Welcome To the Third World, Part 1: California's "Surprise" $67 Billion Deficit

And that's BEFORE the next recession

This is the first in what promises to be a long series showing what happens when governments run out of money and start cutting services. California is the obvious place to start.

Huge, diverse … bankrupt?

California has three world-class assets — Hollywood, Silicon Valley, and agriculture — which, in good times, generate enough tax revenue to fund a sta…