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...time marches forward, the variable being forecast falls into an ever broader range of possibilities. "The more you think in terms of distribution of outcomes, the better," says Gregory Mankiw, a Harvard economist who chaired President George W. Bush's Council of Economic Advisers. "You're always keeping in mind the inherent uncertainty." The Bank of England is a big user of the fan chart when its economists talk about inflation forecasts. Plenty of U.S. agencies, like the Social Security Administration, use them...

Author: /time Magazine | Title: Why Are Economists So Bad at Forecasting? | 7/17/2009 | See Source »

...merchants in the fall to prepurchase the crops, so it gives the farmers a much needed cash injection that they use to get their families through the winter. We've done nothing in the international community to provide that kind of microcredit program for licit crops. To my mind, the important thing is to really take the focus off of the farmers and to put it on the traffickers...

Author: /time Magazine | Title: Fighting the New Narcoterrorism Syndicates | 7/17/2009 | See Source »

...think that we will win this war in Afghanistan and Pakistan when we make the Taliban and al-Qaeda irrelevant and offer the people of the border areas a better alternative. People want security, schools, health care. They really just want a safe place to live. To my mind, this is like an inner-city slum where there are criminal gangs terrorizing the people and cops that are on the take. We need to clean up these communities. We need to help the people of this region, and I think we'll see this situation start to turn around...

Author: /time Magazine | Title: Fighting the New Narcoterrorism Syndicates | 7/17/2009 | See Source »

...those who worked with him said that behind his controlled on-air persona was an intense determination to be the best. "Walter has an almost messianic turn of mind. He feels so much responsibility; he feels that if he doesn't get it right, nobody else is going to get it right," one of his writers told the Washington Post on Cronkite's retirement in 1981. "And that is the reason he is number one. It comes across. People know that Walter Cronkite would never lie to them. Never. Because it is his religion...

Author: /time Magazine | Title: Walter Cronkite: The Man With America's Trust | 7/17/2009 | See Source »

Still confused? The site has a team of "Internet scientists" whose instructional videos break down some of the more popular memes, like Keyboard Cat and Peanut Butter Jelly Time. Never mind the fact that the videos often run longer than the original memes (Keyboard Cat does his thing in 54 seconds, while it takes the scientists more than four minutes to break it down...

Author: /time Magazine | Title: Your Guide to the Weird, Wild Web | 7/16/2009 | See Source »

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