by sammielee24 5 Replies latest jw friends
The controller for California has put out the word to his department to get ready to stop direct deposit of certain payments and salaries in order to issue paper IOU's. He said this may extend to the tax refunds that people get this year as well.
Now, I think this is all just talk and scare tactics and political posturing, but has anybody ever gotten an IOU for their salary or money's due before?
sammieswife
:The controller for California has put out the word to his department to get ready to stop direct deposit of certain payments and salaries in order to issue paper IOU's. He said this may extend to the tax refunds that people get this year as well.
:Now, I think this is all just talk and scare tactics and political posturing, but has anybody ever gotten an IOU for their salary or money's due before?
Everyone in America has gotten NOTHING BUT IOUs for salaries, pensions, money's due, proceeds from sales of assets and tax refunds (to name but a few) since the 1960's. An IOU is a promissory note. A promissory note is an IOU. Our paper currency is an IOU, although it uses a deceptive euphemism for it, called "Federal Reserve Note." There is no "reserve" of ANYTHING in the Federal Reserve except huge reserves of more Federal Reserve Notes, which cost next to nothing to print, and even the cost of the next to nothing printing is paid for by other Federal Reserve Notes. It is an IOU and is backed by NOTHING but some sort of "promise" that it is actually "worth" something. And it is the biggest scam ever put to the gullible American people. American money has been worthless for a lot of decades, and the only thing that has kept it as tender that can buy things and pay debts is enough Americans believe it has some credible value. It doesn't.
Don't believe me? Go to a Federal Reserve Bank(tm) and hand them a $20 bill you worked so hard to earn and tell them you want to redeem that Federal Reserve "Note." No problem. They will "redeem" it by taking it and giving you another $20 bill. Tell them you want to redeem it for something that is actually WORTH something, like gold, silver, a big frozen catfish, a basketball, anything. They will laugh at you before they have you arrested.
The only reason States like California have to pull the same, but differently name scam in hard times by scaring people and issuing (shudder") IOUs, is that the US Constitution prohibits states from issuing their own currency. But it doesn't prohibit them from issuing IOUs, when in fact they are both the same thing. The only difference is the public perception of what they really are.
Once the general public realizes the scam and demands that their paper be redeemable for something with actual intrinsic value (like gold), will the scam be exposed and paper money will commonly become what it has been worth for decades: nothing.
Farkel
Now, I think this is all just talk and scare tactics and political posturing, but has anybody ever gotten an IOU for their salary or money's due before?
sammieswife
Yes, All the time.
A certain unnamed state I work for, pays me my holiday pays x-mass, New Years, 4 th of July etc with an IOU that they dont expect to pay me until I retire.
Every "dollar" in your pocket is literally an IOU.
I wonder if someone can pay their rent, buy food and pay for heat with an IOU.
I wonder if someone can pay their rent, buy food and pay for heat with an IOU.
Sure! Step 1: Lots of people pay for things with credit from bank. Step 2: Lots of people default on debt Step 3: Over leveraged bank in danger of defaulting Step 4: Federal government pays bank with money obtianed on credit. Step 5: ??? Step 6: Ni Hao!
