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...result was a staggering increase in capital inflows. The inevitable flip side was a staggering rise in the current account deficit--basically, the trade deficit plus a few other things. It grew from $114 billion in 1995 to $417 billion in 2000 to a record $788 billion in 2006 before falling to $731 billion, or 5% of GDP, last year. Political discussion of this shortfall usually focuses on trade agreements and exchange rates. But if the U.S. simply stopped borrowing so much--that is, if Washington balanced its budget and restrained financial companies from loading U.S. households with ever more...

Author: /time Magazine | Title: America's No. 1 Export: Debt | 9/25/2008 | See Source »

...downside, don't expect the Dream to be anywhere near as slick and shiny as the iPhone. T-Mobile may be much loved among teens for its colorful, flip-screen Sidekick, but the HTC Dream will likely have a more staid look that lacks the iPhone's panache. Plus, no one can turn on the hype machine quite as well as Steve Jobs. But whatever the Dream may lack in flair, it's no less of a breakthrough when it comes to giving mobile-phone buyers more ways to connect...

Author: /time Magazine | Title: Android: Google's Dream, Apple's Nightmare? | 9/22/2008 | See Source »

...discourse when candidates are punished less for flatly lying than for changing their minds. You can caricature your opponent, airbrush your record, come close to just making things up and suffer less than if you're caught with a belief that has evolved. The political term for flexible is flip-flopper...

Author: /time Magazine | Title: Life and Death | 9/18/2008 | See Source »

...politico, including an analysis of her controversial decision, soon after becoming mayor of Wasilla, to fire all of its incumbent municipal department heads. In fact, the author includes so much about local politics that anyone who is not from Alaska or a total political junkie will be tempted to flip pages...

Author: /time Magazine | Title: Sarah: The Palin Biography | 9/16/2008 | See Source »

...Williams also believes that the flip side of such fear is faith in the redemptive potential of science (there are equally irrational websites about CERN, for example, that predict the LHC will create wormholes to distant corners of the universe, where humanity can escape to other inhabitable planets). Williams wrote in an e-mail: "I have come to see that in their early days, new technology and scientific breakthroughs often serve as Rorschach tests - a phenomenon about which we have little concrete understanding, onto which contemporary social anxieties (and dreams) can readily be projected. As a result we find (often...

Author: /time Magazine | Title: Collider Triggers End-of-World Fears | 9/4/2008 | See Source »

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