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...safety net, cozying up to Asia. But his options are constrained by the mess built up over two decades of inaction. He's confronting an unsustainable fiscal position and an economy with deteriorating competitiveness. Perhaps America's political leaders should ask Hatoyama for some advice. Don't wait, he might say, or you could turn Japanese...

Author: /time Magazine | Title: What Japan's Years of Paralysis Teach America | 3/29/2010 | See Source »

...bankers look down from their gleaming towers in the City, and they see a depressed and depressing East End," says Dominic Carman, the parliamentary candidate for the Liberal Democrat Party in Barking. "From the East End, the City looks like an El Dorado of gleaming spires and towers. It might as well be 10,000 miles away because it's so unreachable, so unfathomable...

Author: /time Magazine | Title: Deep Funk: Why Britain is Feeling Bleak | 3/29/2010 | See Source »

...argues that stimulus spending must continue. Conservatives, however, propose swifter action to reduce Britain's borrowing. That view has been bolstered over recent weeks with the world's three biggest credit-rating agencies raising concerns that the scale of debt puts Britain at significant risk of default. That might seem to raise the mortifying prospect of another British Prime Minister going cap in hand to the IMF. Ironically, the IMF backs Labour's more cautious approach to deficit reduction, warning in February that stimulus packages needed to be maintained "well into 2010 for a majority of the world's economies...

Author: /time Magazine | Title: Deep Funk: Why Britain is Feeling Bleak | 3/29/2010 | See Source »

Furthermore, Europe is criticized for being too preoccupied with itself. True, several years of public debate over the Lisbon Treaty might be interpreted as institutional navel-gazing. But have a broader look at the facts: over the last 15 years, the E.U. has taken on board 15 new members, doubling its size without compromising on its strict accession criteria. This required massive transfers of wealth and a high degree of solidarity...

Author: /time Magazine | Title: Europe Speaks Back | 3/29/2010 | See Source »

...easy to imagine that Holder and Obama, in those private moments, might be a little bewildered - and defensive - about the way their handling of the Khalid Sheikh Mohammed trial has turned out. Obama rejected military tribunals during his presidential campaign and suspended them soon after he took office. By July, Obama had asked Holder to decide whether it was feasible to prosecute KSM in a civilian court. Holder chewed on that question for weeks. Meanwhile, Obama's chief of staff, Rahm Emanuel, who opposed civilian trials, asked Holder to meet with Republican Senator Lindsey Graham of South Carolina...

Author: /time Magazine | Title: Eric Holder's Trials and Tribulations | 3/29/2010 | See Source »

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