»» Most equity markets consolidated their recent gains, although China lagged. QE3 continues to dominate market participants’ bandwidth, but Spain should come into focus soon.

»» Intentionally or not, the Fed and ECB have firmly embraced “financial repression” with their recent announcements.

»» Whether financial repression occurs in extreme or benign forms, it can cost investors who worked hard, lived frugally, and saved for years. (page 2)

»» Global Roundup: Updates from the U.S., Canada, Europe, and Asia Pacific. Asian investors have an eye on China’s upcoming leadership transition. (page 4)

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