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Oh No, Not the Cow Palace!: California's governator is threatening to sell off iconic properties to help close the state's $15.4 billion deficit. He's also proposing cuts in education, developmental services, and health care for folks with low income or disabilities. As in, yes, the basic core functions of government.

London Calling: FT's Gillian Tett offers her take on Yankees' economic proclivities after concluding her book tour across these United States. Her conclusions: y'all should back off on Geithner, but keep up the pressure on Wall Street. She's also hearing rumors of even more CDS funny business--a clear sign that the Street still hasn't gotten the memo from the rest of the country that the jig is up.

A Different Kind of American at the Helm: Brazil's Lula da Silva is positioning himself to become the next World Bank chief. If he pulls it off, he would be the first non-U.S. citizen to occupy the post--and the U.S. may very well back his move. But first he's got his eye on India's parliamentary elections, which could produce a fellow BRIC competitor for the job.

Quedando en México: With the collapse of construction and other low-wage jobs in the U.S., Mexicans are choosing not to make the trip over the border. Immigration from Mexico dropped 25 percent last year, though demographics pros expect it to pick up again post-recession.

Tapping a New Indian Industry: In...wait for it...porn! But there's a catch. Babe though she may be, the subcontinent's first big porn sensation is a cartoon.

It's Not Easy Being E: McSweeney's gives voice to the recessionary woes of Scrabble letters.

Today in bizarre byproducts of globalization: black Barbies with blue eyes clad in African wraps. OK, this ain't a post about PPIP or renminbi, but I couldn't resist.

Here's the back story from the photographer, who snapped this shot at a women's conference in Liberia recently. Turns out, they aren't actual Barbies, but $1 plastic dolls from Japan that the designer buys from a discount chain store in Texas, where she lived during Liberia's long civil war. After she dresses them up in lapa garb, most of which is manufactured in China, she sells them in Monrovia for $25, mostly to NGO types. I don't know what exactly all of that says about the interplay of global and local economic forces, but whatever the case, it sure produces nifty products.

By the way, the photographer runs an excellent blog of her own here, in case you're interested in checking out more of her stuff--photos, interviews, etc.

The Dollar Loses Its Groove in China: An op-ed by Nouriel Roubini the New York Times says the dollar may not lose its reserve currency status overnight, but "we can no longer take it for granted," and the renminbi may take its place. Victor Zhikai Gao agrees that the dollar is losing the hearts and minds war in China.

High-Latitude Schadenfreude: Norway is doing just fine in this economy, thank you very much, with a budget surplus, continued growth, and a healthy slush fund to buy up depressed stocks around the world.

A Failure of Markets?: Not so fast, says Poland's former central banker.

The New Yorker Treatment: Nick Paumgarten writes a psalm for Wall Street.