Will Grigg?s Liberty Minute

February 6, 2009

The state of California has the world?s eighth-largest economy. It is broke. Unlike the Federal Government, however, California cannot print its own fiat currency.

As former Treasury Department official Paul Craig Roberts points out, this means that the state government in Sacramento will start issuing IOUs. Tax refunds, student aid, and various welfare programs will distribute the IOUs as soon as the state government can persuade banks to accept them as deposits.

California has long been a national trend-setter. Forty-five other states face severe and deepening fiscal emergencies and will almost certainly confront the same problems California now faces.

The unfolding global depression has brought protesters to the streets in Iceland, Russia, and various European Union countries. As the collapse accelerates we?ll see street turmoil here in the U.S. as well.

We must prepare ? financially, materially, and spiritually ? for the upheavals to come, and stand fast in demanding the restoration of the liberty wherewith Christ has made us free.