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COMMENTS: Monopoly Money
The printing presses of the Californian Republic attracted the attention of ABC's Laura Marquez in San Francisco and NBC's George Lewis in Los Angeles. They were churning out IOUs, Sacramento's promises to pay debts in October. NBC's Lewis estimated that the state will be littered with $3bn in such paper by the end of the month, out of a total deficit of $26bn. He described "an explosion of online offers from entrepreneurs willing to buy the IOUs at a discount." The federal Securities & Exchange Commission is responding by limiting the IOU trade to licensed brokers and ABC's Marquez warned that most major banks will now refuse to cash the paper.
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