California IOUs – One Step Closer To The Brink And About To Break

Wednesday, September 1, 2010
By Paul Martin

By: Trace Mayer, J.D.
Wednesday, 1 September 2010

California IOUs are beginning to infringe on the Federal Reserve’s exclusive monopoly regarding legal tender fiat currency. On 23 August 2010 California bill A.B 1506 passed 9-0 and contains a provision that “a state agency shall accept from a person or entity a registered warrant issued by the Controller that is endorsed by that payee , at full face value”. This failing State is now one step closer to the financial abyss event horizon and the gravitational pull of economic law continues exerting tremendous pressure.


The language of the Constitution is both exceedingly simple yet extremely profound in its consequences. In Article I, Section 8, Clause 5 and Article I, Section 10, Clause 1, silver and gold coin are adopted as the exclusive money and currency of the United States. The term ‘dollar’ is written twice in the Constitution in Article I, Section 9 and in the Seventh Amendment. But what is a dollar?

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