Yes, California has issued IOUs before -- during the summer budget battle of 1992, which also came in the midst of a major recession. But tomorrow, when the state starts paying bills with IOUs (barring a budget compromise miracle in Sacramento), it will be the first time that this has happened in the era of the Internet. Let me be the first to predict some civil disobedience, with the 'net as organizing hub. Californians may launch efforts to pay their own tax bills and other government fees via IOU. And if banks refuse to accept IOUs as seems likely (they did accept IOUs in the early 90s, when California was still home to the headquarters of Bank of America), you'll see organized public pressure on them to reverse that verdict.

On a radio show, I was asked recently what my greatest worry is about the California budget crisis. I dodged the question then. It's not the damage being done to our economy. It's not even the cuts to programs that could put some of our neediest citizens in harm's way, though I do worry about that. It's the possible of civil disobedience or worse if the state starts to disintegrate.

I respect what legislators and the governor are proposing; each is trying to represent their constituents. I tend to believe that the governor's demand for a budget that balances in these times makes sense. (Particularly after the last two budgets proved to be half-measures that didn't balance anything and left us in the position we're now in). But I also hope that, with the goal of addressing the entire $24 billion shortfall as a non-negotiable position, all sides -- Democrats, Republicans and the legislature -- will compromise and get a deal quickly.