Economics and Investing:

SurvivalBlog’s Poet Laureate, George Gordon (“G.G.”) sent us this one: Illinois facing ‘outright disaster’ amid budget crisis

Items from The Economatrix:

40% of Florida Home Sales are Foreclosures

Fed Made Taxpayers Unwitting Junk-Bond Buyers

Denninger: The Clock is Running Out

Gold Miners and Explorers Face Serious Supply Problems

Pelosi: Unemployment Checks Fastest Way to Create Jobs

Market’s Swoon Prompts Fear of the Dreaded “Death Cross”

A Depressing Thought: Deflation

Pending Home Sales Plunge Record 30%

Layoffs Climb as Housing Slump Deepens

1.3 Million Unemployed Won’t Get Benefits Restored

Stock Futures Head Lower to Open Third Quarter

New Jobless Claims Rise in Sign of Weak Job Market

Global Markets on “Cliff Edge” Amid Fears Over European Banks

Ambrose Evans-Pritchard: Time to Shut Down the US Federal Reserve?

Suiting Up for a Post-Dollar World

US Money Supply Plunges at 1930s Pace and Housing Index Dives

UK Manufacturing Outlook Follows Euro-Zone Slowdown

CBO Says Debt Will Reach 62% of GDP by Year’s End