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IOU Posted October 13, 2009 @ 1:35 pm In Alphabet Soup,Letters | No Comments “IOU” means a debt of some kind, not just monetary. It is an acronym for “I Owe You.” |
“They’re aided by the contacts Clarke made during his 30 years in government posts at the State Dept. and the National Security Council. At the center of the web is Clarke himself, calling friends, calling in IOUs, and improvising in a contest with rules that aren’t yet written, against opponents who remain mostly unknown.”
—Paul Magnusson, "An Insider Blows the Lid Off,” Business Week, April 12, 2004, p. 23 in a review of Richard A. Clarke, Against All Enemies: Inside America’s War on Terror, (Fress Press, 2004).
"But the state that was once held up as the epitome of the boundless opportunities of America has collapsed. From its politics to its economy to its environment and way of life, California is like a patient on life support. At the start of summer the state government was so deeply in debt that it began to issue IOUs instead of wages. Its unemployment rate has soared to more than 12%, the highest figure in 70 years."
—Paul Harris, “Will California become America's first failed state? Los Angeles, 2009: California may be the eighth largest economy in the world, but its state staff are being paid in IOUs, unemployment is at its highest in 70 years, and teachers are on hunger strike. So what has gone so catastrophically wrong?” The Guardian (UK), October 4, 2009.
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