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...worry is that in the 1920s, the banking system in the U.S. was about $50 billion, which was about 50% of GDP. The banking system and the shadow banking system now are about 150% of GDP. In Britain it's 350% of GDP. The worry is that the financial system has become so large relative to the size of central banks that we've created something of a Frankenstein. No one really knows whether we can handle a financial system that...

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

...Look where we were 100 years ago and look where we are today - no other people made this transformation. Imagine we did not keep the shadow of the trauma looming over ourselves daily, what could we have been? How come 25% of the Nobel laureates in certain fields are of Jewish origins, and 10% of the arms deals around the world are done by Israelis? Why is my brother or sister in America a great poet or composer or physician whose achievements raise up all of humanity, and I who live here on my sword became a world expert...

Author: /time Magazine | Title: Can the Jewish People Survive Without an Enemy? | 1/1/2009 | See Source »

...caucus in the Senate released a letter that said in part, ?It is truly regrettable that despite requests from all 50 Democratic Senators and public officials throughout Illinois, Gov. Blagojevich would take the imprudent step of appointing someone to the United States Senate who would serve under a shadow and be plagued by questions of impropriety." In Illinois, the circus atmosphere continued; the governor left the press room only to be replaced by his vociferous rival, Lieut. Governor Pat Quinn, who declared, "We believe in clean govnernment, and Rod Blagojevich has unclean hands - and he should not be able...

Author: /time Magazine | Title: The Obama Senate Seat: Blagojevich Keeps On Giving | 12/30/2008 | See Source »

Just as Mexico lives in the shadow of the U.S., Guatemala lives in the shadow of Mexico. To its southern neighbor Mexico has exported its ranchera music, its soap operas, its tacos and now, its narco violence - as if Guatemala didn't have enough...

Author: /time Magazine | Title: Mexico Exports Its Drug Wars to Guatemala | 12/12/2008 | See Source »

...enough to force him out of office, but not enough to put him in jail, since he enjoys - according to U.S. military sources - a close relationship with the Karzai government. Indeed, Akhundzada and Karzai's brother Ahmed Wali - who operates in Kandahar, the next province over - are considered the shadow rulers of the region (along with Mullah Omar). "You should understand," a British commander said, "the fight here isn't really about religion. It's about money...

Author: /time Magazine | Title: The Aimless War: Why Are We in Afghanistan? | 12/11/2008 | See Source »

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