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Despite the pain of recent economic turmoil, German voters resoundingly reiterated their faith in the free market during the country's Sept. 27 national elections. A victory by Chancellor Angela Merkel's conservative Christian Democratic Union puts the party on track to form a new center-right coalition with the smaller Free Democratic Party, whose leader, Guido Westerwelle, is likely to be tapped as Vice Chancellor. Merkel's previous coalition partner, the left-leaning Social Democratic Party, suffered its worst election loss since World War II. Merkel and Westerwelle are expected to cut taxes, promote business and strengthen Germany...

Author: /time Magazine | Title: The World | 10/12/2009 | See Source »

...economy has been good news for Rand's legacy. Her fierce denunciations of government regulation have sent sales of her two best-known novels, The Fountainhead and Atlas Shrugged, soaring. Yet her me-first brand of capitalism has been excoriated for fomenting the recent financial crisis. And her most famous former acolyte--onetime Fed chairman Alan Greenspan--has been blamed for inflating the housing bubble by refusing to intervene in the market...

Author: /time Magazine | Title: Ayn Rand: Extremist or Visionary? | 10/12/2009 | See Source »

...that casts a bit of a pall over celebrations of the man's achievements - a pall that has extended to the holiday itself. While Colorado became the first state to set aside a day in Columbus' honor, in 1907, in recent years Denver's parade has been disrupted by angry protesters. This year an unknown hoaxster notified the media (falsely) that this year's parade was canceled. But organizers are undeterred, telling the Wall Street Journal that "the parade will not be stopped...

Author: /time Magazine | Title: Columbus Day | 10/12/2009 | See Source »

Already, food shortages have become a major concern for the government, as the retail prices of vegetables shoot up. Damage to the onion crop in the recent floods, for example, saw the vegetable's price double within days...

Author: /time Magazine | Title: India's Floods Reveal Climate Change Specter | 10/11/2009 | See Source »

...Iran On Iran, the President faces the daunting challenge of preventing the Islamic Republic from building nuclear weapons while avoiding a potentially catastrophic third U.S. war in a Muslim country within a single decade. But his approach has started to show more promise. At recent talks in Geneva, Tehran agreed to inspections of its previously secret enrichment plant under construction at Qom, as well as to a deal that would involve sending a substantial portion of its current stock of enriched uranium abroad for processing into harmless reactor-fuel rods. Still, while Iran may be open to taking steps...

Author: /time Magazine | Title: Will the Nobel Help Obama Make Peace? | 10/10/2009 | See Source »

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