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Is there an ETF on Cal debt we can short?

CMF and CXA seem to be the closest ETFs to what you're looking for -- whether your broker can find you shares to borrow for shorting, I can't tell, of course.

They're both up 20% since the start of 2011, and pay monthly coupons amounting to around 3.5% of yearly tax-free yield (which you'll have to make up somehow to whoever you're borrowing them from -- I'm not sure how in lieu payments work for tax-free coupons), so be careful in sizing your position in either or both!
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