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...fact is that the world economy continues to be burdened by heavy baggage created during the boom times, problems that could take years to resolve. U.S. consumers are undergoing their own debt workout, one that might even worsen if joblessness continues to rise. Though defaults on credit cards in the U.S. fell in October, delinquencies, or late payments, rose - a sign that financial firms could expect more losses down the road. Japan, which experienced its fastest growth in two years in the third quarter, is dealing with the nasty problem of deflation, an indication that the economy is suffering from...

Author: /time Magazine | Title: The Lesson of Dubai: The Crisis Is Not Over | 11/30/2009 | See Source »

More than 20 years after he transformed Italian TV, Berlusconi is Prime Minister for the third time; he has already served longer in the office than anyone since 1946. Of late, to be sure, he's taken some lumps. Italy's Constitutional Court overturned a law granting Berlusconi immunity from prosecution while in office, clearing obstructions to trials in which he is accused of bribery and illicit accounting at Mediaset. But even were he to be turfed out tomorrow, Berlusconi would leave a lasting legacy. His TV shows have seen to that. "Berlusconi changed the culture of Italy before...

Author: /time Magazine | Title: How Silvio Berlusconi Uses Women on TV | 11/30/2009 | See Source »

...store an estimated 300 billion tons of carbon, or the equivalent of 40 times the world's total annual greenhouse-gas emissions - emissions that cause global warming. Destroy the trees and you release that carbon into the atmosphere, putting the great challenge of our age - averting catastrophic climate change - beyond reach. Forest destruction accounts for 15% of global emissions by human activity, far outranking the total from vehicles and aircraft combined. Forests are disappearing so fast in Indonesia that, incredibly, this developing country ranks third in emissions behind industrial giants China and the U.S. Since 1950, estimates Greenpeace, more than...

Author: /time Magazine | Title: Protecting Jungles: One Way to Combat Global Warming | 11/30/2009 | See Source »

...salary he earns as a salesman in the air-freight department at China Eastern Airlines was reduced by a third last year when his company was hit hard by the financial crisis, but that hasn't stopped him from spending. So confident is he about the future, he recently went out shopping for a new refrigerator. "Judging from my job, my life, I think everything will become better and better," Lu says. And maybe for the entire world economy as well...

Author: /time Magazine | Title: Can China's Backwaters Save the Global Economy? | 11/30/2009 | See Source »

...Afghanistan is not nearly as vital to America's global interests as World War II was - and the Taliban's tyranny pales in comparison to that of the Third Reich. But while it's too simplistic to focus solely on the moral imperatives of the Afghan campaign, it would be just as shortsighted for Obama to ignore them altogether. History shows that Americans are far more willing to support a war that they believe is worthy of their ideals. If Obama hopes to rally the American people behind his strategy, his speech needs to convince them that...

Author: /time Magazine | Title: Obama at West Point: Can He Make the Moral Case? | 11/30/2009 | See Source »

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