S O U T H   P A C I F I C
COVER: A Town for the Times
As Australia celebrates its centenary, Time visits Townsville, in Queensland, to see how the nation has-and hasn't-changed. The remote port where the national flag was first raised is now a lively multiethnic city, a hub of trade, research and defense. Yet while its outlook is increasingly global, Townsville proudly retains a down-to-earth, distinctively Australian identity
Great Barrier Reef: Profiting from a natural wonder
Coral Philosophy: The fight to preserve the environment
Aiming North: Townsville's strategic importance grows

U N I T E D   S T A T E S
ECONOMY: Why This Slowdown is Different
It's no longer just the dotcoms feeling the heat. Old Economy stalwarts are laying off thousands, and growth has slowed to a crawl. But there's still reason for optimism

BUSH'S's REMEDY: Can a Tax Cut Fix the Economy?
The President-elect uses the slowdown to sell his plan
The New Budget Director: Bush's pick is a penny pincher

OLD SCHOOL, PART 1: Treasury's Turnaround Guy
Bush turns to a detail-oriented former Ford staff member

OLD SCHOOL, PART 2: Rumsfeld Redux
He headed the Pentagon in the '70s. Get set for an encore

THE BOSTON MASSACRE: Portrait of a Killer
How did an ex-submariner end up a mass murderer?

M I D D L E   E A S T
ISRAEL: Clinton Tries One Last Time
An inside look at the President's farewell push for peace

A F R I C A
SOMALIA: Starting from Scratch
After a decade of civil war, the country is trying to rebuild

T H E   C AR I B B E A N
HAITI: The Cocaine Connection
The troubled nation has become a post office for drug dealers

A S I A
THAILAND: Rules of Engagement
The election exposes a familiar trio: guns, gangsters and lies
Nowhere to Hide: The watchdogs try to clean things up

CAMBODIA: The Taxman Cometh
A U.S. citizen leads a violent effort to topple the government

SOCIETY AND SCIENCE
DRUGS: Just Like Heroin?
A new miracle painkiller is becoming a street scourge

PRESS: Going Offline
Web magazines turn to print in hopes of profits

CRIME: Fallen Prince
Former Green Bay star Mark Chmura faces the fight of his life

BIOLOGY: Can Cloning Save Endangered Species?
The expected birth of a gaur offers hope to preservationists

T H E   A R T S
ART: Australia reviews its first century with a colorful Big Top of an exhibition

BOOKS: A history of Christianity's anti-Semitic acts

TRAVELER'S ADVISORY

LETTERS

NOTEBOOK

MILESTONES

PERSONAL TIME

PEOPLE

ESSAY