Word: globalization
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...When Faber forecasts not only a worthless dollar but also a "collapse of our capitalistic system as we know it today," it's impossible to dismiss him out of hand. Second, the data point that has dollar worriers most alarmed - burgeoning U.S.-government debt - is for real. Finally, the global monetary setup we've had since the early 1970s (one with the dollar at its center) is looking rickety. Something has to give. (See pictures of the global financial crisis...
Then there is the creaky contraption that is the global monetary system. Since the early 1970s, the world's major currencies have generally been allowed to float freely against one other, but lots of emerging-market countries link their currencies to the dollar. They began doing this to secure a bit of stability in turbulent currency markets...
...previous paragraph made your head hurt, don't be discouraged. Nobody fully understands global monetary arrangements; the best that experts in the field seem to be able to do is worry vaguely. So what are the rest of us to do other than worry vaguely? Think twice about traveling to Europe, maybe, because it's really expensive. Hope a somewhat weaker dollar will help revive this country's beaten-down manufacturing sector - as seems to be happening - but also hope a dollar slide doesn't turn into a collapse. And put at least some of your money into investments (foreign...
...Face for the Selfless Manny Pacquiao, now 30, is the latest savior of boxing, a fighter with enough charisma, intelligence and backstory to help rescue a sport lost in the labyrinth of pay-per-view. Global brands like Nike want him in their ads. He made the TIME 100 list this year. West Coast baseball teams invite him to throw out the first pitch in order to attract the Filipino-American community. He has even become an object of desire: ESPN the Magazine has his naked torso in its Body Issue, which explores the engineering of several athletic physiques...
...Gore has written a textbook. The Nobel laureate and self-proclaimed recovering politician continues his quest to educate the public on the undeniable dangers of climate change with Our Choice, a sequel to his 2006 slideshow-book-film, An Inconvenient Truth. Our Choice discusses the causes of global warming (fossil fuels, deforestation), viable solutions (renewable energy) and ways to make these solutions a reality (a CO[subscript 2] tax and a cap-and-trade system). It's packed with scientific data explained in painstaking detail--including a full-page graphic on how a wind turbine works--but it reads like...