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...number of Brits who view the U.S. favorably has dropped from 83% in 2000 to 53% today; in France, it has fallen from 62% to 42%; in Germany, from 78% to just 31%. Once esteemed as a beacon of liberty and a defender of Europe against the Soviet Union, the U.S. now faces constant criticism for everything from its lack of action on global warming to its faith in unfettered capitalism, which has lately led to the spread of economic contagion from American banks to the rest of the world. But most damaging to America's global reputation has been...

Author: /time Magazine | Title: American Studies: Stars and Gripes | 10/15/2008 | See Source »

...struggling Europe is bad news for the rest of the world, since more than one-third of all foreign direct investment into countries such as China and Brazil comes from the 27-nation European Union. The E.U. with its 490 million population has also been an ever larger consumer of goods and services from Asia; last year it imported about $1 trillion worth from emerging markets alone, and China is its biggest supplier. With the U.S. economy also expected to drop off, it'll be up to Asia to generate its own growth for a while...

Author: /time Magazine | Title: The Economy's Perilous Waters | 10/15/2008 | See Source »

...fell in 1989, and it pulled an army of suppliers and service companies in its wake. On Adam Opel Street, Lear Corporation makes seats for the Corsa, while parts makers Mitec AG and Robert Bosch are across town. Uwe Laubach, head of the local chapter of the IG Metall union, says as many as 900 temporary workers in the local auto industry have lost their jobs in recent weeks. "The situation is dramatic," says Michael Lison, head of the industry association Automotive Thüringen...

Author: /time Magazine | Title: Postcards from Europe's Financial Bust | 10/15/2008 | See Source »

...world's markets seem willing to settle for that. After last week's losses wiped between 15% to nearly 25% of value off indices around the globe, formerly freaked traders scurried to buy back stocks as slow-moving political leaders responded in union to address the credit crisis. Outdoing Wall Street's 11% romp on Monday, the Nikkei shot up 14.2% Tuesday - an all-time record - making up for lost time after Monday's national holiday. But other Asian indices continued their previous climbs as well. Hong Kong's Hang Seng was up 3.2% over its 10.5% push Monday, while...

Author: /time Magazine | Title: Surge in Global Markets Reflects Growing Hope | 10/14/2008 | See Source »

...hardware came from the huge stockpiles of Soviet weapons left behind when the Soviet Union collapsed, and Dos Santos wanted it in order to crush the U.S.-backed Unita rebels during Angola's devastating civil war. (Dos Santos, who is believed to have made millions off the trades, won the war and is still in power.) The French businessman Pierre Falcone allegedly plied Angolan officials with tens of millions of dollars - some of it stuffed in suitcases - and deposited other sums of money in offshore accounts. Actor Nicolas Cage's character in the 2005 movie Lord of War was partly...

Author: /time Magazine | Title: The Arms Trade Booms Amid Global Economic Woes | 10/14/2008 | See Source »

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