by Laura Conaway

We're lining up someone to walk us through the horror show that is the world of emerging markets. In essence, countries that were on the brink of making are now simply on the brink.

Hungary, Argentina, Korea, China — the list of places where stocks and/or currency have plummeted is getting longer. India's calling for action, and now. Chinese leaders say they're working overtime. Even the oil-rich Gulf States are feeling it, as the price of a barrel of crude goes south.

The currency team at Brown Brothers Harriman points to this story in the Daily Telegraph. It's maybe steep going, but full of material we all need to get a grip on. Here's the gloss from Brown Brothers Harriman's morning note:

Despite the finger pointing from Europe as to how irresponsible the US has been (see UK PM Brown's recent speech), there is a crisis brewing of their own making that may turn out to more destabilizing than the US sub-prime fiasco.

You read that right: They're saying the trouble in the economic hinterlands has more potential to unhinge the global economic system than did/does the American mortgage crisis.

Meanwhile, we're starting to see the names of banks approved for a slice of the U.S. government's capital injection plan. The idea is for the Treasury to buy an equity stake — read: stocks — in banks it believes can survive the crisis but would benefit from an increase in capital. We'll aim to include more on this in today's podcast. After the jump, the list so far:

 

Oct. 24, 2008:

PNC: $7.7 billion

First Horizon: $866 million

Regions Bank: $3.5 billion

Valley National (NJ): $330 million

Washington Federal (WA): $200 million

City National (CA): $395 million

Oct. 27, 2008:

KeyCorp: $2.5 billion

Huntington: $1.4 billion

Capital One: $3.55 billion

SunTrust: $3.5 billion

First Niagara (NY): $186 million

Provident Bancorp (MD): undecided

United Commercial (CA): $298 million

Northern Trust: $1.5 billion