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...prices twice as demand suddenly cooled off in what had been a booming industry. The era of rapid growth for Chinese steel "will soon be remembered as history," he says. The Chinese stock market has also been hit hard - it's down about 60% this year - but the nation's banking system has for the moment largely been sheltered from the international storm because it's only partly open to the global capital flows that have circulated so many toxic assets. China's economic growth has been a critical factor for the U.S. because working in tandem, the nations have...

Author: /time Magazine | Title: Behind the Global Markets' Meltdown | 10/8/2008 | See Source »

...would find it much harder to export its goods and services around the world. According to the U.S. Chamber of Commerce, 12 million American jobs depend on trade, including 1 in 5 factory jobs. One in 3 acres of U.S. farmland is planted for export, and many of the nation's biggest corporations, from Coca-Cola to Microsoft and Google, depend on substantial revenues from overseas...

Author: /time Magazine | Title: Behind the Global Markets' Meltdown | 10/8/2008 | See Source »

...companies have long been able to borrow cheaply and why mortgage rates in the U.S. have historically been low. If the dollar has to share top billing with other currencies, it will be harder for the U.S. to finance a profligate lifestyle and run big deficits, as the nation currently does. Expect mortgage rates to shoot up and your overseas vacation to get a lot more expensive. In the past, Snower says, "the U.S. could live off the fat of the rest of the world. Now it won't be able...

Author: /time Magazine | Title: Behind the Global Markets' Meltdown | 10/8/2008 | See Source »

...Patten, the chancellor of Oxford University and Britain's last Governor of Hong Kong, sets out to explore how nation states can "do more together rather than less." Through entertaining and wide-ranging discussions of terrorism, the threat of biological, chemical and nuclear weapons, migration, drug-trafficking, diseases, energy and climate change, Patten sees enough opportunities for cooperation to remain an optimist. The former European Commissioner for External Relations is an unashamed liberal internationalist, happy to call antiglobalization activists hypocrites. But he also recognizes the severe damage American adventurism has done to Washington's image over the past few years...

Author: /time Magazine | Title: The Future Is Now | 10/8/2008 | See Source »

Corsi, author of The Obama Nation: Leftist Politics and the Cult of Personality, was in Kenya writing dispatches for the website WorldNetDaily at the invitation of Christian missionaries who fear the rise of Islam in Kenya. According to WorldNetDaily, he wanted to answer "lingering questions" about Obama's ties to Prime Minister Raila Odinga...

Author: /time Magazine | Title: Corsi in Kenya: Obama's Nation Boots Obama Nation Author | 10/7/2008 | See Source »

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