California is an independent government within the United States. There are federal Laws California adhears to, and there are Californian laws that other states do not have. Greece is an independent government within Europe. There are EU laws which reside over Greece law (trade, banking interest rates, etc). However, there are Greece laws which other EU Countries do not have to have. Seems pretty similar to me!!!
All Californians are completely subject to the Federal Laws. The CA laws that others do not have are likely few and far between. Most laws are shared by some to many states.
misthos thats an awesome macro view. Rare to hear something like that. Maybe with hugh hendry, but even then i never thought the low rates were their to keep rich europe competitive against the pigs... The theory could even be extrapolated... US keeps rates low so they can buy chinese stuff and the chinese can buy us bonds... and so on...