Felix Salmon (Reuters) offers this handy chart (click to enlarge) of who California will “pay” with IOUs and who will get cash.
There seems to be a 100% correspondence between cash payments and politically connected groups, and no application whatsoever of common sense or morality. Our overlords have decided that instead of funding the genuinely needy with California's tight cash, we're going to fund government workers' pensions – that would be those same government workers that spent their way into this mess.
Where is the justice in this?
Here's my suggestion for justice:
Rope (lots of it).
Trees (Muir Woods would make a nice spot, wouldn't it?).
Politicians (all of 'em - let's start over!).
Some assembly required (easy stuff, folks – just a few basic knots).
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