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Pakistan was down another -1.9% last night, putting the Karachi 100 index down an Eye opening -22% since the global crisis in everything basic foods related began. Unlike Bernanke's Fed, these countries in Emerging Markets consider food CORE .

In Malaysia, stocks got clocked again, closing down another -1.2% as political unrest associated with inflation are bringing PM Badawi to his knees with an emerging "no confidence vote" in his government. Inflation has far reaching consequences relating back to our Theme of Eye on Social Unrest.

"Emerging" does not stand for buy everything "Emerging Markets". Right now it stands for "Emerging" economic crisis brewing in Asia that I call Stagflation.

It is "Global This Time", indeed.
KM