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MOST OF MOST OF MOST OF MOST OF MOST OF MOST OF MOST OF MOST OF MOST OF MOST OF

BEST OF '90

40

COVER: Lists to sum up the year and chart a new mood -- so long '80s, hello subdued '90s

Annual "bests" and "mosts" express a human instinct for putting things in order. This year's crop also reflects a shift from a time of ostentation to one of restraint, unease and do-goodism -- plus flashes of camp and cheekiness.

12

NATION: 'Tis no season to be jolly

Fears of war and recession dampen holiday spirits. -- The states struggle to balance their budgets. -- A controversial flip-flop over minority scholarships greets a new Education Secretary.

20

WORLD: Is the U.S.S.R. heading for dictatorship?

Yes, says Foreign Minister Shevardnadze, who helped liquidate the cold war, in a fiery resignation. And the hard right is in fact well organized, while democrats splinter. Worse, popular support seems to be swinging toward a crackdown. -- The U.S. deputy commander of American forces in the gulf says his troops won't be ready for war on Jan. 15 -- hardly the message Bush wants Saddam Hussein to hear. -- Is Germany fated to be haunted by revelations about former spies?

36

BUSINESS: How bad will the recession get?

A TIME panel of five leading economists foresees only a moderate U.S. downturn. But the experts warn that a bank crisis or a protracted Persian Gulf war would bring a deeper slump.

4 Letters

7 Milestones

11 Grapevine

18 Essay

34 Interview

Cover: Illustration by Matt Groening. (c) Twentieth Century Fox Film Corporation