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...world reels from the worst recession since the 1930s - a recession triggered by faulty U.S. economic stewardship - a vociferous chorus of critics is calling for a coup to topple King Dollar. In late March, Zhou Xiaochuan, the governor of China's central bank, said the global economy would be better off with a "supersovereign" reserve currency, in place of one issued by a specific nation - in other words, the dollar. "The frequency and increasing intensity of financial crises," Zhou said, "suggests the costs of such a system to the world may have exceeded its benefits." Zhou recommended turning Special Drawing...

Author: /time Magazine | Title: Is the Almighty Dollar Doomed? | 4/6/2009 | See Source »

...maintained its popularity in part because most major currencies don't look much more attractive. Investors judge the value of a currency relative to others. Though the U.S. economy may be in its worst condition in almost 30 years, the rest of the industrialized world isn't any better off. "The dollar should be much weaker," says Nouriel Roubini, the bearish chairman of research firm RGE Monitor in New York City. "The problem is, not all currencies can fall relative to each other...

Author: /time Magazine | Title: Is the Almighty Dollar Doomed? | 4/6/2009 | See Source »

...Almost all of this data has been evaluated for the better part of a week. The more it is examined, the clearer it becomes why no senior person in the Administration wants to take on the issue of "how much money is going to be enough." The amounts by which all of the current programs to stimulate the economy, underwrite the banking system, and help millions of people with mortgages is so much larger that was planned just three months ago that it is not realistic to think that the Congress will provide another enormous infusion of funds or that...

Author: /time Magazine | Title: Why the Stimulus and Bailout Hit the Government | 4/6/2009 | See Source »

...free market crowd still wants to let the capitalist system sort itself out without substantial government intervention. They posit that, no matter how painful the adjustment, it is better for the economy to move to or beyond the brink of collapse on its own so that the resulting inexpensive labor, goods, and services can eventually cause a tiny spark of demand which will eventually turn into a raging recovery. These analysts may be right, but nearly everyone is frightened by the prospect of the carnage which would go along with the economy "improving itself" without government intervention. If unemployment gets...

Author: /time Magazine | Title: Why the Stimulus and Bailout Hit the Government | 4/6/2009 | See Source »

...health care he needs [March 16]. Even more tragic, this story is repeated too many times each year in this country. As illustrated in your piece, physicians often provide care without charge when patients are in need, but we need a system that does a much better job of supporting patients and physicians. Your reform points are key. A full 75% of total health-care spending is linked to chronic health problems, many of which are preventable. If we can help Americans live healthier, we can reduce disease and decrease health-care spending. The American Medical Association is committed...

Author: /time Magazine | Title: Inbox | 4/6/2009 | See Source »

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