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!
RE: Bankruptcy of the US?