Economist (October 7)
The International Monetary Fund’s latest forecast indicates global GDP expansion of 4.8%. The Economist points out averages are misleading. Emerging countries are racing along at rates closer to 10% while richer countries struggle with sluggish growth. For this reason, the Economist warns, “Emerging economies need to allow their currencies to rise more. The rich should tread carefully with fiscal consolidation: sensible budget repairs should be less about short-term deficit-slashing and more about lasting fiscal reforms, from raising pension ages to trimming health-care costs.”
Tags: Currencies, Fiscal reform, GDP, IMF
The Independent (October 7)
One of the largest environmental disasters to strike Europe in recent decades now threatens the scenic Danube River. 35 million cubic feet of toxic sludge poured into tributaries of the Danube from an alumina plant in Hungary. Officials are racing to halt the contamination before it reaches the Danube. It is too early to tell whether they will succeed in stopping the flow of the red muddy industrial waste, which contains heavy metals such as arsenic and mercury.
Tags: Danube, Eco disaster, Europe, Hungary
