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To: isopatch who wrote (79715)7/7/2009 1:46:21 PM
From: Cactus Jack  Read Replies (1) | Respond to of 108908
 
What's to stop other states from issuing their own currencies?

Probably the Federal Reserve Act, though I agree that California's IOUs aren't far from an illiquid currency. How I do love my state.

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To: isopatch who wrote (79715)7/7/2009 3:24:34 PM
From: c.hinton  Respond to of 108908
 
There is precedent going back to the revolutionary war,and civil.

There always followed a rampant speculation involving the redemption of those notes.

IE.
books.google.com



To: isopatch who wrote (79715)7/8/2009 1:01:55 PM
From: Little Joe  Read Replies (1) | Respond to of 108908
 
"What's to stop other states from issuing their own currencies?"

Constitution limits States from coining money.Section 10 - Article 1 -Powers prohibited of States

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money;

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