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...taken as a powerful reminder of the recessions of the 1970s and 1980s. "There will be lots more people like me in the coming months," said one of the squatters. Britain's opposition Conservative Party says things could get so bad that the country might have to go, cap in hand, to the International Monetary Fund...

Author: /time Magazine | Title: The Proud Pound's Fall from Grace | 1/27/2009 | See Source »

...that we use these tunnels to only bring in weapons. We're bringing in the ordinary stuff that keeps Gaza alive. If the Israelis opened the border crossings, we wouldn't have to be doing this," says Mohammed, a gap-toothed man in his 40s whose cap is emblazoned with a Koranic verse that he hopes will protect him from being buried alive when the Israeli fighter-bombers reappear in the skies over Gaza...

Author: /time Magazine | Title: As Truce Teeters, Gaza's Tunnelers Dig Undeterred | 1/25/2009 | See Source »

...study found that between one-third and two-thirds of carbon offsets under the U.N.'s Clean Development Mechanism - which oversees offset projects under the Kyoto Protocol - do not represent actual emission cuts. In addition, the USCAP proposal recommends that many of the initial carbon emission allowances under a cap-and-trade system should be given to industry free, rather than auctioned - even though auctioning would push carbon reductions faster. (President-elect Obama has said he's in favor of auctions.) "The proposal is a dead end - and an even deader starting point," writes Romm. (Read "Obama Cleans Up After...

Author: /time Magazine | Title: Raising the Bar on Fighting Climate Change | 1/23/2009 | See Source »

...value of firms including Citigroup(C) and Bank of America (BAC) has dropped to nothing is compelling. Once the government said it would back losses of over $300 billion from the Citi balance sheet, it was a tacit way of saying that Citi was no longer independent. Its market cap is now down to $15 billion, and at $2.80 its stock is a day-trader's dream...

Author: /time Magazine | Title: For US Banks, The Glass Is 1% Full | 1/21/2009 | See Source »

...interraciality but also the mind-blowing normality of the family: the fact that Michelle Obama brought Laura Bush a going-away present, the fact that Sasha and Malia will make their own beds in the White House, the fact that our President proudly wears a Chicago White Sox baseball cap when he goes to the gym. (See pictures of Sasha and Malia Obama at the inauguration...

Author: /time Magazine | Title: Obama Promises New Destiny, Work Begins Today | 1/21/2009 | See Source »

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