CALIFORNIA IS IN DEFAULT! By issuing IOU's, they are in legal default on short term debt. Technically, those creditors can take the state into Federal Bankruptcy Court to get payment. With the economy rapidly collapsing week after week, the revenue to the state is rapidly collapsing, too. Unemployed people do not pay taxes like employed people and well over 20 percent of the workforce population in California is not working with still further unemployment projected for years to come in this Depression. California has felt the full force of the Depression, and is falling apart. Not only the state, but the County and City governments too. This, of course, underscores how fragile California's debt situation is. They could go under at any time, and cause horrific damage to the National Economy. Other states will follow. We are going down, and we can not stop the momentum.