How California Could Turn its IOUs into Dollars


by Ellen Brown
Global Research, July 22, 2009
webofdebt.com





California has over $17 billion on deposit in banks that have refused to honor its IOUs, forcing legislators to accept crippling budget cuts. These austerity measures are unnecessary. If the state were to deposit its money in its own state-owned bank, it could have enough credit to solve its budget crisis with funds to spare.

“We make money the old-fashioned way,â€