California’s budget deficit is somewhere between $20-$26 billion. The state has been borrowing hugely and issuing IOUs in a desperate attempt to stay solvent. Mish posted this image from a reader mocking this ludicrous and pathetic state of affairs.
Among the unintended consequences of budget cuts, closed state parks in Arizona (and elsewhere) are being looted for archeological artifacts by looters with backhoes. Volunteer groups are patrolling the areas in attempts to stop the thefts.