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...nuclear weapons. Because they are too powerful to use and too powerful to defend against, nuclear weapons are selfdeterring. The two nations that possess such huge arsenals of last resort dare not go to war against each other. As Stanford Physicist Sidney Drell put it during the TIME conference, mutual assured destruction (MAD) ''is not a policy but a condition.'' There is something almost poetic in the concept: for the first time in history, two major enemies have kept the peace by keeping themselves vulnerable. Not that either is comfortable with that vulnerability. But previous attempts to seek defensive protection...

Author: /time Magazine | Title: GRAND COMPROMISE | 7/21/2008 | See Source »

...Ronald Reagan, the mutual suicide pact that has precariously preserved the nuclear peace for the past quarter-century is unacceptable, indeed immoral. Why not, he asked in his famous Star Wars speech, switch from a policy of mutual assured destruction (MAD) to one of mutual assured survival by creating a defensive shield that would ''render nuclear weapons obsolete''? Although that dream might seem unassailable, the strategic realities involved raise a far more unsettling question: Will the attempt to create a nuclear shield enhance stability or undermine it? In attempting to rid the planet of doomsday weapons, might SDI merely increase...

Author: /time Magazine | Title: STRATEGIC QUESTIONS | 7/21/2008 | See Source »

...economic and financial power shifting, it might be less able to do so in the future. Meanwhile, with so much money to invest and a reluctance to abandon currencies that track the greenback, the SWFs of China and other emerging countries have few other places to go - so mutual interests might allow this grand bargain to continue. Washington has so far skirted the complicated issues deriving from the need for further recapitalization of its financial system. But the wealthiest country in the world may no longer be able to afford to be so picky about who rides to its rescue...

Author: /time Magazine | Title: Investing: That Sinking Feeling | 7/17/2008 | See Source »

...first eight months in office, virtually every high-profile position McCain took seemed designed to antagonize the new President. "John did what he thought was right," says a close McCain associate. "If it happened to be something that ticked off Bush, so much the better." The antipathy was mutual. According to several veterans of the Bush White House, there was an unofficial policy in effect to block people who had worked on McCain's campaign from getting any of the thousands of jobs the new Administration was doling...

Author: /time Magazine | Title: Frenemies: The McCain-Bush Dance | 7/16/2008 | See Source »

...refer to the McCain-Feingold campaign-finance-reform law (which they thought, incorrectly as it turns out, would bite Republicans more than Democrats), or his opposition (since rescinded) to the Bush tax cuts, or what they regard as his tiresome and preening routine as a maverick. They resent his mutual love affair with the press (which he jokingly refers to as "my base"). They remember a lot of foolish talk a while back about how McCain might switch parties and become a Democrat. And yet almost all of these McCain haters will vote for him in November...

Author: /time Magazine | Title: Divided They Fall | 7/10/2008 | See Source »

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