"People in several emerging markets are hedging against rising domestic inflation and a depreciating home currency by shifting savings into U.S. dollars. Russia's leading tabloid, Komsomolskaya Pravda, advised its readers this week to shift 30-40 percent of their savings into U.S. dollars and euros," writes James Kynge in the Financial Times.
"The larger point is that Turkey isn't really the problem; neither are South Africa, Russia, Hungary, India, and whoever else is getting hit right now. The real problem is that the world's wealthy economies—the United States, the euro area, and smaller players, too — have failed to deal with their own underlying weaknesses," writes Paul Krugman in the New York Times.
"Argentina's problems are considerably more serious than those of emerging countries such as Turkey, Brazil and South Africa and have little to do with international markets, from which Buenos Aires has been isolated since its last financial crash in 2002. Rather, they are the product of the same mistakes that have produced previous busts: uncontrolled government spending, heavy taxes on exports coupled with strict controls on imports and disincentives to foreign investors," the Washington Post writes in an editorial.
Afghan Roads Crumbling After Billions in U.S. Investments
The Afghan government has been unable to maintain its road network, which was expanded significantly with a $4 billion donation by the United States and Western donors, raising questions about the government's capabilities and concerns about the future of Afghan commerce (WaPo).
After two decades of budget cuts left Ukraine's army with poorly trained and equipped soldiers, the military doesn't appear to be an option for President Viktor Yanukovich to reestablish order in the country (Bloomberg).
RUSSIA: Researchers in Russia, the UK, and the World Health Organization tracked alcohol consumption in Russia and found that 25 percent of Russian men die before the age of 55, mostly due to alcohol-related diseases (BBC).
Obama Nominates Michael Rogers to Head the NSA
President Barack Obama nominated Navy Vice Adm. Michael S. Rogers to head the National Security Agency and U.S. Cyber Command. If confirmed, Rogers will lead an agency that has been battered by the revelations of classified documents by former NSA contractor Edward Snowden (LATimes).
This CFR Backgrounder explains the controversy surrounding U.S. domestic surveillance.