Mish/ Mike Shedlock – Key Words Of The Day : “Nothing”,”Fiscal Cliff”,”Later”; Bernanke Speech Template; US Fiscal Cliff And What To Do About It – 8 June 2012

Everyone is pouring over the latest statements by Fed chairman Ben Bernanke and German chancellor Angela Merkel. But what did they really say?

The short answer is “nothing”.

For example, Bloomberg reports Merkel Says Germany Ready to Back Use of Current Euro Tools.  

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John Ward – EveryThing Alright After All : Pensioners, Nannies And Personal Insolvancy Will Save Us – 24 March 2012

EU Commissioner for Greece Horst Reichenbach told Austria’s Passauer Neue Presse newspaper this morning, “I am optimistic as never before about Greece”.

When asked why, he replied:

“The segment in the finance ministry which is responsible for pensions has greatly improved.”

As a result of this, it may well be that Greece can now monetise its pensioners by leveraging them several times, and offering them a new life as a credit derivative obligation. It is a miracle. Greece is saved.

John Ward – The Economic World Is Much Closer To The Edge Than The Commentariat Realises – 13 March 2012

We are witnessing local bulletins but ignoring the Big News

Ben Bernanke has once again said “No QE for now, but we are not out of the woods”. Observers need to wise up to the fact that this is a man who knows he must hold his fire, for far worse is coming.

Despite this, JP Morgan and Bank of America seem to have passed the Federal Reserve’s stress tests. JPM I can get behind, but BoA? Stress tests, I increasingly believe, are so-called because they are primarily designed to reduce global investor stress.