California has run out of cash. To solve it’s financial crisis the state California has begun printing it’s own currency, the IOU Note.
As California marked its second day of a new fiscal year without a budget agreement, the state government moved ahead on Thursday to issue billions of dollars in “IOUs” in order to avoid a cash crisis.
California’s new IOU currency will be welcome in the homes of those voters expecting their tax refund. (sarcasm alert)
The first tranche of IOUs will go mainly to taxpayers who are owed tax refunds. “We anticipate printing about 28,742 registered warrants today worth about $53.3 million,” said Chiang spokesman Jacob Roper.
Sphere: Related ContentCompanies doing business with the state, local agencies and individuals on financial aid such as the disabled, elderly and college students could be in line for the IOUs, raising uncertainty amid already worrisome economic conditions
