Is there any way US cities and states could issue bonds denominated in a local currency unrelated to the dollar without technically violating the federal monopoly?
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No pretty sure the constitution prohibits that. I think Berkeley tried to do some blockchain bond a while back and it ran into road blocks.
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It’s just borrowing. California already did it in ‘08. They paid state employees in IOUs which traders in the market then purchased at discount to encash.
money.cnn.com/2009/07/02/new
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