California Doesn't Need to Borrow Billions from Washington -- It Can Create Its Own Money

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The state can create its own money. Banks do this every day. Certified, card-carrying bankers are allowed to do something nobody else can do: create "credit" with accounting entries on their books. Money in a government-owned bank could give us the best of both worlds. We could have all the credit-generating advantages of private banks, without the baggage cluttering up the books of the Wall Street giants.

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