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...1930s was a crisis of liquidity. Stocks plunged, banks went under, and the value of assets disintegrated. Our current policies would have been appropriate in the Great Depression, but they are not appropriate now. Liquidity problems are not the source of our current financial and economic woes. Incredibly, excess reserves of depository institutions have increased from under $2 billion in August to a record $774 billion in mid-December, according to the Federal Reserve's Dec. 18 release. But the banks have not taken advantage of this liquidity to increase their lending. (See pictures of the stock-market crash...

Author: /time Magazine | Title: Fighting the Last Depression: The Fed's Policy Errors | 12/30/2008 | See Source »

...Clement Clark Moore writes a poem for his children, beginning with the iconic lines, "'Twas the night before Christmas." Within one reading, Nicholas shortens his name to Nick, gains weight, starts smoking and adopts seven more reindeer (probably to pull his excess weight). He embarks on his first breaking-and-entering spree...

Author: /time Magazine | Title: Santa Claus | 12/25/2008 | See Source »

...dairy cows that once were the bedrock of local commerce. Atop Mt. Kamisodegawa, the 12 wind turbines, each 305 feet (93 m) tall, have the capacity to convert mountain gusts into 21,000 KW of electricity - more than enough to meet the needs of the town's residents. The excess is sold to neighboring communities...

Author: /time Magazine | Title: A Japanese Town That Kicked the Oil Habit | 12/22/2008 | See Source »

...wonders if that pattern might be broken. "In hard times, we tend to be a little more thoughtful in our giving, and I think that will carry over to receiving too," he says. "Personally, I would love to think that this decrease in spending before Christmas leads to less excess waste that we need to get rid of afterward. It would mean we're achieving our mission completely...

Author: /time Magazine | Title: Psst, Santa, Have Your Elves Heard About Freecycling? | 12/20/2008 | See Source »

...chose between a low-glycemic diet and a high-fiber diet. There are benefits to combining them, for everyone." In other words, the bottom line is the same as it's always been: Eating a well-balanced diet - with enough fruits, veggies and low-fat protein, and restricting excess fat, sugar and processed foods - is probably the smartest choice for anyone, whether or not you have diabetes...

Author: /time Magazine | Title: Study Boosts Low-Glycemic Diet | 12/16/2008 | See Source »

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