[civil] "Greece moves closer to eurozone exit after delaying €300m repayment to IMF "

[Dinner]

Probably. California has actually been doing real well. Over the last 2.5 years we have had an average yearly growth rate of 4.1%. We just passed Brazil to become the world's 7th largest economy though we are far behind the UK which is in the #6 spot. California based companies are also the most profitable of any state, on average, returning 19% to investors vs the national average of 17%.

It is good to have a highly diversified economy as petroleum dominated states have been taking a beating due to low oil prices. We also have a large oil sector but it is just one small piece of the over all economic pie.

[rah]

But how much of it is reliant on water? What overall impact will that have. It can't end well.

[N35t0r]

If they could finish wells, they wouldn't have such a water problem.

[Dinner]

But how much of it is reliant on water? What overall impact will that have. It can't end well.

Ag makes up about 2% of GDP and despite being in the fourth year of drought the value of farm output actually went up 8% last year. No doubt it would have been much better if some land hadn't been left fallow due to lack of water. There really is a huge amount of water wastage in ag simply because the water costs were so low as to be virtually free to farmers due to heavily subsidized federal and state irrigation networks. Worse, the rules were a farmer had to use it or lose it so every Farmer finds away to use every drop allocated even if it is just wasted. In one way the drought has been good as it has FINALLY forced farmers (who consume 80% of the state's water) to improve efficiency of water use; putting in drip irrigation, taking advantage of alternative supplies like gray water, making use of ground cover to slow evaporation lose, or even just replacing extremely ineffecient flood irrigation with sprinkler systems.

[Dinner]

If they could finish wells, they wouldn't have such a water problem.

They have all had well systems and pumps for 150 years. One of the big problems is they are all sucking down aquafers too quickly, much faster than they can be naturally replenished, plus the central valley used to be an inland sea a few million years ago so if you drill too deep you get salty water especially on the west side of the valley.

[The Mad Monk]

I saw some great photos of man-induced land subsidence in California due to aquifer depletion.

[Dinner]

Yep, it is especially bad in the central valley and there were no regulations until this year and even so the new regulations only effect new wells not existing ones so they are a little like closing the barn door after the horse have left.

[Hauldren Collider]

And for the Record HC, I heard it reported exactly that way on quite a few news channels that morning. It seemed to be the consensus of the experts.

I hate it when the news outlets do it. I don't think they really know.

[Hauldren Collider]

California's water problems would be nonexistent if they just charged farmers market rates. And had environmental laws that allowed construction of desalination plants.

[Dinner]

A desal plant is currently under construction in San Diego while another one is being considered in Santa Barbara. Also the desal water is very expensive so it wouldn't be used on farms.

[pchang]

http://www.bbc.com/news/business-33177021
I don't know how to embed the video at the top of the article. Basically she says the whole debt deal is illegal and therefore they have no obligation to pay.

[Dinner]

http://carlsbaddesal.com/

[Dinner]

http://www.bbc.com/news/business-33177021
I don't know how to embed the video at the top of the article. Basically she says the whole debt deal is illegal and therefore they have no obligation to pay.

That is just her trying to come up with excuses. None of that would hold up in court and she's just stringing together bull**** and hoping someone is dumb enough to believe any of it.

[Dauphin]

Court in which state? If someone sued following default, where would they sue and how would they secure assets to pay the debt?

[Ben Kenobi]

Better question, would they reprint the Drachma? I thought they had to surrender all their mints.