Breakfast Buffet, Wednesday, March 25

Newsweek's daily serving of news and views on the economy from around the world.

Mehs on Obama's Press Conference: WaPo's editorial captures the CW on the president's performance defending his budget in prime time last night. Media flacks were roundly befuddled by their colleagues' lack of attention to foreign policy questions. In case you forgot, the U.S. is still fighting two wars.

Brazil's Problem with Rosy Glasses: After President Lula da Silva's projection that the global economic crisis would produce only a "ripple" in Brazil proved false, the WSJ says he is under fire for disingenuously cheerleading to keep investors from pulling out.

Arab Unity, Delayed: Five Gulf states have abandoned their plans to develop a shared currency by 2010, long considered an untenable deadline, says Kuwait's Al-Watan.

Toyota, anyone? Anyone?: Japanese exports plunged by about half in February, a record decline for the world's second-largest economy. Imports were not far behind, signaling big problems for the broader economy.

Blast from the Past (sort of) : Hank Paulson takes to the pages of the FT to explain why financial regulation needs to be reformed and ratcheted up. Without a trace of irony.