The other shoe has finally dropped: emerging market currencies have followed emerging market equities into the global financial storm.
When the Greek crisis, combined with worries about a possible U.S. recession, frightened global markets in August, emerging economy equities plunged in line with a general flight to safety. Emerging market currencies held firm, buoyed by inflows into local bonds, cash and cash derivatives.
What in the world has happened to the United States? Once upon a time the U.S. was one of the best places in the world to raise a child, but today it is an absolutely horrible place for children. We physically abuse our children at staggering rates, we pump them full of antidepressants and other pharmaceutical drugs and we send them off to public schools [...]
North Korea’s leader Kim Jong Il Photo: AP
The UN World Food Programme, which resumed sending food aid to North Korea in 2006, blamed flooding, foot-and-mouth disease, and an unusually cold winter for devastating food supplies to the country.
“Vulnerable members of society are currently facing increasing shocks to their daily coping strategies, leaving them on a knife edge,” the WFP [...]