CALIFORNIA BUCKS

California is printing its own money.

The legislature and the governor can't agree on a budget. The state is officially broke. So it's paying its bills with I.O.U.s.

Call them California Bucks.

But good luck trying to spend them. Some banks will take them. Some won't. And some banks are talking about charging a discount -- meaning you'll get fewer than 100 pennies to the dollar -- even though the banks will be able eventually to redeem them from the state plus 3.75% interest.

And, no, California Bucks don't carry a picture of Arnold Schwarzenegger.