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What Sheldon Emry wrote of nations is equally true of states:
“It is as ridiculous for a nation to say to its citizens, ‘You must consume less because we are short of money,’ as it would be for an airline to say, ‘Our planes are flying, but we cannot take you because we are short of tickets.’”
As a card-carrying member of the banking elite, California could create all the credit it needs to fund its operations, with money to spare.
She describes the Guernsey States experiment,apparently hugely successful:
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Right now California's economy is moribund, and the prospects for a quick turnaround are not good. Unable to pay its bills, the state is issuing IOUs; its once strong credit rating has collapsed. The state that once boasted the seventh-largest gross domestic product in the world is looking less like a celebrated global innovator and more like a fiscal basket case along the lines of Argentina or Latvia.
From a humble beginning as a water-poor remote Spanish mission outpost, California proved to be a precocious and talented child performer. It struck gold with 'Sutter's Mill' in 1849, earning accolades and attracting millions of crusty bearded prospectors. Black gold soon followed with 'La Brea Tar Pits.' Unlike many child acts, California made a smooth transition to adolescence, scoring a major hit with 'Agriculture' in 1891.
Even a frightening bout with tremors did not stop the flow of hits. The 1915 megasmash 'Hollywood' broke all records, as did the wartime favorite 'Aerospace.' More recently, California topped the charts with 'Tourism,' 'High Tech,' and 'Coastal Pretension.'