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.