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...city's first foreclosure case. That could open the door to a flood of legal cases and more financial turbulence, but will also reassure investors that Dubai is learning from its mistakes. To keep attracting foreign residents with the skills to run a modern economy - and to better educate its own citizens so they can play a bigger role in that economy - the gulf's cities will also have to open up more. Dubai could well lead the way. "Dubai has been proving naysayers wrong for so long that I'm wary of being pessimistic," says Jim Krane, author...

Author: /time Magazine | Title: The Lessons of Dubai | 2/22/2010 | See Source »

Three other nations on the fringe of the euro zone--Portugal, Ireland and Spain--are caught in the undertow of Greece's crisis. All three have displayed better fiscal behavior than Greece, but they suffer from the same disconnect between their dire local economic conditions and the monetary policymakers in Frankfurt with other things on their minds. Meanwhile, a core euro-zone country, Italy, has also fallen out of favor with investors because of its high government debt. In a sure sign that these troubles are serious, market analysts have assigned them a catchy acronym: PIGS, for Portugal, Ireland, Greece...

Author: /time Magazine | Title: Echoes of Greece's Debt Crisis | 2/22/2010 | See Source »

...Hill. After years of getting nowhere peddling middlebrow literary fiction ("stories about divorce and children trying to figure out their parents," he calls them today), Hill began to write tales of murderers, evil spirits and giant bugs--the kinds of subject matter better associated with his father Stephen King. And like the heroes of such stories, Hill (who writes under his first and middle names) eventually discovered that sometimes you can't escape the past. Sometimes, in fact, it's best to not even try. On the strength of two masterly thrillers--2007's Heart-Shaped Box and his newest...

Author: /time Magazine | Title: The Devil's Due | 2/22/2010 | See Source »

...celebrate them at the same time? In fact, the audience's relation to reality shows is more complicated. People don't watch Jersey Shore because they consider the Situation a role model. It's entertaining because the show is basically satire, a pumped-up spoof of bigger-is-better American culture. (Quoth Jwoww: "I see a bunch of, like, gorilla juice heads, tall, completely jacked, steroid, like multiple growth hormone - that's, like, the type I'm attracted to.") (Read about Joel Stein and Kevin Smith's experience watching Jersey Shore...

Author: /time Magazine | Title: Reality TV at 10: How It's Changed Television — and Us | 2/22/2010 | See Source »

...Plymouth Rock: Seek thou not the Folly of Celebrity, but apply thyself with Humility to thy Industry! Well, that's one strain of American values. But there are other American ideas that reality TV taps into: That everybody should have a shot. That sometimes being real is better than being polite. That no matter where you started out, you can hit it big, get lucky and reinvent yourself. In her own way, Jwoww is as American a character as the nobody Jay Gatsby heading east and changing his name. (See TIME's 2000 cover about reality...

Author: /time Magazine | Title: Reality TV at 10: How It's Changed Television — and Us | 2/22/2010 | See Source »

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