The state’s budget is more than one month over due and $19 billion short. Remember folks, we’re talking about an economy as big as Canada, which is a G7 member. Only difference is Canada can print its currency, right?
Think again. California may issue IOUs instead of paychecks, which is both probably illegal and sucky. I’m sure the IOUs can be sold for cash at a discount on the grey market. These IOS are quasi-illegal-tender.
Taking its cue from classic dictatorships throughout history, California is also considering the fantastic option of getting people to work for free. Now why didn’t I think of that.
