Venkatesh Rao@vgr🤔Quote TweetPrak Narayanan@myprak·May 13, 2020Replying to @vgrIt’s just borrowing. California already did it in ‘08. They paid state employees in IOUs which traders in the market then purchased at discount to encash. https://money.cnn.com/2009/07/02/news/economy/California_IOUs/…5:28 AM · May 13, 20201 Like