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	<title>Asia Risk Return Blog</title>
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	<description>Asia Macro and Hedge Fund Insight</description>
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		<title>Asia Risk Return Blog</title>
		<link>http://asiarr.wordpress.com</link>
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		<title>More on China&#8230;and the &#8220;Flaw&#8221; of Capitalism</title>
		<link>http://asiarr.wordpress.com/2011/06/23/more-on-china-and-the-flaw-of-capitalism/</link>
		<comments>http://asiarr.wordpress.com/2011/06/23/more-on-china-and-the-flaw-of-capitalism/#comments</comments>
		<pubDate>Thu, 23 Jun 2011 04:22:37 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[China]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Interesting news]]></category>
		<category><![CDATA[Crisis]]></category>
		<category><![CDATA[Fiscal policy]]></category>
		<category><![CDATA[leadership]]></category>
		<category><![CDATA[Policy]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=4085</guid>
		<description><![CDATA[If you create a graph of the MSCI China Index the past 10 years relative to Japan&#8217;s Nikkei over two decades ago, it&#8217;s not surprising to see a close relationship. The difference this time is the Chinese government stepped in &#8230; <a href="http://asiarr.wordpress.com/2011/06/23/more-on-china-and-the-flaw-of-capitalism/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=4085&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>2</slash:comments>
	
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		<title>China Bears: Soros, Roubini, Chanos, Magnus and Majority of Investors</title>
		<link>http://asiarr.wordpress.com/2011/06/18/china-bears-soros-roubini-chanos-magnus-and-majority-of-investors/</link>
		<comments>http://asiarr.wordpress.com/2011/06/18/china-bears-soros-roubini-chanos-magnus-and-majority-of-investors/#comments</comments>
		<pubDate>Sat, 18 Jun 2011 04:24:43 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[China]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Risk]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[Bubble]]></category>
		<category><![CDATA[Fiscal policy]]></category>
		<category><![CDATA[Economists]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3676</guid>
		<description><![CDATA[The bearish call is growing louder and louder on China. Regardless of all the potential growth hidden in the Chinese economy, what is of concern is the method in which growth has been created to date. Roubini points out that &#8230; <a href="http://asiarr.wordpress.com/2011/06/18/china-bears-soros-roubini-chanos-magnus-and-majority-of-investors/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3676&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Interesting Readings: US Default &#8211; China Hard Landing &#8211; Ice Age</title>
		<link>http://asiarr.wordpress.com/2011/06/12/interesting-readings-us-default-china-hard-landing-ice-age/</link>
		<comments>http://asiarr.wordpress.com/2011/06/12/interesting-readings-us-default-china-hard-landing-ice-age/#comments</comments>
		<pubDate>Sun, 12 Jun 2011 06:21:53 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[China]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Bubble]]></category>
		<category><![CDATA[Recession]]></category>
		<category><![CDATA[Risk]]></category>
		<category><![CDATA[USA]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=4080</guid>
		<description><![CDATA[If America is worried about its fiscal debt, the chart by the Congressional Budget and Policy Priorities (CBPP) makes it clear what needs to be done. The government can start by ending tax benefits for the wealthy. (read more on &#8230; <a href="http://asiarr.wordpress.com/2011/06/12/interesting-readings-us-default-china-hard-landing-ice-age/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=4080&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mlockrow</media:title>
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			<media:title type="html">5-12-11bud2</media:title>
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		<item>
		<title>Bubble unwinding or rewinding&#8230;</title>
		<link>http://asiarr.wordpress.com/2011/06/09/bubble-unwinding-or-rewinding/</link>
		<comments>http://asiarr.wordpress.com/2011/06/09/bubble-unwinding-or-rewinding/#comments</comments>
		<pubDate>Thu, 09 Jun 2011 06:09:19 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Bubble]]></category>
		<category><![CDATA[Commodities]]></category>
		<category><![CDATA[Crisis]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Risk]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=4027</guid>
		<description><![CDATA[There are various views on who the culprit is behind the jump in global commodity prices. The most popular one is commodity prices are surging because of strong demand in China. In 2008, some Fed officials were quick to point &#8230; <a href="http://asiarr.wordpress.com/2011/06/09/bubble-unwinding-or-rewinding/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=4027&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mlockrow</media:title>
		</media:content>

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			<media:title type="html">ff trjcrb</media:title>
		</media:content>

		<media:content url="http://asiarr.files.wordpress.com/2011/06/rff-rate.png" medium="image">
			<media:title type="html">rff rate</media:title>
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	</item>
		<item>
		<title>The Multitude of Risks</title>
		<link>http://asiarr.wordpress.com/2011/05/27/the-multitude-of-risks/</link>
		<comments>http://asiarr.wordpress.com/2011/05/27/the-multitude-of-risks/#comments</comments>
		<pubDate>Fri, 27 May 2011 05:35:13 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[Investor]]></category>
		<category><![CDATA[Risk]]></category>
		<category><![CDATA[Strategy]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=4040</guid>
		<description><![CDATA[We will always live in a world full of risks. We have the choice to get caught up in them, block them out or calmly settle somewhere in between. Among investors, there are those that still choose to focus on &#8230; <a href="http://asiarr.wordpress.com/2011/05/27/the-multitude-of-risks/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=4040&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<item>
		<title>Just a Healthy Correction &#8211; Add to Cyclical Value</title>
		<link>http://asiarr.wordpress.com/2011/05/18/just-a-healthy-correction-add-to-cyclical-value/</link>
		<comments>http://asiarr.wordpress.com/2011/05/18/just-a-healthy-correction-add-to-cyclical-value/#comments</comments>
		<pubDate>Wed, 18 May 2011 16:45:00 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Markets]]></category>
		<category><![CDATA[Bull market]]></category>
		<category><![CDATA[Commodities]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[Investor]]></category>
		<category><![CDATA[Liquidity]]></category>
		<category><![CDATA[Monetary policy]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3980</guid>
		<description><![CDATA[With the Dow falling -3% from its peak in August and the dollar up over 3%, some market participants are starting to fear the bull market is over. Adding to these concerns is the fact commodities are getting slammed due &#8230; <a href="http://asiarr.wordpress.com/2011/05/18/just-a-healthy-correction-add-to-cyclical-value/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3980&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mlockrow</media:title>
		</media:content>

		<media:content url="http://asiarr.files.wordpress.com/2011/05/sp-500-ism.png" medium="image">
			<media:title type="html">sp 500 ism</media:title>
		</media:content>

		<media:content url="http://asiarr.files.wordpress.com/2011/05/slide11.jpg" medium="image">
			<media:title type="html">Slide1</media:title>
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			<media:title type="html">Slide1</media:title>
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		<item>
		<title>Japan Update: Recovery underway already? &#8211; TSE Screen</title>
		<link>http://asiarr.wordpress.com/2011/05/16/japan-update-recovery-underway-already-tse-screen/</link>
		<comments>http://asiarr.wordpress.com/2011/05/16/japan-update-recovery-underway-already-tse-screen/#comments</comments>
		<pubDate>Mon, 16 May 2011 04:33:25 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[GDP]]></category>
		<category><![CDATA[Growth]]></category>
		<category><![CDATA[Investment]]></category>
		<category><![CDATA[Liquidity]]></category>
		<category><![CDATA[Money supply]]></category>
		<category><![CDATA[Recovery]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3971</guid>
		<description><![CDATA[Now that was a surprise. Despite the disastrous earthquake in Japan and all the plant shutdowns and power outages, machinery orders in March actually rose 2.9% versus expectations for them to sink -9.7% mom. The numbers were released Monday. Hitachi &#8230; <a href="http://asiarr.wordpress.com/2011/05/16/japan-update-recovery-underway-already-tse-screen/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3971&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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			<media:title type="html">mlockrow</media:title>
		</media:content>

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			<media:title type="html">Slide1</media:title>
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		<title>Important News: Fed rate hike call; Toyota Japan; Asia HF inflows; Strong China</title>
		<link>http://asiarr.wordpress.com/2011/05/06/important-news-fed-rate-hike-call-toyota-japan-asia-hf-inflows-strong-china/</link>
		<comments>http://asiarr.wordpress.com/2011/05/06/important-news-fed-rate-hike-call-toyota-japan-asia-hf-inflows-strong-china/#comments</comments>
		<pubDate>Sat, 07 May 2011 03:52:55 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Interesting news]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3958</guid>
		<description><![CDATA[The Fed&#8217;s Kocherlakota is the first FOMC policymaker to suggest there may be a rate hike by year-end, based on his economic outlook. He expects economic growth to improve to 3-3.5%, the unemployment rate hover between 8 and 8.5% and &#8230; <a href="http://asiarr.wordpress.com/2011/05/06/important-news-fed-rate-hike-call-toyota-japan-asia-hf-inflows-strong-china/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3958&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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			<media:title type="html">mlockrow</media:title>
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		<title>Japan&#8217;s Future &#8211; Hope at Last</title>
		<link>http://asiarr.wordpress.com/2011/05/04/japans-future-hope-at-last/</link>
		<comments>http://asiarr.wordpress.com/2011/05/04/japans-future-hope-at-last/#comments</comments>
		<pubDate>Wed, 04 May 2011 17:11:32 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Japan]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Bull market]]></category>
		<category><![CDATA[Debt]]></category>
		<category><![CDATA[Deflation]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[Growth]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[Investor]]></category>
		<category><![CDATA[Lending]]></category>
		<category><![CDATA[Liquidity]]></category>
		<category><![CDATA[Recovery]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3820</guid>
		<description><![CDATA[The View Then? When former PM Abe and the LDP’s old guard began to backtrack on structural reform in 2006, it was clear Japan was reverting back to its old habits. As the recovery gained momentum and the banking crisis &#8230; <a href="http://asiarr.wordpress.com/2011/05/04/japans-future-hope-at-last/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3820&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>2</slash:comments>
	
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			<media:title type="html">mlockrow</media:title>
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		<media:content url="http://asiarr.files.wordpress.com/2011/05/jpn-debt-to-assets.png" medium="image">
			<media:title type="html">jpn debt to assets</media:title>
		</media:content>

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			<media:title type="html">Nikkei S&#38;P</media:title>
		</media:content>

		<media:content url="http://asiarr.files.wordpress.com/2011/05/nikkei-chart.png" medium="image">
			<media:title type="html">Nikkei chart</media:title>
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			<media:title type="html">Slide1</media:title>
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		<title>Precursor to a View Change on Japan</title>
		<link>http://asiarr.wordpress.com/2011/05/01/precursor-to-a-view-change-on-japan/</link>
		<comments>http://asiarr.wordpress.com/2011/05/01/precursor-to-a-view-change-on-japan/#comments</comments>
		<pubDate>Sun, 01 May 2011 05:28:57 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Crisis]]></category>
		<category><![CDATA[leadership]]></category>
		<category><![CDATA[Recovery]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3898</guid>
		<description><![CDATA[Anyone who has ever read any of my Japan blog posts or research reports since 2006 will be aware of my rather bearish stance towards Japan. The last time I turned bullish on Japan was in early 2003. When reform &#8230; <a href="http://asiarr.wordpress.com/2011/05/01/precursor-to-a-view-change-on-japan/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3898&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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			<media:title type="html">mlockrow</media:title>
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		<title>Interesting Readings: Rosenberg the Bull?, Commodity Prices and China Property</title>
		<link>http://asiarr.wordpress.com/2011/05/01/interesting-readings-rosenberg-the-bull-commodity-prices-and-china-property/</link>
		<comments>http://asiarr.wordpress.com/2011/05/01/interesting-readings-rosenberg-the-bull-commodity-prices-and-china-property/#comments</comments>
		<pubDate>Sun, 01 May 2011 04:41:29 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Interesting news]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3900</guid>
		<description><![CDATA[DAVID ROSENBERG TURNS BULLISH…. &#8211; Pragmatic Capitalism The coming commodity price nightmare - Fortune China Property Slowdown Poses Growth Risks, World Bank Says -Bloomberg Filed under: Interesting news<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3900&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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			<media:title type="html">mlockrow</media:title>
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		<title>Is This Time Really Different?</title>
		<link>http://asiarr.wordpress.com/2011/04/29/is-this-time-really-different/</link>
		<comments>http://asiarr.wordpress.com/2011/04/29/is-this-time-really-different/#comments</comments>
		<pubDate>Fri, 29 Apr 2011 04:49:30 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[Commodities]]></category>
		<category><![CDATA[Global]]></category>
		<category><![CDATA[Growth]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Unemployment]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3856</guid>
		<description><![CDATA[Is the world really running out of natural resources? Jeremy Grantham, in his recent quarterly letter, points out rapid growth in developing economies as one of the causes. Critics of his argument will cite the ability of man to develop &#8230; <a href="http://asiarr.wordpress.com/2011/04/29/is-this-time-really-different/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3856&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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			<media:title type="html">mlockrow</media:title>
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		<title>Interesting readings courtesy of TBP &#8211;  Lobbyists, 1994, Words and Healthcare</title>
		<link>http://asiarr.wordpress.com/2011/04/26/interesting-readings-courtesy-of-tbp-lobbyists-1994-words-and-healthcare/</link>
		<comments>http://asiarr.wordpress.com/2011/04/26/interesting-readings-courtesy-of-tbp-lobbyists-1994-words-and-healthcare/#comments</comments>
		<pubDate>Wed, 27 Apr 2011 03:36:54 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Interesting news]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3854</guid>
		<description><![CDATA[The Big Picture blog by Barry Ritholtz isn&#8217;t the only blog or newswire I read or scan each day. It just so happens 4 of the more interesting readings I found the past few days are posted on TBP.  For &#8230; <a href="http://asiarr.wordpress.com/2011/04/26/interesting-readings-courtesy-of-tbp-lobbyists-1994-words-and-healthcare/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3854&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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			<media:title type="html">mlockrow</media:title>
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		<title>China Policy &#8211; Still Behind</title>
		<link>http://asiarr.wordpress.com/2011/04/25/china-policy-still-behind/</link>
		<comments>http://asiarr.wordpress.com/2011/04/25/china-policy-still-behind/#comments</comments>
		<pubDate>Mon, 25 Apr 2011 23:11:38 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[China]]></category>
		<category><![CDATA[Markets]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Emerging markets]]></category>
		<category><![CDATA[Equity]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[Liquidity]]></category>
		<category><![CDATA[Monetary policy]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3814</guid>
		<description><![CDATA[At the start of April, the consensus in China was turning bullish on Chinese equities as the central bank was seen to have inflation under control. Some of the statements that stood out were: We expect the Chinese government to &#8230; <a href="http://asiarr.wordpress.com/2011/04/25/china-policy-still-behind/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3814&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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			<media:title type="html">mlockrow</media:title>
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			<media:title type="html">china gdp market</media:title>
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			<media:title type="html">ChartIchina.axd</media:title>
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		<title>Stereotyping the MAC or PC users&#8230;</title>
		<link>http://asiarr.wordpress.com/2011/04/25/stereotyping-the-mac-or-pc-users/</link>
		<comments>http://asiarr.wordpress.com/2011/04/25/stereotyping-the-mac-or-pc-users/#comments</comments>
		<pubDate>Mon, 25 Apr 2011 21:15:14 +0000</pubDate>
		<dc:creator>Michael Lockrow</dc:creator>
				<category><![CDATA[Weblog]]></category>

		<guid isPermaLink="false">http://asiarr.wordpress.com/?p=3825</guid>
		<description><![CDATA[You may find this survey, &#8220;Mac vs. PC: Stereotypes Confirmed&#8221;  amusing&#8230;According to the Hutch survey, if you happen to be a MAC user, you are 80% more likely to be a vegetarian. Mac users also prefer to live in the &#8230; <a href="http://asiarr.wordpress.com/2011/04/25/stereotyping-the-mac-or-pc-users/">Continue reading <span class="meta-nav">&#8594;</span></a><img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=asiarr.wordpress.com&amp;blog=8245568&amp;post=3825&amp;subd=asiarr&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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