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The Washington Post surveys the global economic scene following yesterday’s anemic Fed action:

Overnight in Asia, China released data showing that its economy was beginning to cool rapidly….The government also announced a looming economic problem: the inflation rate spiked 3.3 percent in July, amid flooding that disrupted food supplies.

….In Europe, the Bank of England lowered its GDP growth forecast for 2011 to 3 percent annually, down from 3.4 percent, saying the country faces a “choppy recovery.”

….In the morning, there was more bad news from a third continent: the United States. The Commerce Department said the trade deficit ballooned more than analysts expected in June, after the stronger dollar made it easier for people in the U.S. to snap up cheaper exports from countries such as China. The gap widened to $49.9 billion in June, up from a revised $42.0 billion in May.

No worries, though. The Fed and congressional Republicans will do something eventually. Maybe. Best to wait until the elections are over, though.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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