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* Grave words about the economy... * OPEC warns of a higher Oil prices... * FDIC in need of $150 Billion? * Citigroup calling for a higher euro... ** Cash For Trash... Good day... And a Tub Thumpin' Thursday to you! Well... The President sure painted a rosy picture for the U.S. economy last night didn't he? NOT! Whoa there partner! With words like 'collapse' and 'danger' and 'panic', President Bush was telling the country that we're in deep dookie! In telling the public that the government must put $700 Billion of taxpayer's money at risk to bail out the financial system, he said... 'We're in the midst of a serious financial crisis. Our entire economy is in danger. America could slip into a financial panic.' Now... Those are some serious statements, folks... And were followed up by the comments by the chairman of the House Financial Services Committee, Barney Frank, who said, 'Whatever you think about whether or not there was a need for a bailout... Once the president, secretary of the Treasury, and the Federal Reserve Chairman have announced that if you don't do this, there will be a collapse, there's probably going to be a collapse if you don't do it.'...

* Range bound currencies... * Stocks rebound... * So, you think Oil is expensive? * Gold prices back off... ** Losses Keep Piling On! Good day... And a Happy Friday to one and all! I'm running late today, was up most of the night with stomach problems, and overslept this morning. This is my last day on my 4-weeks treatment, so maybe by this time next week, I'll be able to feel normal again. But, it's a Friday! And... I'll be gone the next 3-weeks! First to Vancouver, where I'll still write the Pfennig each day, but then on vacation, and on to San Francisco... I'll be back in the saddle on August 11th... Well... We had a range bound day in the currencies yesterday, with a bias to buy dollars, as the markets breathed a sigh of relief at JP Morgan's 2nd QTR earnings... JP Morgan beat the estimates, but the thing I don't get is why there was dancing in the streets when those earnings were 53% below those a year ago. So, good for them for beating the estimates, but 53% below last year, I would certainly think it would have raised a few eyebrows... In fact, JP Morgan head man, Jamie Dimon said, "Our expectation is for the economic environment to continue to be weak -- and to likely get weaker -- and for the capital markets to remain under stress. We remain conscious that since substantial risks still remain on our balance sheet, these factors will likely affect our business for the remainder of the year or longer."...

* Let the money flow... * Norway is a favorite of Citigroup... * Dropping the dollar pegs... * Commodity currencies rally......