Our story continues…According to the popular version, Ben Bernanke, our flawed hero, has averted a Second Great Depression. When the crisis came in ’07-’08, he calmly took out the text he had written himself: “Dummies’ Guide to Avoiding a Japan-style Deflation”… or something like that.

“They were hunters. They stayed here during the Ice Age, probably hunting reindeer,” said the archaeologist in charge of the site. “But who were they?”

For U.S. Federal Reserve Chairman Ben S. Bernanke, the biggest challenges are still to come.

Now the summer days are dwindling down to a precious few. This morning, it is overcast and chilly here in central France. The leaves on the aspen and linden trees have turned yellow already; whenever the wind blows, they flutter to the ground as if they were trying to get away from something.

Stocks push the currencies higher…Norway pulls out of recession…Jackson Hole boondoggle…Oil helps rally commodity currencies…And Now… Today’s Pfennig!

No currency movement to speak of… Buffett calls out the deficits… PIMCO does too! SNB selling francs to stem gains… nd Now… Today’s Pfennig!

Several key second-quarter earnings reports could either validate or undercut assertions that the U.S. economy is poised for recovery.

Risk Aversion comes back strong! Risk assets get sold… What games will be played with TIC’s? 40 years since Woodstock! And Now… Today’s Pfennig!

Having last month addressed concerns about inflation by outlining a stimulus “exit strategy,” U.S. Federal Reserve Chairman Ben S. Bernanke may turn his attention to the growing threat posed by commercial real estate at the Federal Open Market Committee’s (FOMC) two-day meeting taking place tomorrow (Tuesday) and Wednesday.

Low yielding currencies get sold…High yielding currencies remain solid…Further info on the inflation indexed bonds…Stealth QE…And Now… Today’s Pfennig!