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Just a few weeks ago, Chancellor Angela Merkel seemed content to coast along and see just how bad the financial crisis would get before taking action. As world leaders were piling up huge bailouts, Merkel promised only modest aid for the German economy, and members of her Cabinet even ridiculed other European leaders for engaging in a race to see who could spend the most. But as the new year gets under way, Merkel has clearly joined the race and may be moving ahead of the pack...

Author: /time Magazine | Title: Merkel Moves to Heat Up German Economy | 1/8/2009 | See Source »

...America's fat petro-cats will probably be off the hook again. They'll remain safe inside their arguments that heating-oil aid to the poor should be the purview of the government - as strange as that may sound coming from an industry that was so tight with an outgoing President who championed private charitable initiative over public handouts. What's left is the irony that for four winters now, hundreds of thousands of Americans have had more reason to thank one of the world's most anti-U.S. leaders than their own President or oil companies...

Author: /time Magazine | Title: Why Can't Big Oil Match Hugo Chávez? | 1/7/2009 | See Source »

...Following the battle, Israel imposed a blockade on Gaza in an attempt to strangle the strip's economy and undermine Hamas' abilty to govern. Human rights groups say the blockade, which prevents Gazans from leaving and goods and aid from entering, has caused a serious humanitarian crisis in the area. Hamas has responded to the siege by regularly raining rockets into southern Israeli towns from Gaza. Despite mutual agreement in June 2008 to a 6-month ceasefire, Israel continued their blockade of Gaza and Hamas responded with sporadic mortar hits. After the expiration of the truce on December...

Author: /time Magazine | Title: The Gaza Strip | 1/7/2009 | See Source »

...left nearly 700 Palestinians dead may be near. Although details remain hazy about the Franco-Egyptian peace proposal that's serving as the basis of a possible truce, the initiative appears to have helped inspire Wednesday's minor miracle of a three-hour cease-fire in Gaza to allow aid workers access to what is being described as a humanitarian calamity there...

Author: /time Magazine | Title: Stirrings of a Peace Deal on Gaza? | 1/7/2009 | See Source »

...three-hour cessation of fighting today was the first of what both Israeli and Hamas officials said would be a parenthesis of calm every 24 or 48 hours. That pause is intended to create a humanitarian corridor allowing aid workers to get badly needed food, water and medical assistance to Gaza's bloodied and traumatized population. According to U.N. officials in Gaza, the area's 1 million residents have been without electricity since the Israeli assault to silence Hamas missile firings began; 75% of those inhabitants are deprived of running water, and many can't risk going out for provisions...

Author: /time Magazine | Title: Stirrings of a Peace Deal on Gaza? | 1/7/2009 | See Source »

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