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View Diary: "It's a pretty large number and I think we have to do something about it." (12 comments)

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  •  The states are in a pickle because, instead of (0+ / 0-)

    just managing the currency as a utility, Congress uses the dollars to coerce support for themselves and their friends.

    Before the Civil War, some states used to issue their own money. And, of course, the internet is experimenting with Bitcoins, an experiment that may well demonstrate that what counts when it comes to currency is credibility not content.

    Some of us still remember when Green Stamps had credibility. People saved them and traded them and donated them to schools and other community groups to acquire supplemental supplies.

    California, not so long ago, issued it's own IOUs when it ran out of the federal kind. As far as I know, those were retired in regular order and the contractors got paid, albeit a little late.

    The U.S. dollar is supported by the good faith and credit of the citizenry. Unfortunately, it seems some members of Congress consider the reference to God as a substitute that relieves them of their obligation. Sort of like equality is only to be achieved at the last judgement.

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    by hannah on Wed Dec 04, 2013 at 08:29:29 AM PST

    [ Parent ]

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