Economics and Investing:

Those pesky derivatives: How Jamie Dimon hid the $6 billion loss

The latest from Yohay at FOREX Crunch: US Gained Only 12,000 Jobs in May According to Bernanke’s Highlighted Indicator

Steven M. sent this: It’s Not Just Free Cell Phones… The Government Is Handing Out Free Air Conditioners Too. JWR Adds: Oh, and to make it even worse, the LG Global Electronics brand air conditioning units they are giving away are made in China. (“Your tax dollars at work.”)

Items from The Economatrix:

Jim Willie:  Extreme Danger Signposts

Gold 22% Rally to Record Seen by Eric Sprott:  Commodities

Buffet Says Muni Bankruptcies are Set to Climb