Hans' advice to me to  run mtxrun fixed my problem and may it will yours as 
well.
Run:
$  mtxrun --generate

I also updated texlive 2012 after that.  with 
$  tlmgr update --all           # this takes a long time

>context runs quite independent of the texlive infrastructure; mtxrun
>is its own stub for instance and has its own file database; so, if
>'context' does not run, it's because either mtxrun (without suffix on
>unix) is not updated
>
>if you see kpse being initialized (or any kpse related program being
>run) you're in troubleL
>
>Hans
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