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...Says He's the Great Reformer Stewart witnessed at close hand Labour's shock defeat in the 1992 election it was widely expected to win. That defeat inspired Labour's painful decision to throw out old class-war shibboleths and remake itself for a newly prosperous nation. The party now faces a similar proposition, Stewart believes: reform or die. "If the Labour Party fails to reform itself, then the second stage is that the electorate will reform it by throwing it out," he says, adding: "Barring an event like the Falklands War which helped save [Margaret] Thatcher, Labour...

Author: /time Magazine | Title: Labour Pains: Gordon Brown is Running Out of Time | 6/22/2009 | See Source »

...Stockholm Breaking the Bank for War Despite the global economic downturn, world governments spent $1.46 trillion on defense in 2008--a new record, according to the Stockholm International Peace Research Institute. The U.S. continued to top the list, spending $607 billion to upgrade its armed forces--more than seven times the amount spent by China, which beat out the U.K. for the No. 2 spot for the first time...

Author: /time Magazine | Title: The World | 6/22/2009 | See Source »

Gates is a pragmatic professional. Al-Qaeda had already committed four separate acts of war against the U.S. before George W. Bush was sworn in. The ideology-based policy of that incoming Administration downgraded the project to "get bin Laden," so FBI information about suspicious flying lessons stayed in the field until after 9/11. If counterterrorism adviser Richard Clarke had had such intel when it was fresh, there might have been time to figure out the plot and forestall the attacks. Novelist Tom Clancy, after all, published the idea in 1994. Unlike the rest of the Bush Administration, Gates...

Author: /time Magazine | Title: Inbox | 6/22/2009 | See Source »

...members complain that the panel has drifted away from its core mission under Warren's leadership and spends too much time editorializing on the plight of middle-class families, the focus of Warren's academic research. Her relationship with Treasury has been rocky. She got into a low-level war with former Treasury Secretary Henry Paulson and his staff over their perceived unwillingness to share information, and she had a shaky start with Geithner, who didn't seem to take the panel seriously at first. In an "Additional View" filed with the panel's June report, Republican panel member...

Author: /time Magazine | Title: Elizabeth Warren: Riding Herd on the Bailout | 6/22/2009 | See Source »

...Friedman was a scientist too. During World War II, he used his mathematical and statistical skills to help determine the optimal degree of fragmentation of artillery shells. Officers flew back to the U.S. in the middle of the Battle of the Bulge to get his advice on the trade-off between the likelihood of hitting the target (the more fragments, the better) and the likelihood of doing serious damage (the fewer and bigger the fragments, the better...

Author: /time Magazine | Title: The Myth Of the Rational Market | 6/22/2009 | See Source »

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