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Ious

How California Could Turn Its IOUs into Dollars

Ellen Brown | Posted 08.22.2009 | Business

Read More: Bank of America, Ious, Wells Fargo, Citibank, Banking Crisis, Bank Bailout, California Budget Crisis, Arnold Schwarzenegger, State Bank, Bank of North Dakota, Business News
Ellen Brown

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.

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Towards a Solution to the Debt Crisis in California: The State Could Walk Away and Create Its Own Credit Machine

Ellen Brown | Posted 08.14.2009 | Politics

Read More: Bank of America, Citigroup, JPMorgan Chase, Ious, Governor Arnold Schwarzenegger, Wells Fargo, Banking Crisis, Bank Bailout, California Budget Crisis, State Bank, Bank of North Dakota, Politics News
Ellen Brown

California could put its revenues in its own state-owned bank and fan these "reserves" into many times their face value in loans, using the same "fractional reserve" system that private banks use.

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California Dreamin': How the State Can Beat Its Budget Woes

Ellen Brown | Posted 08.08.2009 | Business

Read More: Federal Bailout, Ious, Governor Arnold Schwarzenegger, Money Supply, Federal Reserve, Banking Crisis, U.S. Constitution, California Budget Crisis, Bank of North Dakota, State Bank, Business News
Ellen Brown

The world's eighth largest economy is not going quietly into that pit of debt and devastation that has devoured Third World countries whole.

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California Budget Squabbling: Schwarzenegger 'Broke' The Budget, He 'Should Fix It'

AP/Huffington Post | Posted 08.02.2009 | Politics

Read More: Ious, State Budgets, Schwarzenegger, California-Assembly-Speaker-Karen-Bass, California, California in Crisis, Financial Crisis, Recession, Sacramento-California, Politics News

SACRAMENTO, Calif. -- California's controller will start paying many of the state's bills with IOUs as soon as Thursday after lawmakers failed to clos...

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California Misses Deadline, May Now Have To Issue IOUs

AP | JUDY LIN | Posted 08.01.2009 | Politics

Read More: State Budgets, Economic Stimulus Package, IOUs, California, Shwarzenegger, Stimulus, Recession, Politics News

SACRAMENTO, Calif. — States from coast to coast began a new fiscal year Wednesday with no budget plans and with cash quickly running out, sendin...

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