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...Fernández's often confrontational leadership style - which voters and financial markets alike decided isn't all that well suited to rescuing South America's second-largest economy from the ravages of a global recession. The Fernández-Kirchner comeuppance may well be taken as a first sign that the economic downturn is reining in the region's increasingly powerful Presidents, especially the leftists who this decade have become a popular counter to U.S. political and economic hegemony in the Americas. (See pictures of the global financial crisis...

Author: /time Magazine | Title: What Argentina's Midterms Mean for Latin America | 6/30/2009 | See Source »

...little scary to predict that they will stay high this time around. But the fact that even the slightest hint of a turnaround in the global economy has sent oil prices skyrocketing from $35 a barrel to more than $70 ought to be a sign that the upward price cycle that started a decade ago isn't played out yet. The crucial element may be that the struggling U.S. no longer drives the global demand cycle--China and India...

Author: /time Magazine | Title: A Fun-Free Recovery | 6/29/2009 | See Source »

...public-health-insurance option, a centerpiece of Obama's plan. Anticipated draft legislation has been delayed while Capitol Hill continues to haggle over how to slash costs and extend coverage to the 48 million Americans without health insurance. Obama has exhorted lawmakers to produce a bill for him to sign by October...

Author: /time Magazine | Title: The World | 6/29/2009 | See Source »

...days after the election has been as startling to ordinary Iranians as to the authorities trying to suppress it. Not since the Islamic revolution of 1979 has Tehran seen such spontaneous outpourings of emotion. Within hours of the announcement of the election results, Tehranis developed their own sign language of dissent. People passing one another stretched hands in peace signs. Drivers on jam-packed streets honked their horns in protest. Apartment dwellers climbed to their rooftops to shout "Allahu akbar" and "Death to dictator!"--a gesture last seen three decades ago. When the regime blocked the Internet and cell-phone...

Author: /time Magazine | Title: Power Of the People | 6/29/2009 | See Source »

...demonstrators set several buses, a building and hundreds of garbage bins on fire, smashed the windows of state banks and destroyed ATMs. On Ghaem-Magham Street, I watched a lone woman dressed in a head-to-toe black chador standing on the side of the road, flashing the peace sign to passing cars and yelling, "Only Mousavi." The woman, a 36-year-old bank employee named Maryam, had told her children to find dinner for themselves. "What I'm doing here is more important for their future," she said. When people driving by warned her that she might get beaten...

Author: /time Magazine | Title: Power Of the People | 6/29/2009 | See Source »

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