HOW CALIFORNIA COULD TURN ITS IOU’S INTO DOLLARS

California has over $17 billion on deposit in banks that have refused to honor its IOUs, forcing legislators to accept crippling budget cuts. These austerity measures are unnecessary. If the state were to deposit its money in its own state-owned bank, it could have enough credit to solve its budget crisis with funds to spare.
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TOWARDS A SOLUTION TO THE DEBT CRISIS IN CALIFORNIA: THE STATE COULD WALK AWAY AND CREATE ITS OWN CREDIT MACHINE

Since Wall Street has failed to provide a functioning credit system, California would be totally justified in providing its own. The other choice is to accept debt peonage.
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http://www.webofdebt.com/articles/sunshine_state.php

CALIFORNIA DREAMIN’: HOW THE STATE CAN BEAT ITS BUDGET WOES

“As goes California,” says the adage, “so goes the nation.” All eyes are therefore on the Golden State as it attempts to solve its $26 billion budget deficit. The world’s eighth largest economy is not going quietly into that pit of debt and devastation that has devoured Third World countries whole. The State’s voters have [...]