Word: fixings
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Stocks are down, Treasuries are up, and the economy is in a funk. To get a fix on what's ahead, TIME talked to two top strategists at Merrill Lynch: Richard Bernstein, who plots U.S. investment strategy, and Michael Hartnett on international. Both spoke with TIME contributing editor John Curran...
...complimentary room upgrade and free dinner each night at the Tamarisk Room, rated one of Bermuda's best restaurants by Food & Wine magazine. Afternoon tea is served daily - indulge and work it off horseback riding along the beach. In the evenings, call on the hotel's "bath butlers" to fix you a relaxing soak. Rooms start at $295 for garden view, and $555 for ocean view. Through March 27, 2009, excluding Dec. 21 through Jan. 1. A Monday or Tuesday night stay is required...
...hired old, experienced staffers--one of whom is so old, he was, impossibly, the Fed chairman before Alan Greenspan. It is possible that he's vetting people from Lincoln's Cabinet. Obama's economic scheme isn't to buy up vast amounts of mortgage-backed securities but to fix old roads and bridges. This is a guy who not only understood how to roll the dice in 2008 but might also have a good idea what we're going to be like for the next few years. We're probably all out of risks for a while...
...That leaves the international community with two unappealing options. The short-term fix is to try to neutralize the pirates by pursuing them on land. Hence a U.S. draft proposal authorizing military action inside Somalia currently before the U.N. Security Council. But sending troops into Somalia is fraught with danger, as the American soldiers of Blackhawk Down, and now the Ethiopians, know to their cost. Present day U.S. operations against the Islamists - publicly confined to air strikes, but also including some clandestine fighting on the ground - have killed two significant leaders, including the bomb-maker in the 1998 al-Qaeda...
...long-term fix is to build a new Somalia. Nation-building is something the Bush administration initially shied away from in Afghanistan, allowing the Taliban to regroup, and came round to in Iraq, with mixed and frequently bloody results. China provides a better model for nation-building in Africa, focusing almost wholly on the continent's commercial potential - and, as a byproduct, the stabilizing effects of poverty alleviation - by pumping billions into infrastructure in war-torn territories such as Angola and the Democratic Republic of Congo. Angola is now stable, if horribly corrupt; Congo is still...