For me this is connected to kwallet. I fixed the problem on my system by
following this advice:

http://ubuntuforums.org/showpost.php?p=2567873&postcount=2

I deleted kwalletrc (couldn't find the other file) and when I logged in
again, no more problems with kded hogging the CPU.

-- 
kded consume all computer resources and crash
https://bugs.launchpad.net/bugs/115739
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