Word: powerfulness
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...diplomatic envoys were in Beijing to repair foundering relations with the world's third largest economy. Meanwhile, Japan, the world's No. 2 economy, has been calling for a more "equal" (read: less submissive) relationship with the U.S. That's because the Democratic Party of Japan, which came to power last year for only the second time in half a century, won votes by pledging to break with past governments that hewed too closely to American foreign policy. (See pictures of President Obama visiting Asia...
...recent roller-coaster ride of the British pound. After a recent poll showed Labour and Conservatives running neck and neck, the pound plunged 2% against the dollar in a few hours. Britain clings to a nostalgic sense of its place in the world as a top-tier global economic power. It's still the world's sixth largest economy, but other numbers are not so flattering. Britain's budget deficit - ?178 billion, according to the Treasury - is the largest as a proportion of GDP among G-7 nations. Unemployment stands at 2.46 million, a rate of 7.8%. That...
...hard to remember now, but Labour rose to power in 1997 on a wave of optimism, even idealism. "A new dawn has broken, has it not?" said the fresh-faced Prime Minister Tony Blair, greeting the sunrise of his victory. Now 73% of Britons distrust politicians, according to a recent report by the Hansard Society. For many, the last straw was the revelation last year that MPs from all parties had taken advantage of a loose expenses regimen to subsidize their pay, some of them charging taxpayers for such essentials as moat cleaning, duck houses and sparkly toilet seats. Charisse...
...Come to This? The last time Britain felt this bad about itself was in 1976, when soaring inflation and unemployment forced the Labour government to seek a humiliating bailout from the International Monetary Fund. Margaret Thatcher's Conservatives took power in 1979 and went on to abolish exchange controls, cut taxes and engineer the 1986 deregulation of financial markets, known as Big Bang, restoring London's position as one of the world's most important financial centers. Blair's New Labour did nothing to restrict the unfettered growth of the City, as London's financial district is called...
Three weeks ago TIME published a story titled "The Incredible Shrinking Europe" in which we argued that "if Europe wants to become a global power to rival the U.S. and China then it needs to stop acting like a collection of rich, insular states and start fighting for its beliefs." Simon Robinson's story, accompanied by an interview with Europe's new Foreign Minister Catherine Ashton and an impassioned column by Kishore Mahbubani, dean of the Lee Kuan Yew School of Public Policy in Singapore, prompted readers and European leaders alike to write. Some thought our assessment was spot...