California will officially run out of money in March. But California has been printing its own fiat currency, as expressly forbidden by the Constitution, for some time now. As opposed to minting coins in precious metals, that IS allowed by the Constitution. The currency printed by the government of California is the official Californian I.O.U. It is being generated in lieu of actual payment and is officially mandated as being equivalent, dollar for dollar, to a national government issued fiat currency, the dollar. And they are being spent and traded as though they are real currency in California, used to pay debts and make purchases.
And who would challenge the staus quo? Not the Californicators, who might then have to deal with a real bankrupted government and the associated losses and sudden devaluation of this new currency. And certianly not the other states, many of whose own time is approaching where they would have to do the same, like Illinois and New York. Nor the other states, lest they give life to their fears that the national government will start the massive redistribution of the funds that it has been collecting from the citizens of the less spendthirfty states. Wouldn’t do to waken citizens to the impending dumping of their dollars into the massive black hole of debt of California. Citizens might get a little testy over the idea that the lib/progs are fixing to make such a large amount of American equity go away. Better that it be done secretly or with backroom deals and in such a way that it seems to be distant and obscure in DC and not connected with the day to day dealings of living in the state. If GM is too big to fail, then surely they can justify dumping 10 times the equivalent losses under the table to the west coast. And they will need to do more than just catch them up, because, like the national government, it currently takes spending twice what it takes in to keep California afloat.
“Shall we acquire the means of effectual resistance by lying supinely on our backs and hugging the delusive phantom of hope, until our enemies shall have bound us hand and foot? Sir, we are not weak if we make a proper use of those means which the God of nature hath placed in our power. The millions of people, armed in the holy cause of liberty, and in such a country as that which we possess, are invincible by any force which our enemy can send against us. Besides, sir, we shall not fight our battles alone. There is a just God who presides over the destinies of nations, and who will raise up friends to fight our battles for us. The battle, sir, is not to the strong alone; it is to the vigilant, the active, the brave. Besides, sir, we have no election. If we were base enough to desire it, it is now too late to retire from the contest. There is no retreat but in submission and slavery! Our chains are forged!”_ Patrick Henry, March 23, 1775
It is getting close to the last minute, for those of you that are interested.