With Europe getting most of the headlines lately some of the stories in the US are slipping under the radar but one story run by ZeroHedge grabbed my attention. California, which could be considered the 8th largest economy in the world and has been struggling for a very long time faces running out of money shortly.

the insolvent state of California, whose controller just told legislators has just over a month worth of cash left. From the Sacramento Bee: “California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing, according to a letter state Controller John Chiang sent to state lawmakers today. The announcement is surprising since lawmakers previously believed the state had enough cash to last through the fiscal year that ends in June.” ….uh, oops?