California State Controller John Chiang announced on January 26 that California's bills exceed its tax revenues and credit line and that the state is going to print its own money known as IOUs. The template is already designed.
Instead of receiving their state tax refunds in dollars, California residents will receive IOUs. Student aid and payments to disabled and needy will also come in the form of IOUs. California is negotiating with banks to get them to accept the IOUs as deposits.
California is often identified as the world’s eighth largest economy, and it is broke.
monochrom is an art-technology-philosophy group having its seat in Vienna and Zeta Draconis. monochrom is an unpeculiar mixture of proto-aesthetic fringe work, pop attitude, subcultural science, context hacking and political activism. Our mission is conducted everywhere, but first and foremost in culture-archeological digs into the seats (and pockets) of ideology and entertainment. monochrom has existed in this (and almost every other) form since 1993. [more]
