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Still, President Franklin Roosevelt - who rode into office on a platform of deficit reduction - initially hedged his bets, taking stabs at public-works projects and farm subsidies while also rolling out balanced-budget initiatives. When a British economist visited the White House in 1934 saying deficit spending was the best engine to boost consumer demand and create jobs, Roosevelt balked. (Two years later, the economist - John Maynard Keynes - published that advice in his seminal work, The General Theory of Employment, Interest and Money, which revolutionized economic thought by debunking the widely held belief that the market naturally tends toward full...

Author: /time Magazine | Title: Unemployment | 11/24/2009 | See Source »

...Pilgrims discovered waffles in Holland, where they spent time before arriving in America, and brought them across the Atlantic in 1620. Dutch immigrants popularized the dish in New Amsterdam before it was taken over by the British in 1803 and became New York City. Thomas Jefferson, as legend has it, bought a waffle iron in France as a sort of culinary souvenir and began serving waffles in the White House, helping spark a fad for "waffle parties" nationwide. Americans got their first taste of Belgian waffles - which are leavened with yeast and egg whites - at the 1964 World's Fair...

Author: /time Magazine | Title: Waffles | 11/23/2009 | See Source »

...land and take off in less than 700 ft. (210 m) and climb at a rapid 1,700 ft. per min. (520 m per min.). The Kodiak can be retrofitted for other uses such as border patrolling, hauling emergency equipment and carrying military paratroopers. That's why the British army and the U.S. Department of the Interior are also customers...

Author: /time Magazine | Title: A Turboprop Built for Trouble | 11/23/2009 | See Source »

Arrested in 1966, Cheng spent more than six years in solitary confinement for refusing to confess to spying for British "running-dog imperialists." Among the evidence gathered for the false charge: her London education, collection of classical-music records and taste for marmalade. Stripped of her name, Prisoner 1806 lost her daughter--killed by Red Guards while Cheng was in jail--but never her resolve. Released in 1973, she eventually settled in Washington, where she died Nov. 2 at 94. Even after China embraced economic reforms and shed much of its communist rigor, Cheng never returned home. The country...

Author: /time Magazine | Title: Nien Cheng | 11/23/2009 | See Source »

That, and the jaw-dropping prices. The British-owned MegaBus, which arrived in the U.S. in 2006, offers a $1 fare to at least the first passenger to book a seat on each bus. BoltBus, a joint venture launched last year by Greyhound and Peter Pan that covers Washington, Baltimore, Philadelphia, New York City and Boston, offers the same $1 deals as MegaBus, whose routes include the Northeast corridor and major college towns in the Midwest. BoltBus caps fares at $25 each way. This means a weekday ride from New York City to Boston costs about a third as much...

Author: /time Magazine | Title: Pimp My Bus Ride: Hip Intercity Motor Coaches | 11/23/2009 | See Source »

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