Economics and Investing:

Several readers sent this: Merkel tells Greece to back cuts or face euro exit Here is a sobering quote: “What will prevail are armed gangs with Kalashnikovs and which one has the greatest number of Kalashnikovs will count … we will end up in civil war.”

G.G. sent this: 49% of Americans saving zilch for retirement

Also from G.G.: 50-State Small Business Tax Friendliness Survey

Michael H. spotted this: California facing higher $16 billion shortfall.

Items from The Economatrix:

Stocks Close Down 1% on Bank, Europe Worries

Gold Drops to 4.5-month Low as Euro Sinks

Oil Falls as Greece, China Feed Economic Worry

S&P 500 Down for 4th Day of Five