http://www.courthousenews.com/2009/0...s_Own_IOUs.htm
"California, here we come."