Here's KT on what we referred to yesterday as California's new meta-economy where state-issued IOUs are essentially legal tender by which businesses can pay back obligations to the state:
Essentially, this creates a new currency, one only valid within the government. The money is trapped entirely within the State economy since you can't use it to buy things from private parties. The idea of being able to use the IOUs within the State seems like a good idea until you pair it with our growing Justicialism.
KT suggests that the bill to make this happen gets passed to better serve an increasing regulatory regime here in California that is fueled by state-issued scrip.
So, link back to KT's article which links to ours from yesterday so we can generate a self-starting experiment on the effects of a blogospheric meta-black hole.