The picture attached to this post was taken by fellow-blogger (shindotv.com ) and socnetizen, @ShindoTV. It depicts a screen on an ATM that is warning that Wells Fargo, one of the bigger banks California, won't be accepting IOUs issued by that state's government.
See California is going through massive, MASSIVE economic troubles. The thing that's bugging me is that aside from Shindo's post about California's IOUs being rejected, I haven't come across any other blog posts or news articles covering the fall of the fifth-largest economy in the world.
That IS what's happening and no one really seems to care.
Here's part of the comment I left on ShindoTV.com:
...I think the current economic situation in my former home state should be sending shockwaves through the rest of the country and even the rest of the planet. California is the 5th biggest economy in the world. When the government of the 5th biggest economy of the world can't afford to pay its employees, this says something bad, not only about the state of California's economy but of everyone else's economies, too.
Sure, California's economy is really just a subset of the US economy as a whole, but it's a HUGE subset and when it drops, so does the US economy (even if no one is paying note of it).
So, what's my point? That we've still got a long way to go before we are out of this economic mess and the sooner we realize this, the better, since further denial will just prolong it.
California's economic mess predates the greater US economy's mess. They were struggling since before the "Governator" even took over and they are still struggling. As long as the government that runs the fifth largest economy in the world struggles, so will the rest of the world.
Just my ¥2. I could be wrong, but I haven't been, so far, and I've been talking about our economy crashing and bleeding out for years now.
Believe me--I really want to be wrong. (Been saying that for years, too!)
Original image here: http://www.flickr.com/photos/shindotv/3722990774/
Orignal From: California is a Giant Canary in Earth's Economic Mine Shaft
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