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Economics and Investing:

Reader M.T. sent us this link: Gerald Celente: The Crash Is Underway [1]

H.L. sent this: Fears of Global Slowdown Hammer Stock Market [2]

Payback Time – Budget in the Red, Illinois Has Stopped Paying Bills [3] (thanks to B.B. for the link.)

Items from The Economatrix:

Obama Says US Economy “Strengthening” Despite Weak Data [4]

US Auto Sales Seen Slowing with Recovery in Doubt [5]

City Budgets Snuffing 4th of July Fireworks [6]

Joint Chiefs Chair Reiterates Debt Is National Security Threat [7]

BP Shares Soar on Takeover Talks [8]

Greek Austerity Rage Spills Into Athens Streets [9]

One Million Protest Italy Austerity Package [10]

Crackdown! Is the Massive Wave of Strategic Defaults About to Come to a Screeching Halt? [11]

Gold: Don’t Get Out Before the Bankers Get In [12]