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!

How do you like this recovery? Pretty good, huh? Except for the jobs, of course. And except for the retail sales. And except for the foreclosures… and house prices. And incomes. And consumer prices. And business profits. It’s like a female impersonator… just like a real woman in every way, except for the essential ones.

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.

“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.

According to one of the world’s biggest banks, 48% of U.S. mortgages will be underwater by 2011. Man… and the critics call us “doom and gloom”?

Just about every company that beat expectations recently did it by cutting costs and increasing margins. It may boost share price now, but it could create problems down the road.

I am expecting a significant stock market correction at any time.

Now that the subprime, low-income crowd has taken their lashings, there’s a new Great Recession victim — the faux rich.

Over the past five months, world stock markets have put on a historic rally.