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...only our financial regulations were dumber! It's not a cry you hear often. But phrased a little differently, it may be the most cogent criticism of the convoluted regulatory approach of recent decades--and one that applies to most of the Obama Administration's financial-reform proposals...

Author: /time Magazine | Title: Dumbing Down Regulation: The Quest For Simpler Rules | 7/6/2009 | See Source »

...Reserve monetary policy. Becker's Chicago teacher Milton Friedman thought that instead of tweaking interest rates, the Fed should just automatically increase the money supply 3% to 4% a year. Measuring the money supply in an era of financial innovation has turned out to be awfully hard, so in recent years believers in an automated Fed have turned to an equation concocted by Stanford economist John Taylor that takes in inflation, current economic growth and long-term-trend growth and churns out a suggested Fed interest-rate target. Taylor and some other conservatives have said that...

Author: /time Magazine | Title: Dumbing Down Regulation: The Quest For Simpler Rules | 7/6/2009 | See Source »

...Adam Cohen's illuminating piece on the dynamic launch of the Roosevelt Administration. Cohen is the author of Nothing to Fear, an account of F.D.R.'s first 100 days. To get a free-marketeer's dissenting take on F.D.R.'s policies, we turned to Amity Shlaes, whose recent book The Forgotten Man argues that the New Deal not only failed to reverse the Great Depression but in some ways worsened it. TIME contributor Peter Beinart, a senior fellow at the Council on Foreign Relations, looks at how Roosevelt understood that he could not lead Americans into war until they understood...

Author: /time Magazine | Title: Learning from FDR | 7/6/2009 | See Source »

...shorter this summer. Usually the cheap folding tables, set up in a double row outside the spiritual center of the Russian Orthodox Church, are surrounded by tourists snapping up the iconic egg-shaped souvenirs, made of smaller and smaller wooden dolls hidden one within the other. But on a recent Thursday afternoon, there were only about a dozen people looking to buy. At one table, Olga Isakova waited on her first customers of the day, a man and his son who examined a bright blue-and-white nesting doll with curly blond hair and a heart-shaped mouth before putting...

Author: /time Magazine | Title: Trying Times for Russia's Nesting Dolls | 7/5/2009 | See Source »

...rest of the world know well that the North has a range of missiles. The Obama Administration, in the wake of Kim's recent, relentless belligerence, has made it clear that preventing the proliferation of missiles and other weapons of mass destruction is what drives U.S. policy now. On June 30, the Administration imposed unilateral U.S. sanctions on two North Korean companies engaged in proliferation - sanctions that will "augment efforts to curtail the North Korean regime's ability to develop and sell WMD and missiles," says Bruce Klingner, former North Korea analyst at the CIA, now a senior fellow...

Author: /time Magazine | Title: Behind North Korea's Missile Launch | 7/4/2009 | See Source »

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