I see from the news that California may issue registered warrants or what as a work around for not having the cash to pay their bills. The newspaper men are calling IOUs, but it’s always hard to tell when a piec.e of paper transitions between stock, bond, currency, warrant, IOU, etc. Are these insturments better or worse than California’s bonds?
This reminded me of a story from the depression where. In that story the local merchants arranged to convert the town issued tax warrants into their local micro-currency. You can read that story in this posting, it’s the second story in the piece.
This post doesn’t say either, but it does say the poor are the ones getting them, while the judges, legislators etc. are the ones getting cash.