|Will Greece start printing the drachma?|
With the unfolding economic crisis hitting the EU, speculation is running rampant that Greece will not adopt the austerity measures it's partners are demanding in order to get bailed out.
Greece has been the economic poster child for run away socialist entitlement spending that has cratered it's economy. Even the hint of trying to rein in the out of control spending driving it into an economic death spiral, brings thousands into the streets in violent protests.
Being a sovereign country the Greeks can drop the euro and go back to printing their own currency. Rumor has it, the drachma (Greek currency) printing presses mothballed for years, are getting serviced and ready to start printing again. Of course what will the drachma value be worth on the world market?
--------------Read more:Now President Obama tells Greece to eat their peasCalifornia: The canary in the mineshaft
California is in a similar situation to Greece. Facing a 16 billion dollar budget deficit this year alone, California is also buckling under long term debt and obligations of hundreds of billions of dollars . Top heavy in unsustainable entitlements, social programs and public employee unions who pretty much hold sway over whatever gets done in the capital, California's golden state status, has been downgraded to a nickle alloy.
If California's Governor's new tax schemes don't get approval from the voters and quite possibly even if they do, California is facing an economic calamity that could push it into bankruptcy. Many of it's cities have followed the states economic path of irresponsible labor contracts and run away spending finding themselves teetering on fiscal insolvency.
It wasn't long ago when California found itself out of cash and resorted to printed IOU's in lieu of paying their bills. An IOU is just another word for a promissory note, which is currency.
Will California follow Greece's lead and print their own currency? Why not, they have so much in common. A Mediterranean climate, generous social welfare programs and run away spending.
The new currency's name should have a California flair to it, so it should be named the cali.
Since they are environmentally conscious, the printing presses (manufactured in China) will be powered only by solar and wind.
The new cali of course, would be printed on 100% recycled paper. The ink used to print the new rainbow colored cali, will be of the highest quality and environmentally sensitive soy ink.
The bills of various denominations, would have pictures of great names in California's history...Perhaps the ones who steered California to the financial precipice it now finds itself on? There is a long list of potential candidates.
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