IOUs not likely to hurt California local governments

Of course it wouldn’t. The printing press has become the universal solution to all monetary and fiscal problems since 2000. In a strange ‘coincidence’, gold has been in a bull market since 2000.

The credit ratings of California local governments are not likely to suffer if the state government issues IOUs amid its budget stalemate, Moody's Investors Service said in a report released on Friday.

Source: finance.yahoo.com