Breakfast Buffet, Monday, April 6

Newsweek's daily serving of news and view from around the world:

Obama's Budget Conundrum: Think the G20 was a big deal? Not compared to the U.S. budget debate, says FT's Clive Crook, and he's not happy with Congress. They've all but nixed the main revenue-raising idea, while ensuring the most expensive proposal--health care reform--will pass with or without Republican support. As is, a budget gap would remain ten years out.

Inflation in an Emerging Market, Like the U.S.: Over at the Baseline Scenario, Simon Johnson reasons that the IMF's concerns about inflationary pressures in middle-income emerging markets could also apply for the American economy.

Beating the Treasury War Drums: Banks' board members could be next to get the ax from the federal government, Tim Geithner warned in an interview with CBS on Sunday. He also described GM's restructing plan as "not quite there yet."

China's Smooth Operating: Bob Samuelson says China is heavily implicated in the failings of the globe's dollar-based economy (yes, the same ones they've criticized), citing the artificially depressed currency that long kept Chinese export prices low. But despite cooperative rhetoric at the G20, they're looking out for #1 in how they maneuver themselves out of the fix.

The Communist Comeback?: Not quite. The Russian Communist party hoped to draw 5 million people to its rally in Moscow on Saturday, but the Moscow Times reports that only one or two thousand showed up. Given the predictions for the Russian economy in '09, perhaps they'll have better luck in October.