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Move Over Fed, California's Now Printing Its Own Money

Posted on July 02, 2009

Watch out Ben Bernanke, the Federal Reserve now has competition in the currency game. California is planning to create its own money in the form of IOUs, just like the Fed. What is the California IOU currency or an interest bearing note?Officially the IUOs will be called registered warrants . State Controller John Chiang planned to issue $3.4 billion, maturing on Oct. 1 to replace state payments. The interest rate is set to be determined on Thursday, but cannot exceed the statutory limit of 5%....

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bernanke , currency , fed , federal reserve , the fed