War And Peace

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As it pushes toward an attack on Iraq, the Bush Administration braves political sandstorms along with literal ones. But such courage, if that's what it is, seems to dissipate outside the Beltway. While Washington gears up, the world economy cowers in the shadows. Companies and individuals aren't in anything like a punchy mood, let alone a preemptive one. A "culture of caution" has taken stubborn hold almost everywhere, says Robert Hormats, vice chairman of Goldman Sachs International. He and the rest of Time's Board of Economists, meeting during a heavy snowfall at the close of the World Economic Forum's Annual Meeting...

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