TODAY'S PAPERS: We All Fall Down

The Washington Post leads with a new World Bank report that warned the global economy will fall into a recession for the first time since World War II as world trade suffers its steepest plunge in 80 years. The crisis will put a dent in poverty-fighting efforts and multilateral lenders don't have enough money to help developing nations get through the downturn. The World Bank called on developed nations to dedicate 0.7 percent of whatever they spend on stimulus programs toward a Vulnerability Fund to help developing countries. The New York Times leads with a look at how the dollar is increasing in value, which is a good thing for the United States but appears to be making the crisis worse in other countries. The dollar has risen 13 percent against major currencies in the last year and "has once again been affirmed as the global reserve currency," declares the paper. The Wall Street Journal leads its worldwide newsbox with word that the White House will push world leaders to increase government spending to deal with the global downturn. The move could cause tensions with European governments that think overhauling financial regulation should be the first priority.The Los Angeles Times leads with the U.S. military announcing that 12,000 American troops will leave Iraq within the next six months. It marks the first step in President Obama's plan to withdraw combat forces from Iraq by August 2010. Hours before the announcement, a suicide bomber killed at least 33 people, and provided a "grim reminder of the lingering danger" in Iraq even as U.S. officials prepare the troop drawdown. USA Today leads with a look at how government-funded service programs are seeing a sharp increase in applicants this year. AmeriCorps has seen its online applications come in three times faster this year and the numbe of people applying to the Peace Corps has increased 16 percent. Obama wants to boost funding for these organizations so more people can participate in the coming years.To continue reading, click here.