The buy programs were busy today as the mutual fraudsters commenced the quarter-end jam job to make their returns look better. Gold and energy were strong, though. This reflects the ongoing weakness of the dollar and most paper currencies against “real stuff”. Competitive devaluation is next, as the Asian Development Bank issued an official warning today:

“Asian countries need to prepare for a possible sharp fall in the dollar and should allow their currencies to appreciate collectively if that happens, a senior Asian Development Bank official said Tuesday.

“Any shock hitting the U.S. economy or the global market may change investors’ perceptions, given the existing global current account imbalance,” Masahiro Kawai, the bank’s head of regional economic integration, said at a news conference.

“Our suggestion to Asian countries is, don’t take this continuous financing of the U.S. current account deficit as given. If something happens, then East Asian economies have to be prepared.”

International Herald Tribune