A low-key bank run in Europe and the US economy.

• Paul Krugman writes about FT's Martin Wolf's post, showing how a slow bank run is currently going on in Europe.  Scary stuff, considering at least one of the PIGS may be close to defaulting.
• The 10-year US Treasury Bond sank 9 basis points in a day, hitting 2.96%, following guidance from the ADP employment report for May, showing jobs hiring to be extremely flat (net +38,000 jobs for May).
• S&P Case-Shiller shows March housing continues to drop: of the 9 markets that showed a decline, aggregate index for Atlanta now matches February 2000 level; Boston is at its March 2003 level; Chicago - August 2001; Denver - June 2002; Las Vegas - August 1999; Minneapolis - October 2000; NY commuter - February 2004; Portland - December 2004; San Diego - December 2002.  The others (Los Angeles, Miami, Phoenix, San Francisco, Seattle, Tampa and Washington DC) showed increases, albeit somewhat moderate except for DC.

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