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...will miss 2008. Stock markets tanked. Government budgets bled as billions went to bail out banks. Thousands lost their jobs or their homes, or both. Yet amid the gloom there was one reason to celebrate as the year ended: filling your car with gas got cheaper with each day. After hitting a high of $147 a barrel in July, world oil prices have crashed to their lowest levels since 2004. By Jan. 7 the cost of oil for February delivery was around $43 a barrel - less than half the price of a year earlier. Goldman Sachs last month predicted that...

Author: /time Magazine | Title: Oil's Sinking Fortunes | 1/8/2009 | See Source »

...Jones is about to become Barack Obama's National Security Adviser amid the worst violence between Palestinians and Israelis in eight years, and the prospects for peace seem bleaker than ever. But before the new Administration can pursue its own lofty hopes for Middle East peace, Jones will have to meet some goals closer to home. After eight years in which U.S. foreign policy often seemed the private preserve of the Vice President or an endless grudge match between State and Defense, Obama has asked Jones to rebuild a National Security Council that sorts out foreign policy disputes rather than...

Author: /time Magazine | Title: Obama's National Security Point Man | 1/8/2009 | See Source »

...foundation responsible for funding two Harvard programs at nearly $1 million has been forced to close amid Bernard L. Madoff’s $50 billion securities fraud. Both Harvard groups, which were supported by the JEHT Foundation, received the amount they were promised before the philanthropic organization shut down. The International Human Rights Clinic at Harvard Law School received a total of $161,261 in 2006 and 2008 for its South Africa Apartheid Litigation project. “We’ve received the full amount. The grants are completed essentially,” said Clinical Director Tyler R. Giannini...

Author: By Weiqi Zhang, CRIMSON STAFF WRITER | Title: Grant Foundation Hit in Madoff Scheme | 1/7/2009 | See Source »

...Foreign Minister, Tzipi Livni, has repeatedly stressed that by weakening Hamas in Gaza, the Israeli military operation will boost moderate Arab leaders threatened by radical Islamist groups. But the opposite may be occurring, as pan-Arab cable news channels carry round-the-clock coverage of civilian suffering in Gaza. Amid the wave of outrage against Israel and those Arab leaders accused of enabling its offensive, even leaders who had initially blamed Hamas for the crisis have been forced to revert to boilerplate denunciations of Israel. Hamas leaders insist that their political and security infrastructure remains intact, and they believe...

Author: /time Magazine | Title: Despite Gaza Attacks, Hamas Thinks It Has the Upper Hand | 1/6/2009 | See Source »

Kremlinologists and Vaticanisti are cut from the same cloth - fantastically adept at identifying the most important signs amid the smoke-and-mirrors maneuvering of their respective subjects. This month, both have their eye on the same thing: the plot turns inside the Russian Orthodox Church, which is weighing a successor to longtime Patriarch Alexy II, who died last month...

Author: /time Magazine | Title: Rome Eyes Russian Orthodox Church Vote | 1/6/2009 | See Source »

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