Great chart from Deustche Bank of Asian home prices indexed to Jan’07.   It’s becoming increasingly clear, at least to us, that a big part of Asia is in massive credit/asset bubble and as monetary tightening plays out their day of reckoning nears.  When we see a day like today in commodities we wonder if it that day is closer at hand.   Indian and Brazilian stocks were hit hard on tightening and fear thereof.   Even the U.S. 10-year treasury yield is behaving contrary to what the end of QE2 should dictate.   What up?   We’re not certain, but certainly reducing risk.  (click here if charts are not observable)