Morning Reading: States, Sports, SEC, etc.

Some links of interest:

• High Noon for state and local budgets (Morgan Stanley)
• John Boyd and the countdown to an economic meltdown (James Fallows)
• Pro Sports On The Skid? (NPR)
• The central bank flight to safety (Setser)
• The trouble with normal is no-one knows what normal is anymore (Cassandra)
• Japan exports plunge 27% as exports collapse (Bloomberg)
• China Faces Unrest as Economy Falters (WSJ)
• ‘The Russian Economy Is Turned Inside Out’ (WSJ)
• The China Growth Fantasy (WSJ)
• SEC "In A State Of Complete Panic" Over Madoff Revelations (TPM Muckraker)
• Total insured losses worldwide of $50-billion in 2008, second-highest in history (Swiss Re)