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More banks are deciding not to take California’s IOUs

July 13, 2009 – 10:31 am – No Comment
More banks are deciding not to take California’s IOUs

A couple of weeks ago, California decided that it would start having to borrow money from banks using IOUs; since then, many banks have decided that they will not accept the worthless sheets of paper being issued by the nearly bankrupt state.
Now, thousands of California …