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OMG: “California Won’t Accept Its Own IOUs”

• Investment Watch

5 Comments in Response to

Comment by Don Duncan
Entered on:

Why are the businesses paying sales tax when no sale has taken place? A sale is not complete until: 1. A service or product is rendered. 2. Remuneration is received.  An IOU is not payment, it is a promise to pay. I assume the businesses are paying because they are afraid of losing the gov't business or just because they are too timid to resist an irrational, illegal gov't demand. If they had just said no when the tax was demanded, the gov't would have sued them and they could have counter sued with less expense and quicker results.













Comment by Found Zero
Entered on:

Wait, you mean to tell me the state that is totally broke can't honor an IOU? Who'd have thought that was possible?

I thought they were going to close the budget gap by making another Terminator movie. I guess Hollywood doesn't take IOUs either.

Comment by William Klepzig
Entered on:

 That will be the O'man's problem in the near future.  China will not accept US paper money because it has no real backing.

Comment by Dagny Taggart
Entered on:

I hope this does go to court, at some point it may force someone to actually READ the Constitution. 

 (No State shall; emit Bills of Credit, make any Thing but gold and silver Coin a Tender in Payment of Debts)

Comment by Powell Gammill
Entered on:

Now this is one of the sweetest stories I have read in a while.  When I stopped laughing, I wrote this.

Never trust the government with anything accept collecting your earnings.  And dealing with you if you complain to publicly.

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