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...Monetary policy is fine for steering the economy while it's on level ground, but the minute you go into a ditch, monetary policy isn't enough to get us out of it. Variation in interest rates is normally an effective way of steering the economy, but then you get into these crises where the whole machine collapses, and all you're doing is pressing on the accelerator and spinning your wheels...

Author: /time Magazine | Title: Q&A: Lessons from the Great Depression | 1/6/2009 | See Source »

...more than 130 years (beginning with Yellowstone National Park in 1872), we're only just now moving to protect the ocean and the multitude of life that depends on it. "We're more than a hundred years behind terrestrial conservation," says Nelson. And there's still a lot of ground to make up. A study by the International Union for the Conservation of Nature estimated that less than 0.1% of the world's ocean territory is protected in some fashion - even as the ocean comes under increasing threat from overfishing, acidification and global warming...

Author: /time Magazine | Title: President Bush's Last Act of Greenness | 1/6/2009 | See Source »

...abuse captives in certain select circumstances and still be true to our values. But that is a false compromise. We either believe in the dignity of the individual, the rule of law, and the prohibition of cruel and unusual punishment, or we don't. There is no middle ground." - in an essay about the use of torture, Washington Monthly, Jan/Feb/March...

Author: /time Magazine | Title: CIA Director: Leon Panetta | 1/6/2009 | See Source »

Watching the TV coverage of Israel's ground offensive on Gaza over the weekend, I could have sworn that I heard the ghost of Abdel Aziz Rantissi laughing. (See pictures of Israel's sweep into Gaza...

Author: /time Magazine | Title: Analysis: How Hamas Wins by Losing | 1/6/2009 | See Source »

...Israel had long assumed that Hamas wanted a ground invasion so it could land some blows on the Israeli military in order to claim a propaganda victory once the Israelis inevitably withdrew. Still, by entering Gaza on Saturday, the Israelis calculated that they could draw Hamas into clashes that would substantially weaken the organization, even if Israel suffered some casualties. But despite the ferocity of the fighting that rages in some parts of Gaza, there are indications that Hamas is keeping many of its best fighters out of the direct path of the advancing Israelis. Israeli military officials have noted...

Author: /time Magazine | Title: Despite Gaza Attacks, Hamas Thinks It Has the Upper Hand | 1/6/2009 | See Source »

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