Virtual money

posted by
March 11, 2012
Daily Speculations
by a scholar  
Posted in Commentary

"As California has continued to run deficits during this recovery, the state has managed the shortfall by internal borrowings from its trust funds. Since California still uses U.S. dollars as units of account and holds its money in dollars, these internal borrowings have involved what could be called -- for lack of a better word -- 'real' money." (03/09/12)  

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