Lovely While It Lasts

Photograph for TIME by Eric Bouvet

TRANSITION: The board expects 2007 to be a year of change, with emerging markets taking an even bigger role

Here's a piece of advice for those of you fretting about the economy: enjoy the good times while they last. Growth in the U.S. has slowed, the price of oil and other commodities is yo-yoing, and scary geopolitical risks abound, from Iraq to North Korea . But, at least for the next year, global growth is sufficiently strong that it should be able to withstandmany of these challenges easily. If you insist on worrying, however, there's plenty to agonize over. A number of longterm economic and social issues could bring trouble, ranging from too much money sloshing around the world's financial...

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