Why not settle all debts with IOUs?

The great State of California will set another precedent today for all other States, Cities, Municipalities and Americans, as it issues IOUs to pay its debts. The nice thing about IOUs is that there are NO CONDITIONS (YET) for replacing those IOUs with real $$$ - or paying interest on them! Owe $$$ to your Credit Card Company? Why not send them an IOU? Owe $$$ to a Mortgage Company? Why not send them an IOU? Owe $$$ to Uncle Sam? Why not send him an IOU? Owe property taxes to your city? Why not send an IOU? Owe (a lot of) $$$ to a hospital or doctor? Why not send them an IOU? Can't make a Student Loan payment? Why not send them an IOU? Heck, if it's good enough for the State of California (8th largest busted economy in the world), it should be good enough for everyone else who owes a heckuva lot less! IOU - a BAIL-OUT 'currency' whose time has come!

You don't suppose that China will accept an IOU from Uncle Sam to settle $TRILLIONS of debt, do you?
A US Treasury Bond or Bill is just another IOU, isn't it?!

You can expect an Epic Flood of 'SPECIMENS' to emerge
from this Orifice of the Alien Race!
(SEE! previous posts for an explanation)