[DB]

Hmmm....

So no California can print “securities” to pay its bills...

In the old days that was called defaulting on your debts...

But the Federal government doesn’t want anyone to notice that California has defaulted on its debt so they put up smoke and mirrors and try to continue the illusion that California is a-okay...

[TigerLikesRooster]

Well, California IOU is probably a test run for what Fed could do next year: to Chinese. :-) So they let this ‘experiment’ proceed and see how it fares. Won't fare well, IHMO, but they will try anyway.

[padre35]

Or some insider will offer to purchase them for pennies on the dollar knowing the “next” CA gov will more then likely be able to raise taxes to pay them off.

Same ol’ Story in CA, two wolves and lamb looking at a menu..

[SteamShovel]

In the old days that was called defaulting on your debts...

Exactly.....

.....What is a person or company to do knowing they must contractually perform for the state only to be paid in IOU's that will most likely not pay anytime soon?

Kalifornia needs to get it's head out of it's rear end, cut programs, and resume paying it's debts. I CAN be done.....