Need to know:
As the voracious blogger Joe Weisenthal has tweeted, "InSpain in the membrane."

The EU has agreed to lend Spain $125 billion to bail out its banks. The figure is likely more than Spain needs but is aimed at soothing investor jitters and heading off a bank run, Reuters said.

Some speculate a full-on bailout could be next for Spain, but the Spanish government continues to insist that its reforms are sufficient to keep Spain from going the way of Greece, Ireland and Portugal.

The three countries already have received international bailouts and become locked into austerity deals. Citizens are increasingly fighting against bailout-imposed austerity, particularly in Greece, whose political and financial future remains undecided ahead of next week’s elections.

Want to know:
The New York Fed is standing by its man.

The chairman of the board of the Federal Reserve Bank of New York told the Wall Street Journal he supports JP Morgan CEO Jamie Dimon, a fellow board member critics say should relinquish his spot. Some say Dimon’s service on the board is a conflict of interest, particularly as government agencies are investigating a more than $2 billion trading loss at his bank.

Bankers are legally required to be included on the board of the New York Fed, which monitors the activities of several of the nation’s largest banks.

Regardless, Dimon won’t be sticking around too long. He’s in the last year of his second three-year term on the New York Fed’s board.

Dull but important:
China may have a little more wiggle room when it comes to economic policy.

Consumer prices in China rose at their slowest pace in two years in May, suggesting that inflation may be more stable than previously thought. Industrial production growth in the world’s second-largest economy also slowed on a year-over-year basis in May.

The data comes on the heels of China’s first interest rate cut in nearly four years and suggests the Chinese government may have more leeway to support its slowing economy than previously thought.

But there was at least one big bright spot in China in May: exports surged 15.3 percent.

Just because:
Here’s to hoping uncle Warren offers to pick up the tab.

One anonymous bidder has bought the chance to have lunch with billionaire investor Warren Buffett for $3.5 million. The figure is the most anyone has paid to eat with the Berkshire Hathaway chairman and CEO.

A foundation that provides services to the homeless in San Francisco has been auctioning off lunches with Buffett for the past 13 years. This year’s winner beat out 10 other bidders and may see it as an investment with a potentially high pay-off.

Hedge fund manager Ted Weschler, last year’s auction winner, was able to turn his lunch with Buffett into a job at Berkshire Hathaway.

Strange but true:
Tombstones have gone high-tech.

Across the nation, an increasing number of tombstones are using QR codes and geolocation services to make the grieving process more interactive, USA TODAY reported.

For $55 for five years, families can have aluminum tags with QR codes affixed to their loved one’s tombstones. The codes can link to any website the family chooses and the service.

Need to know:
China’s quarter point interest rate cut has the world worried about just how bad May might have been for the Chinese economy.

The rate cut is the first in four years and has investors worried economic data due out of China this weekend could be uglier than anyone had been expecting, Reuters said.

Chinese growth has been slowing for six consecutive quarters, and China is on track for its slowest year of growth since 1999. 

Want to know:
Fed Chairman Ben Bernanke must have a great poker face.

While his number 2 suggested on Wednesday that QE3 could be the way ahead for the US economy, during a hearing on Capitol Hill Fed Chairman Ben Bernanke failed to give a clear signal of what the central bank might do when it meets later this month.

Bernanke did however say he doesn’t endorse breaking up the nation’s largest banks even though the six largest US financial institutions hold assets equal to about two-thirds of US GDP. 

He also told Congress he sleeps “pretty well” since he does “lots during the day” and needs to be well-rested.

Dull but important:
Europe seems to be taking steps toward creating some of type of centralized banking union. The European Commission has proposed a framework for dealing with failing banks that calls for countries to share the costs of recapitalizing cross-border banks, the Economist said.

This comes as the Cyprus is expecting it may need $2 billion to rescue its second-largest bank and has Portugal is embarking on a $8.2 billion bailout of three of its largest banks.

Spain’s bank also are in need of what could be a $50 billion bailout, according to Reuters.

Spain already has made plans to bail out its fourth-largest bank but the European Union isn’t a fan of the plan. German Chancellor Angela Merkel told Reuters Europe is ready to do whatever it has to keep the euro stable in the wake of the latest cuts to Spain’s credit rating.

Just because:
Fitch cut Spain’s credit rating to a BBB Thursday, and if the US doesn’t get its finances in order the ratings agency said a ratings cut could be in its future.

Fitch Ratings is planning to cut the credit rating of the world’s largest economy next year unless Washington can get its deficits under control, Reuters reported.

Fitch also plans to cut credit ratings for Cyprus, Ireland, Italy, Spain and Portugal if Greece makes a Grexit. 

To quote @TheStalwart, "InSpain in The Membrane" 12:41 07Jun12 RTRS-FITCH DOWNGRADES SPAIN TO 'BBB'; OUTLOOK NEGATIVE

— Jennifer Ablan (@jennablan) June 7, 2012

Strange but true:
Porn is having trouble, too.

Like the music, movies and journalism, porn has been under siege by a proliferation of free content that’s driving down wages and leaving profits limp, BBC reported.

Need to know:
The QE next talk is growing louder.

The Fed’s no. 2 official suggested it might be time for the US central bank to do more to support the world’s largest economy.

Janet Yellen, the Fed’s vice chair, suggested continued trouble in the housing sector, a lackluster job market and generally worsening financial conditions could force the Fed to act. 

“It may well be appropriate to insure against adverse shocks that could push the economy into territory where a self-reinforcing downward spiral of economic weakness would be difficult to arrest," she said at a speech in Boston.

Fed Chairman Ben Bernanke is scheduled to appear on Capitol Hill today.

Want to know:
For all the bad news there is about Europe’s economy these days, there may be at least one bright spot. Chinese investment in Europe tripled to $10 billion last year, according to a study cited by the Associated Press.

The Rhodium Group expects Chinese investments outside its borders could grow to $2 trillion by the end of the decade.

Of course, Europe will face stiff competition in courting China. The US and other governments also are clamoring for more investment yuan from China, which is battling its own economic slowdown. 

Chinese officials cut interest rates for the first time in four years to spur growth.

Dull but important:
It’s been yet another tough week for European banks, and this time its Germany that’s in trouble.

Moody’s has downgraded six German banks, including the country’s second-largest lender Commerzbank.It also cut ratings on three Austrian banks.

Moody’s is worried about what the ongoing euro crisis could do to the banks’ financial positions. 

Just because:
AIG CEO Robert Benmosche may think Europeans should work longer before retiring, but France doesn’t agree.

French President Francois Hollande is planning to lower the retirement age to 60 for some workers, which could make things tougher for the French economy.

French people, though, are probably pretty happy. They protested when former French President Nicolas Sarkozy increased the retirement age from 60 to 62 in 2010.

Strange but true:
Will Smith and Tommy Lee Jones aren’t the only Men in Black.

Apparently, international financial officials also wear black when they parachute in to push budget trimming at bailed out countries.

Need to know:

The European Central Bank kept a key interest rate unchanged today, but noted that growth in the euro area remains weak. 

The ECB's key interest rate is currently at 1 percent, and some economists were expecting it would cut rates to spur growth in the struggling euro zone. 

Want to know:

Women across America are not happy, this one included.