Economics and Investing:

Harry Schultz warns Bob Chapman’s newsletter readers of a possible upcoming “bank holiday.”

From KAF: A Fake Financial Fix

Glenn M. recommended this article and the accompanying video clip: Thirty Years of Inflation Coming, But “Deflation Scare” Not Over Yet, Cycle Maven Says

Karen H. sent this: Derivatives Get Second Look From U.S. Congress That Didn’t Act. I warned SurvivalBlog readers almost four years ago about the threat posed by derivatives.(Please take tee time to re-read that article.) The frightening thing is that we have not yet seen the derivatives bubble fully implode–just one sector..

Also from Karen:
States Turning to Last Resorts in Budget Crisis. “With state revenues in a free fall and the economy choked by the worst recession in 60 years, governors and legislatures are approving program cuts, layoffs and, to a smaller degree, tax increases that were previously unthinkable.”

If you have been waiting, then here is a good dip in silver. (Spot silver was over $16, just a couple of weeks ago.) Buy low!

Items from The Economatrix:

10 Quirky Economic Indicators

Moody’s Warning On California’s Debt Stuns State “California, which is struggling to close a $24.3 billion budget gap, faces the prospect of a “multi-notch” downgrade in its credit rating if the state’s legislature fails to act quickly to produce a budget, Moody’s Investors Service warned on Friday.”

Numerous Cracks Found in States Hiring Freezes Exemptions, exceptions, outright violations…

Discover CEO: Obama’s Credit Card Reforms Will Raise Rates

Top Senators Question Obama’s Plan for The Fed. Geithner takes heat at hearing on financial reform

Democrats to Push Through Banking Overhaul Quickly

Stocks Log First Weekly Loss Since May

US Homes Recovery “Distressingly Slow”

Gas Prices Coming Down?

California Unemployment Hits Record 11.5% in May