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...advisers who wrote the paper, Christina Romer and Jared Bernstein, went on to land key jobs in the Obama Administration. Romer is the head of Obama's Council of Economic Advisers, and Bernstein is the chief economist and economic-policy adviser to Vice President Joe Biden. And the stimulus bill that both economists championed became law in mid-February. What has not come to pass, however, is the boom in job creation that Romer and Bernstein predicted. A little over a month ago, the Administration said the stimulus bill had created or saved 150,000 jobs. That...

Author: /time Magazine | Title: Obama's Stimulus Plan: Failing by Its Own Measure | 7/14/2009 | See Source »

...Then there's his government's defense white paper, released in May. The 140-page document outlines Australia's military aims for the next two decades and specifically mentions China's ascendancy as a reason for an arms buildup. In all, $72 billion will be dedicated to bulking up the nation's armed forces, doubling the submarine fleet and adding up to 100 joint-strike fighter jets to its air force...

Author: /time Magazine | Title: Mr. World: Kevin Rudd | 7/13/2009 | See Source »

...Still, as his defense white paper makes clear, Australia can no longer be confident that it can rely forever on American military protection, as it has since the alliance was forged in some of the most terrible fighting of World War II. The U.S. has many calls on its resources, and Australia is a rich country that can help its allies by helping to look after itself. While in Perth, Rudd visited a navy base where the H.M.A.S. Collins submarine had docked. Descending into the claustrophobic space, Rudd gave a pep talk to seamen who often spend three months...

Author: /time Magazine | Title: Mr. World: Kevin Rudd | 7/13/2009 | See Source »

Issuing an alternative currency is perfectly legal, as long as it is treated as taxable income and consists of paper bills rather than coins. In the U.S., where local currencies were popular during the Depression, the biggest alterna-cash system is in Massachusetts' Berkshire County. Go to one of several banks there, hand a teller $95 and get back $100 worth of BerkShares, a nice little discount designed to reel in users. BerkShares are printed on special paper (by a local business, naturally--a subsidiary of Crane Paper Co., which has been printing U.S. greenbacks since 1879). And since...

Author: /time Magazine | Title: Tough Times Lead to Local Currencies | 7/13/2009 | See Source »

...findings bear out, they may herald a potential new treatment for an age-old condition. As psychiatric symptoms go, hair-pulling is among the earliest recorded. According to Dr. Jon Grant, a trichotillomania expert at the University of Minnesota School of Medicine and the lead author of the new paper, Hippocrates himself said that in order to test whether patients were faking their illness, doctors must ask whether they are pulling out their hair. The behavior is so commonly associated with distress that the stock phrase to describe a stressful situation is that it causes you to tear your hair...

Author: /time Magazine | Title: Study: Help for Chronic Hair Pullers? | 7/12/2009 | See Source »

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