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...attempts to woo industry through subsidies work so well. While Dresden has managed to reinvent itself as a micro-electronics "cluster," a similar attempt by the town of Frankfurt an der Oder failed. Around eastern Germany, there are numerous examples of industries without real prospects being kept alive artificially, complains Holznagel of the Taxpayers' Federation, citing tilemaking and leather-treatment plants on the Baltic coast. "The subsidies just prolong the death," he says, "but it comes anyway...

Author: /time Magazine | Title: What Germany Got for Its $2 Trillion | 5/18/2009 | See Source »

...shed more than half its value since mid-2008. The most visible turnaround has been in oil. A year ago, Western governments were pleading with Persian Gulf oil states to ramp up production as oil sped toward $150 a barrel; today, OPEC is twisting off the spigot in an attempt to support crude prices around $50. Some experts believe prices may stay depressed for years to come, due to greater energy efficiency, technological improvements in oil production and greater availability of alternative fuels like biofuels...

Author: /time Magazine | Title: Commodities Conundrum | 5/18/2009 | See Source »

...establish a rice plantation straddling the Gulf of Siam in southern Cambodia. Having failed to adequately grease the required palms in the land-registry office, the mother, brilliantly played by Isabelle Huppert, is assigned land that she later finds is prone to flooding from the sea. In her attempt to hold back the tide, Huppert rallies local villagers to build a barrier against the ocean. It's a Sisyphean task that sets her against colonial functionaries who have designs on her property, and a rapacious tycoon, Monsieur Jo (Randal Douc), a Parisian-educated Sino-Khmer, whose efforts to take land...

Author: /time Magazine | Title: Up Against the Wall | 5/18/2009 | See Source »

...Georgia AN INCONVENIENT MUTINY Armored tanks rushed to break up a revolt by some 500 soldiers on a military base in Mukhrovani, one day before NATO embarked on sensitive military exercises nearby. Officials painted the mutiny as a covert Russian coup attempt, which Moscow flatly denied. The uprising comes at a bad time for President Mikheil Saakashvili, who faces mass protests calling for his resignation over his handling of last year's war with Russia...

Author: /time Magazine | Title: The World | 5/18/2009 | See Source »

...there—hunched before your computer, reading this blog post in an irrational, desperate attempt to avoid studying for your final—you may be feeling kind of down. You don’t recognize any of the terms on your study guide because you haven’t gone to lecture since the midterm. A semester’s worth of books, in pristine condition, tower around you in tall, menacing stacks. There are less than 24 hours until your exam begins and you realize—as the nonchalance of reading period crashes and burns around...

Author: By Michelle L. Quach | Title: The Pursuit of Happiness | 5/18/2009 | See Source »

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