Growth is slowing all over the world right now, and that's especially true in Europe. Much of the continent is on the brink of another recession, and even the German economy is sputtering to a halt.
Some of the weakest countries, such as Spain and Italy, are actually experiencing deflation — a broad drop in incomes and asset values. It's a painful process that can be hard to reverse once it starts.
Europe's long, slow economic downturn has taken its toll on Javier Oroz Rodriguez, who owns a butcher shop in downtown Madrid.
Originally published on Thu October 30, 2014 4:27 pm
Rutherford B. Hayes, the 19th U.S. president, doesn't get much respect. He's remembered, if at all, for losing the popular vote in 1876 but winning the presidency through Electoral College maneuvering. That gave rise to his nickname, "Rutherfraud."
But there's one place where Hayes stands as a historical heavyweight: in the tiny South American nation of Paraguay.
In fact, an industrial city on the banks of the Paraguay River is named Villa Hayes — Spanish for "Hayesville" — in his honor.
Defense Secretary Chuck Hagel has been on the defensive recently about the strategy to take on the Islamic State. American warplanes have been bombing targets in Iraq and Syria, but militant fighters are still on the move.
"We have made it very clear, I have and President Obama has, that this is a long, difficult effort," Hagel said.