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Iraq's economic woes stem mainly from the huge drop in the price of oil, which accounts for 90% of the country's revenues. Last summer the price of oil soared to nearly $150 a barrel. Now the price is roughly a third of that, leaving Iraq struggling to fend off a financial collapse within its government. Iraq has an estimated $30 billion in surplus funds generated from oil sales in years past, but that money is dwindling. Iraq expects to run a deficit this year of roughly $20 billion, which could be covered by the surplus funds...

Author: /time Magazine | Title: How the Economy Could Crush Iraq's Hopes | 5/23/2009 | See Source »

While the bread is soaking, heat the olive oil in a 10-inch cast-iron or non-stick skillet with a heatproof handle over medium heat. Add the onions and artichokes cook until softened, about 10 minutes. Season well with salt and pepper...

Author: /time Magazine | Title: Lidia Bastianich's Bread Recipes | 5/22/2009 | See Source »

...with a slotted spoon and drain them upside down in a colander. Stand them leaf-side up on a serving plate. Eat the artichoke by pulling off one leaf at a time and scraping off the pulp between your teeth. You can dip them in melted butter or olive oil first, if you like. When all the leaves have been eaten, enjoy the tender artichoke hearts, scraping off the fuzzy choke that completely cover the heart before...

Author: /time Magazine | Title: Lidia Bastianich's Bread Recipes | 5/22/2009 | See Source »

...results are a microcosm of the trouble that may face the economy over the next several quarters. Oil now trades above $60 a barrel. Fuel prices will inevitably move up making the cost of living and doing business higher while the abilities of consumers and businesses to spend are already in retreat. (Read: "British Airways: Cabin Pressure...

Author: /time Magazine | Title: British Airways: High Costs Fuel Record Loss | 5/22/2009 | See Source »

...thing to suffer through a recession when commodities prices are fairly low. It is another circumstance entirely when there is inflation of the core prices of essentials such as oil...

Author: /time Magazine | Title: British Airways: High Costs Fuel Record Loss | 5/22/2009 | See Source »

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