The economic news is so frighteningly bad here, it has all but squeezed out reports of the turmoil wrecking the developing world. The news there, if possible, is even more frightening. And in a globalized economy there is no insulation for anyone.

The emergency spreading through Eastern Europe has sent currencies plunging in financially stretched nations like Hungary and solid economies like Poland. The crisis threatens political stability along the European Union’s eastern border. The government in Latvia fell last week following protests. Ukraine is on the brink.

Over the weekend, the European Union’s wealthy members rejected calls for a bailout of its poorer members. Collapsing economies in Eastern Europe  including inside the European Union  could bring down the banks in the West that lent to the East.

Such turmoil should serve as a warning about the perils of ignoring the disasters unfolding across the developing world  and the need for a global response.