Big Banks Don't Want California's IOUs. The public is already none too happy with both the financial system and the various governments. As banks who have been bailed out of public expense now refuse to help the government (or more to the point, the citizens whose public debt supported by taxes is financing the bailouts), expect the social mood, which is already bleak, to darken further. It's getting very hard to see how this will not all end badly.
A personal anecdote: I saw a guy asking for money yesterday with a sign that said "recently forced into unemployment". Looks aren't everything, but this guy had the look of somebody who has, up until very recently, been adequately educated and continually employed. Clean cut, decent clothing, etc. He was definitely not a member of the perpetual underclass that our society has created.
When these kinds of people find themselves on the street begging for change, things are getting bad indeed.
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