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...past, Chancellor Angela Merkel's conservative CDU party has steered clear of state intervention in the economy. But as the global downturn took its toll on German firms and the financial crisis brought a few major banks to its knees, Merkel has embarked on a big U-turn. First, there was the bail-out of the property lender Hypo Real Estate, then the part-nationalization of Germany's second biggest bank, Commerzbank. And don't forget the two fiscal stimulus packages (amounting to $116 billion (€82 billion over 2 years) aimed at kickstarting Europe's biggest economy. Throw...

Author: /time Magazine | Title: Merkel Saves Opel From GM's Fate | 6/1/2009 | See Source »

...helpless in the face of the aggressive global marketplace; his dissolute nephew, rebelling after years of frustrated obedience; and his daughter, a young woman becoming keenly aware of her sexual power. Such drama could easily veer into soap opera, but Chowdhury uses his experience as a business journalist to turn the machinations of finance into the stuff of suspense, elegantly connecting the shadowy moneylenders of Mumbai to the gleaming towers of Hong Kong and New York City. In one set piece at a dinner party in a Hong Kong high-rise, Chowdhury cracks open the insular world of the Indian...

Author: /time Magazine | Title: Unhappy Families | 6/1/2009 | See Source »

...followed every twist and turn of the five weeks of voting that just ended in India, during which 415 million voters in megacities, small towns and tiny villages came together to elect a new government. I tagged along at one of Rahul Gandhi's campaign rallies, and watched his cousin Varun's inflammatory speeches on YouTube. I calculated the anti-incumbency factor and tracked the post-Mumbai-attacks backlash vote. Counting day - a holiday in India - was dramatic. By the afternoon of May 16, the alliance led by the Congress Party, which had been expected to squeak through...

Author: /time Magazine | Title: Falling Short | 6/1/2009 | See Source »

...says University of Michigan social scientist Scott Page. "All models are wrong, and that's why you want a diversity of models." Seconds Schiff: "You're never going to get these correct calls coming from the mainstream. It's not even possible." Schiff's current predictions may well turn out to be all wrong. But that's no reason not to listen to them...

Author: /time Magazine | Title: Why We Should Listen to Peter Schiff's Bad News | 6/1/2009 | See Source »

...acted on them isn't a particularly shocking one (nor would it have shocked an actual Victorian). But Flanagan makes the matter more interesting by posing it in the form of an insoluble dilemma: Which is worse, giving in to desire or keeping it locked up inside? "If you turn away from love," Franklin's widow asks, "did it mean you no longer existed?" Each one can lead to its own kind of disaster...

Author: /time Magazine | Title: A New Novel Explores Dickens' Messy Life | 6/1/2009 | See Source »

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