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News Link • Economy - Economics USA

California and Will Soon Join The PIIGS at The Slaughterhouse

But more importantly, beyond their debt, is that they don't have their own central banks, which turned out to be Greece's problem. The central bank distinction is key, as it's the reason that the UK hasn't found itself in a fiscal crisis yet. We'll be delving more into their situation in the days ahead, but for now a thought experiment: Could you imagine US political leaders staying up all night to craft together an 11th-hour bailout of California? And if you think that's possible, do you think it'd be possible after November, when Republicans clean up in the election?

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