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California Is in Such a Financial Quagmire That There Could Be Municipal Bankruptcies

Don, let me quote something I hope you find of interest from “The Lessons of History” by Will and Ariel Durant: ‘In the Athens of 594 B.C., according to Plutarch, “the disparity of fortune between the rich and the poor had reached its height, so that the city seemed to be in a dangerous condition, and no other means for freeing it from disturbances . . . seemed possible but despotic power.” The poor, finding their status worsened with each year---the government in the hands of their masters, and the corrupt courts deciding every issue against them---began to talk of violent revolt. The rich, angry at the challenge to their property, prepared to defend themselves by force. Good sense prevailed; moderate elements secured the election of Solon, a businessman of aristocratic lineage, to the supreme archonship. He devaluated the currency, thereby easing the burden of all debtors (though he himself was a creditor); he reduced all personal debts, and ended imprisonment for debt; he canceled arrears for taxes and mortgage interest; he established a graduated income tax that made the rich pay at a rate twelve times that required of the poor; he reorganized the courts on a more popular basis; and he arranged that the sons of those who died in war for Athens should be brought up and educated at government’s expense. The rich protested that his measures were outright confiscation; the radicals complained that he had not redivided the land; but within a generation almost all agreed that his reforms had saved Athens from revolution.’ It should also be noted that Solon is widely credited with being first in history to champion the notion of Rule of Law on all levels.
— April 6, 2008 1:40 a.m.

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