The simple solution to Greek debt is to let Greece pay its domestic promises and its one in three employees who work for government in drachmas and then let the other Euro nations decide the exchange rate for conversion from drachmas to the euro. If that works for Greece, then let every state in the US issue their own currency to pay its employees and entitlement receivers. For example, California could issue Calbucks that could be redeemed for Federal Reserve Notes at perhaps a 2:1 ratio. The more you promise in Calbucks, the less you have in real money. Sound absurd! No more so than continuing to print money under the premise that next year’s money will be worth less and the Federal Reserve will just stick everyone in this country with planned inflation as a form of asset tax. Think of how frugal a human services employee might become if their compassion actually affected their own paycheck. Don’t you think they’d think twice before giving benefits to an OctaMon for her 14 welfare children? At one time in our history, at least prior to 1913, a scheme like this would have been termed: Reality.

         Besides there is precident. At one time banks and some states issued their own currency and the phrase “Not worth a Continental” was a synonym for a worthless piece of paper issued by Congress, of the type we are again striving to create. Federal empoyees can be paid in FRNs and if the official US currency became a Treasury Note, you could apply similar reality.