I really, really wish any semblance of this was actually true. The several states can just do what Unca Sam does and borrow from the FED. Doesn't even need to be the FED, actually. Any national bank can conjure pretend money out of thin air. Who says California's debts need to be paid in Dollars?
I'm sure that Euros, Yen, or even Yuan would be preferable to a poke in the eye with a sharp stick to petulant investards.
I'd be the first warlord ahorse should California dissolve it's government. My imperial tendencies showing? I'd do it just to keep actual warlords from doing it, just to defend the anarchy.
Babies need to grow to become strong.
Thanks!
The authority of the central government is maintained through control of the coinage and the courts. What you suggest, that the regional authorities issue their own currency, is tantamount to rebellion. Perhaps, the incompetent US government operating under a political system, in which dirty street rats can crawl themselves up to the position of power, in which academic centers are filled with peasant scum that bought themselves letters, in which the ignorant rabble believe that they are the "owners" of the state, will enact such political suicide. Slaves make dismal masters; better a foreign imperial delegate in the White House than some peasant scum.