Cartoon from Outlook Afghanistan

Outlook Afghanistan’s Cartoon Page

Cartoon from China Daily

Countries like Croatia have been trying to get EU approval for years now, focusing much of their budgeting and planning on building a stable enough currency to merge with the Euro. Right now, with the economy of Eastern Europe disintegrating, it is more vital than ever for these countries to be propped up by the Euro. But at the same time, the risk for the EU is that much greater.

China Daily carton: Link

Cartoon from China Daily

It’s interesting that the Chinese might see the US as bossing them around, but I guess it makes sense, since we’re taking their money and then spreading it around, and then asking them for/demanding more money.

China Daily cartoon: Link

Photo of the Dubai clock tower by Ericsson Beach

DUBAI: The Gulf has long been a haven for expatriate Indians looking for work. The construction boom in Dubai provided a wealth of opportunities. But with the global recession, Dubai’s luxury bubble, the fuel for their rapid growth, is bursting.

Remittances to India from expats accounts for $27 billion, with over one-fifth of that coming from the Gulf. The loss of that money and the return on many Indians looking for work will have a devastating effect on the already tenuous Indian economy.

Outlook India article: Welcome To The Flip Side

Photo by jrvetson

WASHINGTON D.C., UNITED STATES: Tonight Obama will give his first speech to Congress. I found this piece in Mail & Guardian, South Africa’s most popular paper, titled “Obama makes showpiece Congress address”. It’s their brief report on the subject, and it’s not too positive. They even present survey data about Obama’s approval rating (60% or more approve) with a negative spin. Either M&G is getting really cynical, or they’re hedging their bets. South Africa has been taking it on the chin during the recent economic turmoil, so they are well within their right to be skeptical.

Mail and Guardian aticle: Obama makes showpiece Congress address

HERSON, UKRAINE: After being denied wages for almost five months, a group of factory workers stormed their combine harvester plant demanding compensation. This is only the tip of the iceberg for a country in deep economic turmoil. With both political factions playing the blame game, no one is left to do anything productive. The government has squandered millions in IMF aid. This video from RT doesn’t offer much of a plan either, but it does have some really hard hitting images. In all the hype over the Middle East it is easy to miss the less violent countries that are suffering just as much. This worker take over is one of the first signs of outrage in Ukraine, but it will not be the last.

ESTONIA: The U.S. economic crisis continues its rampage across the rest of the world. In Estonia, Latvia, and other Eastern European counties the problems are amplified by already shaky economic systems. Despite millions coming in from the EU and government retraining programs, many citizens are without jobs and without hopes.

Adopting the Euro is the top priority for many of these countries. But to do so they must have a more stable system and larger cash reserves. Countries like Russia have also raised tariffs on exported raw materials, making life even harder for Eastern European companies.