Californian entrepreneurs are readying themselves for a chance in a lifetime money-making opportunity as the California State Government starts issuing IOUs in lieu of cash payments.
The IOUs are registered warrants, with an interest-bearing promise to pay the value of the IOU, plus interest of 3.75%.
They have a maturity date of October 2, but have the potential to become what Wall Street likes to call a liquid market - a large amount of securities with similar characteristics that investors can buy or sell quickly.
The global credit crisis was caused by such quick trading, albeit it from the selling of mortgages which were diced and sliced into CDOs (collateralised debt obligations).
Not many people understood that mortgages on houses people could not afford in the Midwest of the United States were being combined, tipped on their side and sliced so that, in theory, a wide range of investors were taking on a "no risk investment" paying well above market rates.
The rot started when Americans started losing their jobs and could not pay their mortgages.
When the banks could not get their money back, investors lost their money on the CDOs and banks started to fail.
The fear in California now is that large amounts of IOUs will soon start circulating in the economy, and there seems nothing to stop someone collecting $US500 million (NZ$793 million) of them and creating an asset-backed security.
Some banks have said they will only take the IOUs until July 10.
But if the state government cannot agree on cuts to balance the books, the IOUs may be issued past July 10, with no hope of redemption.
They could leave the most vulnerable people in the state looking to sell them to raise money to live.
The California financial controller estimates the Department of Social Services will receive about $US1.2 billion of IOUs this month, while other social agencies that help people with development disabilities and mental health issues will get more than $US400 million.
Investors will be tempted to buy the notes for cash with the prospect of a high return, but the market will not be for the faint-hearted.
