Overheard at the Chinese Finance Ministry

"With the IMF head in ignominy,
His replacement is just what I wanna be,
Since, with all due regard
To Madame Lagarde,
We're the world's up-and-coming economy."

Now that Dominique Strauss-Kahn has resigned in disgrace as head of the International Monetary Fund, his countrywoman, French finance minister Christine Lagarde, has moved into the spotlight as the European favorite for a position traditionally held by an Old World banker. However, China and India have seized on this moment to challenge the tradition and assert their growing weight in global business and financial affairs.  Notwithstanding the Greek debt crisis, the calls for an emerging market successor to DSK are growing.

Pungent Predicament

The high price of onions in Mumbai
Means for many, they're harder to come by,
So the Bombayite lunch
Loses some of its punch,
Unless they can really find some buy.

With millions of poor farmers and even more millions of poor consumers, India tries to strike a balance between supporting farm prices and moderating food prices.  Now however, Bloomberg Business Week and others report that the cost of farm production is going up by 20% due to fuel and fertilizer price hikes.  This means that the government will have to re-calibrate the minimum guaranteed price of crops that farmers receive, as well as the subsidies that are extended to such staples as grains and oils.  In a pinch, however, things may have to get blander at the dinner table.