March 18, 2008

Today's Front Pages Analysis

It’s the economy that newspapers all over the world are reporting

Economic crises make brothers and sisters of us all. USA Today, the largest newspaper in the U.S., leads with a poll reporting “3 in 4 see a recession,” The Washington Post plays up “Crises of confidence in the markets,” while The New York Times leads with “Plunge averted, markets look ahead nervously.” For U.S. dailies from Alabama — where The Birmingham News asks “Is hope ahead for economy?” — to Wisconsin — where the Green Bay Press-Gazette reports on action “to plug plummeting performance” of the markets — the economy is the news.

It’s true all over the world as well. The South China Morning Post in Hong Kong leads with “HK stocks plunge leads regional rout,” DNA in Mumbai, India, banners “Your money is going up in smoke,” the Asahi Shimbun in Tokyo is concerned about the “yen’s surge” over the dollar, while Stars and Stripes in Tokyo tells its American military readers in Japan about a cost of living adjustment and that an “Increase to offset weak dollar will be in next paycheck.” Joong Ang Daily in Seoul, South Korea, quotes the nation’s president about the “beginning stages of a crisis,” The Nation in Bangkok, Thailand, leads with “Turmoil hits markets as US crisis deepens,” the Financial Review in Sydney, Australia, reports “Fear grips global markets” and Manila Standard Today in the Philippines tells its readers about markets falling on bear news as “gold, oil soar to new highs.”

In Israel, Haaretz of Tel Aviv plays up how “world markets sink,” adding that “shekel soars again against dollar,” the Turkish Daily News in Istanbul tells of the market problems with Page One graphs, and the European edition of The Wall Street Journal, published in Brussels, Belgium, leads with “For world’s bankers, trust is now a rare commodity.” The Gazeta Mercantil in Sao Paulo, Brazil, leads with expected cuts in the U.S. interest rate, while in America’s neighbor to the north The Globe and Mail in Toronto plays up “moves to contain deepening credit crisis” in the U.S.

If your local daily isn’t reporting all this doom and gloom, try one of these newspapers — or just be happy with what your hometown editor sees as the news of the day.

Gene Mater is a Freedom Forum media consultant.

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