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...China's turn to show it's no pushover. In the G-20 run-up, Zhou Xiaochuan, China's central bank governor, published a paper suggesting that alternative global currencies, like Special Drawing Rights - a unit of exchange used by the International Monetary Fund - be considered to replace the U.S. dollar as the world's de facto reserve currency. While some Washington officials rejected the proposal as impractical, China's leaders have been taking steps to show just how nervous they are about a weaker dollar as the U.S. runs up massive deficits to shore up its crumbling economy...
...reserve currency, in place of one issued by a specific nation - in other words, the dollar. "The frequency and increasing intensity of financial crises," Zhou said, "suggests the costs of such a system to the world may have exceeded its benefits." Zhou recommended turning Special Drawing Rights (SDRs), the unit of account used by the International Monetary Fund (IMF), into the premier international currency. Then a U.N. panel of economists led by Joseph Stiglitz, the Nobel laureate, concluded that a reformed financial system with a new No. 1 international currency would help bring greater strength and equity to the global...
...been more punishing than inside the Houston Recruiting Battalion. One of every 10 of the Army's recruits last year came from Texas - the highest share of any state - and recruiters in Harris County enlisted 1,104, just 37 shy of first-place Phoenix's Maricopa County. The Houston unit's nearly 300 recruiters are spread among 49 stations across southeast Texas. Since 2005, four members recently back from Iraq or Afghanistan have committed suicide while struggling, as recruiters say, to "put 'em in boots." TIME has obtained a copy of the Army's recently completed 2-inch-thick...
...gulping a handful of prescription sleeping pills in a suicide attempt that was thwarted when a co-worker found her. Montalvo says a boss bullied her about her weight. And she was shocked by the abuse that senior sergeants routinely levied on subordinates. "I'd never been in a unit before where soldiers publicly humiliated other soldiers," says Montalvo, who left the Army in 2002 after 16 years. "If they don't make mission, they're humiliated and embarrassed...
...report found that morale was particularly low in the Houston battalion. Its top officer and enlisted member - Lieut. Colonel Toimu Reeves and Command Sergeant Major Cheryl Broussard - are no longer with the unit. (He left for another post in USAREC; she was removed from her post until an investigation into her role is finished, and she is working in the San Antonio Recruiting Battalion...