Some banks and businesses in California are refusing to honor the recently-issued California IOUs. One news article reports: “Apparently, IOUs issued by an insolvent state aren’t as good as cold, hard cash.
Last week, after state leaders failed to find a solution to an ongoing budget crisis, California began issuing IOUs to banks and other creditors. Now, despite initially agreeing to accept the IOUs in lieu of actual payments, some of the country’s biggest banks are refusing to honor the promises to pay.”
By honoring the IOUs, the banks are effectively agreeing to issue loans to millions of people in California. While this may not seem like a big deal now, just how many California IOUs would a bank want to have in its possession? These IOUs could eventually become the next big financial disaster –much like those loan bundles of minority subprime loans which suddenly became worthless. Maybe these banks already see the writing on the wall that California will go bankrupt.
The article notes “According to the Wall Street Journal, among the newly defiant banks are Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC), and Bank of America (BAC). Along with an announcement yesterday by Fitch Ratings that it had dropped California’s credit rating to BBB — just a few notches above speculative levels, this shift in sentiment puts immense pressure on Sacramento to find a lasting solution to the state’s woes.”
So far, the crazy socialist legislature of California still refuses to deport so much as one illegal alien. The Democrats refuse to even admit that illegal aliens take more from the state than they pay in taxes. Considering that illegal aliens either work under the table for cash, not paying any taxes, or they work minimum wage jobs, which pay almost no taxes, it’s hard to imagine why the Democrats continue to tell such obvious lies –except maybe that their liberal supporters are clueless enough to still believe them. The organization FAIR came up with an estimate that illegal aliens cost California $13 billion dollars per year.
California is a huge state, with a massive population of essentially non-productive illegal aliens. Non-Whites make up a majority of the population of California, which is exactly what happens when White people gutlessly ignore the issue of immigration.
There was a massive $15 billion dollar tax hike earlier this year, which is causing productive Whites to flee California en masse, pushing the state even closer to bankruptcy. California is leading the nation into a new age of financial insolvency.
Productive White taxpayers can no longer pay enough taxes to support the crushing burden of a monstrously large non-White population.
Soon California won’t even be able to pay the police, the mercenaries who keep the lid on Los Angeles, Oakland and all the other minority-infested big cities.
There could be massive riots soon as welfare programs go bankrupt, or California IOUs are soon turned down by everyone. We could easily be plunged into a race war in which Blacks and Latinos try to take by force, what a bankrupt state government can no longer give them.
via Massive Immigration about to Bankrupt California | The Official Website of Representative David Duke, PhD.
- Ucla to Offer Illegal Aliens Classes at ‘National Dream University’ (redalertpolitics.com)
- California Is Obama’s Dream (itmakessenseblog.com)
- Thanks Barack… Released Illegal Aliens Charged With 16,226 Subsequent Crimes Including Murder And Rape (thedaleygator.wordpress.com)
- Taxpayers Stuck with Bill for Illegal Immigrants (radio.foxnews.com)
- Obama Pays Illegal Aliens to Come Here – With Your Money (thegatewaypundit.com)
- Arizona Immigration Ruling Prompts Push for Lax Immigration Policies (heritage.org)
- Found in Spam! Not Bad.. (maddmedic.wordpress.com)