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...While the parades go by, many economists believe that the global economy could fall into an unprecedented financial catastrophe. It cannot be called a depression because the events of the 1930s cannot be repeated. Government institutions and the fabric of world trade have changed too much. So has the composition of the population. Very few people now live on farms and have the opportunity to be self sufficient...

Author: /time Magazine | Title: The Economy: A Portrait Of The 2012 Inauguration | 1/20/2009 | See Source »

...With corporations cut off from the oxygen of lending, they are slowing dying because they cannot improve their balance sheets in what would be the normal course of business...

Author: /time Magazine | Title: The UK Moves to Bail Out Everything | 1/19/2009 | See Source »

...Most economists believe that the Achilles Heel of the current U.S. bank rescue plan is that it gets money into banks, but the capital does not come out the other end in the form of loans to businesses and individuals. Businesses cannot conduct their affairs in the normal course. The average citizen cannot get a home loan or expand his access to credit, even through it is his taxes present and future, which are the source of the bank bailout capital...

Author: /time Magazine | Title: The UK Moves to Bail Out Everything | 1/19/2009 | See Source »

...Bush Administration's strategy for Afghanistan was largely defined by its absence of one. Once the Taliban were defeated, U.S. troops remained here in a mostly counterterrorism capacity that ultimately proved self-defeating. Terrorists cannot be wiped out if the factors that lead to the creation of new terrorists - indoctrination, fear, poverty and lack of education, foreign influences and sanctuaries across the border - are not also eliminated. Despite a steady increase of troops in Afghanistan from both the U.S. and NATO, the Taliban insurgency, all but defeated in 2001, has grown in strength and capacity. More of the same...

Author: /time Magazine | Title: Obama's Daunting Task in Afghanistan | 1/19/2009 | See Source »

...declaring a unilateral cease-fire, Israel can argue that it is not legitimizing Hamas, which it considers to be a gang of terrorists. But even though a few of Hamas' leaders have been killed, along with hundreds of its fighters, Israel cannot pretend that Hamas no longer exists. Even beaten and bloodied, Hamas is still a force to contend with among Palestinians...

Author: /time Magazine | Title: Will the Gaza Cease-Fire Last? | 1/18/2009 | See Source »

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