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Criminal Law

: Crime & Federalism

Are California's IOUs an Unconstitutional Bill of Credit?

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California is broke. It's going to start issuing IOUs to creditors. Article One, Section 10 of the United States Constitution provides: "No State shall ... emit Bills of Credit []." Is an IOU a "bill of credit"? I don't know. Do you?

Full post as published by Crime & Federalism on June 24, 2009 (boomark / email).

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