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NewswireTODAY - /newswire/ -
Davidsonville, MD, United States, 2009/07/10 - Major banks are poised to stop accepting California I.O.U's today as the economic crisis worsens. California I.O.U's launches the very first BUY/SELL website today to create a marketplace connecting investors and sellers for a nominal fee.
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California I.O.U's.net launches the very first website dedicated to bringing buyers and sellers together on the internet. For a nominal fee Investors and sellers may post individual request for California I.O.U's.
California started issuing IOUs only last week, and some of its biggest banks have promised to honor them only through Friday, so what happens after that?
Just guessing, but the value probably goes down.
"Banana Republic currencies have a history of losing value, and the Golden State's decision to pay its bills with warrants instead of cash puts it on the path to Confederate dollar-hood. These scrips are supposed to buy some breathing room for California lawmakers to resolve a budget impasse. But paper is only good if somebody will honor it, and the state has said it won't redeem the IOUs until Oct. 2.
The banks, under pressure after taking federal bailout money, may yet relent and continue cashing the IOUs for customers as if they were valid checks. "We're making a loan to the state of California," said J.P. Morgan Chase & Co. spokesman Tom Kelly. "We're doing it to help our customers." Written by Greg Burns.
CaliforniaIOU's has stepped up to assist in providing a fairly liquid market so that investors and sellers may connect. Individuals are encouraged to speak with an attorney to get individual advice for further protection.
The website does not participate in the buy/sell process. Similar to Ebay and Craigs list, Californiaious.net is designed to inform and educate. The website includes an informational blog and a free posting area where interested parties may share links and pertinent information.
Future plans include other distressed states and the launch of similar websites.
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Agency / Source: California IOU's.net
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Availability: All Regions (Including Int'l)
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Contact: Richard Snyder - CaliforniaIOUs.net
443-321-4738  info[.]californiaious.net
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