Economics and Investing:

B.B. sent this: Illinois Debt Downgraded Again, Worst in Nation

Haircuts ahead! Merkel Meets Sarkozy to Draft EU Fiscal Rules as Part of Euro-Rescue Plan. The article includes a quote from IMF Chief Economist Olivier Blanchard: “‘The numbers are not good’ for Greece, Blanchard said on CNBC television. ‘There’ll have to be substantial haircuts.'” [JWR Adds: Along with currency revaluations, be ready for banks runs and currency export controls that may be enacted in many nations. And don’t be surprised if Ben Bernanke comes to the rescue–whether overtly or covertly–with trillions of Dollars from America. This will be money created out of thin air, further diluting the value of the U.S. Dollar. Higher interest rates and price inflation are inevitable.]

Over at Fierce Finance: Corzine’s legal liability mounts. Here is a brief quote: “Corzine might represent the last hope that an actual human being will be held criminally accountable for running a Wall Street firm into the ground.

Jeff Clark: Why Has Gold Been Down?

Items from The Economatrix:

Euro Falls to a 15-Month Low Against the Dollar.

Fed Will be Forced to Ease Again Soon, Morgan Stanley

US Economic Forecast for 2012 and the Election Year Cycle

Foreign Central Banks Cut US Treasuries