“I’m Brazilian. I have gold. And I’ve just arrived from Rio richer than anyone…” Thus sang one of the characters in an operetta by Jacques Offenbach. But that was in the mid-19 th century. But hey… what goes around…

The worst global recession since World War II is ending faster than previously thought, but the recovery will still be a slow one, the Organization for Economic Cooperation and Development (OECD) said today (Thursday).

Oil prices steadied on Thursday as economic optimism from data showing that the U.S. service sector and retail sales improved was tempered by disappointing news from the labor market.

German unemployment falls!  RBA disappoints the markets…  China to buy Canadian company…  ISM to print positive? And Now… Today’s Pfennig!

With unemployment hovering at 9.4% consumers continued to show reluctance in July as incomes stagnated. Furthermore, with the jobless rate expected to exceed 10% later this year, consumer confidence fell in August, keeping hopes of a sustained economic recovery at bay.

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.

European shares touched a 10-month high on Friday on optimism for a global economic recovery and with Nokia and results from U.S. bellwethers boosting the technology sector.

“It looks like things are finally turning around,” said a friend at Saturday night’s dinner. “Not at all… ” we replied. Paul Krugman says the world “avoided a second Great Depression.” He’s wrong too.

Oil rose more than $2 to hit a one-month high near $72 on Monday as positive Chinese economic data and firmer equities bolstered hopes of economic recovery and higher energy demand.

Dollar continues to slide…  US GDP contracts but not as fast…  Nordic currencies outperform…  Japanese yen continues to fall… And Now… Today’s Pfennig!