Utah took its first step Friday toward bringing back the gold standard when the state House passed a bill that would recognize gold and silver coins issued by the federal government as legal currency.
The House voted 47-26 in favor of the legislation that would also exempt the sale of gold from the state capital gains tax and calls for a committee to study alternative currencies for the state.
As we prepare for the two-year anniversary of the March 9 lows for stock markets, investors are confronted with a number of worries that make it difficult to celebrate the near 100 percent jump in equities since then.
Oil prices are soaring off the back of unrest in the Middle East, there is talk of rate hikes from European Central Bank President Jean-Claude Trichet and unemployment remains stubbornly high despite some better news from the US on Friday.
On top of these, a mountain of debt is growing but because it is off governments' balance sheets it has been so far ignored, one man who worries perhaps more than most, Albert Edwards from the global strategy team at Societe Generale, said.
One of the world's most famous bears, Edwards is adamant the global economy and financial markets are not in a good place.
Federal Reserve Chairman Ben Bernanke fielded the usual questions about inflation, tax cuts and government debt during a trip to Congress last week. Then a new question popped up: Is the Fed creating another bubble in stock prices?
Bernanke told the Senate Banking Committee he saw "little evidence" that was happening. But he cautioned: "Of course, nobody can know for sure."
That's the problem with bubbles. You only know you're in one when it pops.
This is an education in extravagance.
The Syosset Central School District, which serves an enclave of gated communities, ritzy eateries and children's boutiques like "Spoiled Rotten," takes the crown in employee compensation.
The school superintendent, Carole Hankin -- who oversees 6,687 kids in 10 schools -- is the highest-paid in the state with $506,322 in total compensation. She collects a $386,868 salary, $67,454 in fringe benefits and $52,000 in retirement funds and expenses including use of a "late model car," plus gas.
By contrast, New York City Chancellor Cathie Black, in charge of 1.1 million students and 1,600 schools, takes home a $250,000 salary, plus health and pension benefits. She gets a driver.
Moody's slashed Greece's credit rating by three notches on Monday, raising the specter that the distressed euro zone sovereign may be forced to restructure its debt, perhaps even before 2013.
The move increased pressure on European leaders to ease repayment terms on bailout loans to Greece, just as Germany and its allies appear to have turned their backs on radical steps to help Athens reduce its debt through bond purchases or buy-backs.
The DROP program is an expensive public pension program that hardly anyone knows about, but pays out lump sums that average $200,000 and up to nearly a million dollars in some cases. KPCC's Madeleine Brand spoke with KCET's Judy Muller, who investigated the DROP program.
"DROP" stands for Deferred Retirement Option Plan. LAPD and L.A. Fire Department personnel who've worked for at least 25 years and are at least 50 years old can "retire," then go back to work immediately. When they return to work, pension payments are held while they continue collecting a salary, and after five years, they can leave and collect that money in a lump-sum payment.
