We're feeling a bit calmer about the swine flu today. Planes are flying empty to Mexico and 30,000 restaurants lie quiet across the Mexican capital. But as the first week of swine flu hysteria draws to a close, the Mexican death toll appears to have stabilized and fears of a mounting global apocalypse have yet to materialize.

We're more prone now to heed the words of pandemic skeptics, like virologists that contend the swine flu mortality rate is likely to be not far off the typical seasonal flu death rate. We are also swayed by histories of the epic false alarm that was the last swine flu outbreak in 1976.

Still, for panic-watchers we do note the beta launch of Google Flu Trends for up-to-date tracking of swine flu spread across Mexico. And for those who opt to don a face mask when venturing out of home, recognize that a mask can fast become porous as it absorbs humidity.

Does the arrival of swine flu constitute real reason for alarm? Or like SARS and the avian flu before it, is this more a minor local than major global tragedy?

Watch the Global Pulse episode on swine flu here.

China's economy is slowing as it is the world over. One cause is the dramatic recent drop in U.S. consumption of Chinese imports. But nearly every day now, we are reading of deals struck by China that promise to turn the economic tide in Beijing's favor.

In Latin America and Vietnam, Chinese firms have signed deals to expand natural resource production. The New York Times reports that deals made in recent weeks in Venezuela, Ecuador, Argentina, and Brazil include terms designed to decrease demand for the U.S. dollar. From Vietnam, TIME interviews locals fearful that China's plans to mine bauxite will result in devastating environmental and job losses.

China's military is also assuming a more aggressive stance. The state navy hints that it may soon develop an aircraft carrier and expand its global missions along the lines of recent anti-piracy sorties in the Gulf of Aden.

The Economist though predicts China could chart a more peaceful route to recovery. This scenario would include long-term investment in domestic priorities such as public transit and health care. Chinese officials are reportedly "fascinated" by European models of welfare and public health, and could cooperate with the EU on future projects.

Can China achieve economic recovery in a manner that is peaceful and sustainable? Or should we remain skeptical of a world shaped by Chinese priorities?

The Chicago Tribune reports today that Illinois will move ahead with construction of a new power plant that aims to implement Obama-approved "clean coal" technology. But is there anything even remotely "green" about this plan to expand coal power production? The American Coalition for Clean Coal Technology, a coal power lobby organization, thinks so and uses an Obama campaign speech to prove their point in a recent ad below. For a more sobering take, check out views expressed here and here.