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...problem a decade ago, this crisis is unfolding much faster and spreading wider due to financial globalization," says Shanghai-based independent economist Andy Xie. A financial system unable or unwilling to lend, a tapped out U.S. consumer, and business now retrenching - and laying people off - all are a formula for possible deflation. What's so wrong with declining prices? For one thing, it makes the real cost of paying off debt that much higher - and for American consumers in hock to the tune of $14 trillion, anything that makes that debt burden more onerous is anything but helpful. (Read...

Author: /time Magazine | Title: The Rising Threat of Deflation | 11/6/2008 | See Source »

...idea of the gap between a winner and an also-ran in motor racing's toughest series, consider the contrasting fortunes of two drivers in the Nov. 2 Brazilian Grand Prix, the final race of the year. In just his second season in Formula One, 23-year-old Briton Lewis Hamilton became its youngest ever world champion, sensationally grabbing fifth place on the last corner of the Interlagos track in São Paulo to claim motor sport's premier prize by a single point from hometown hero and Ferrari star Felipe Massa. Italian Giancarlo Fisichella was less fortunate. Fisichella...

Author: /time Magazine | Title: Formula One: Cutting Corners | 11/6/2008 | See Source »

...That, in brief, could describe the Chinese Product Safety Scandal of 2008. As early as January, infants in China raised on Sanlu brand baby formula began developing kidney problems, and parents raised complaints that were ignored by company and local government officials. When the news finally broke in September, tests found four infants had died and more than 60,000 were sickened from formula tainted with melamine, a chemical used in plastics that can make the protein content of milk - and many other food products - appear higher, and, when consumed, can also cause kidney failure. Expanded inspections found traces...

Author: /time Magazine | Title: China's Melamine Woes Likely to Get Worse | 11/4/2008 | See Source »

...last week, the reviewing panel disagreed, saying the FDA's analysis excluded several important studies on BPA in animals. The panel also questioned the quality of some of the included studies and found that the FDA did not incorporate enough infant-formula samples in its evaluation. According to the panel review, the FDA's safety report "creates a false sense of security" and the agency's margins of safety for BPA exposure are, in fact, "inadequate." Says Tracey Woodruff, director of the program on reproductive health and the environment at the University of California, San Francisco, and a former Environmental...

Author: /time Magazine | Title: Reassessing the Dangers of BPA in Plastics | 11/2/2008 | See Source »

...recall of the Teflon chemicals [in pots and pans] on less evidence than we have for BPA," says Woodruff, "because there was concern that people were chronically exposed to a chemical linked to some evidence of potential human harm." Woodruff says the estimated range of exposure to BPA for formula-fed infants is within the range of doses that have led to adverse effects in animal studies...

Author: /time Magazine | Title: Reassessing the Dangers of BPA in Plastics | 11/2/2008 | See Source »

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