Economics and Investing:

Reader John S. spotted this: California is a greater risk than Greece, warns JP Morgan chief

I found an article linked in a piece by Dr. Gary North that illustrates just how deep a hole the Federal government is digging: $126.9 Billion and Counting.

The charts in Nathan’s recent blog piece tell a thousand words. This is no ordinary recession. We’ve fallen off a cliff.

George Gordon spotted this: Gold Hits Record High In Euros, Pound.

Items from The Economatrix:

Ron Paul Discusses Coming US Collapse

Jim Rogers: Pound Could Collapse Within Weeks

Housing Recovery Looking Shakier than Expected

Consumer Confidence Weakens in February

No Relief From Tax Agony (The Mogambo Guru)

Massive Bank Failures Due, Says Bank Oversight Panel

Commercial Mortgage Default Rate in US More than Doubles

More Merger Activity Helps Lift Stocks for Third Day

Postal Service’s Emerging Model: Never on Saturday

Bad Debts Hit Record High

Chilean Stocks Post World’s Biggest Drop as Quake Closes Roads