Redwoods worth of red ink

California's fiscal crisis may well be the ultimate case of the canary in the coal mine. They may be at the bow wave of events, but the rest of us aren't far behind.

California's shortfall is larger than the entire yearly budget of every other state except New York. It exceeds the gross domestic product of more than 100 countries, including Syria, Costa Rica and Kenya. Closer to home, it's 40 times the size of San Jose's general operating fund, which pays for most of the city's basic services.

UPDATE: There's a word for this: default

California's controller says he will begin a 30-day delay on tax refunds and other payments starting Feb. 1 because the state is running out of money.