Truth to Power

Would you take an IOU from Cali?

California Eyes IOUs for Second Time Since Depression

Dec. 5 (Bloomberg) – California, the world’s eighth-largest economy, may pay vendors with IOUs for only the second time since the Great Depression, State Finance Director Mike Genest said.

In a letter to legislative leaders Dec. 1, Genest said the state “will begin delaying payments or paying in registered warrants in March” unless an $11.2 billion deficit is closed or reduced. California, which approved its budget less than three months ago, may run out of cash by March, state officials say.

Governor Arnold Schwarzenegger warned that the state may issue the warrants, which are a promise to pay with interest, to suppliers and contractors as the seizure in credit markets may make it too costly to borrow. </em>

Are you starting to get the feeling that we’re tumbling down a hill?


Recently on Ink 19...

Garage Sale Vinyl: The Ozark Mountain Daredevils

Garage Sale Vinyl: The Ozark Mountain Daredevils

Garage Sale Vinyl

Rifling through a boxful of ravaged old records, Christopher Long locates a flea market LP copy of the Ozark Mountain Daredevils Don’t Look Down — for a quarter — and speaks with the band’s co-founding bassist, Michael “Supe” Granda, about his amazing discovery.

Henry V

Henry V

Archikulture Digest

Blood, guts, and kicking butt in France — it’s the age-old story of Shakespeare. Carl F. Gauze once again enjoys the salacious violence and complicated plot points of Henry V, in the moody dark of Orlando Shakes.

%d bloggers like this: