The setback for Democrats came the same day state Controller John Chiang warned that he will begin issuing IOUs on July 2 to local governments, private contractors and state vendors if lawmakers don't come up with a solution. Such a move would likely further damage California's credit rating, already the lowest among the 50 states [emphasis added]It has been since the 1913 evil of the Federal Reserve Act that any entity other than the Fed has legally offered a new currency in the U.S. California seems poised to do change that next week, though they'll pretend IOUs issued in mid- to small- denominations are something other than currency.
We suppose technically this is Chiang's Change or something like that but we strongly prefer referring to these as Schwartzies.
We can hardly contain our glee! Perhaps California will watermark the IOUs with The Governator's profile and instead of In God We Trust, it puts in a classic pithy 80s style Schwarzenegger quote like, "I'll be back" or "Have a seat". Perhaps, in homage to the likelihood of getting 100 cents on the dollar, "Hasta la vista, baby..."
