British police claim to have uncovered a suitcase containing "everything you would need to make an improvised device," which presumably means a bomb. They have not, however, said what exactly is in the suitcase.
According to AP, the suitcase was found in woodland near the home of one of the suspects; CBS reported this evening that it was found in the home of a suspect.
Meanwhile, Kevin Drum, of The Washington Monthly has been all over the story, and he linked to this piece by Thomas C. Greene, at The Register. I won't spoil what Greene has to say by summarizing it. Suffice to say, using liquid explosive to blow up an airliner is not quite as simple as it sounds in news reports.
As Kevin Drum says: "The good news is that it will make you feel a little more confident about the safety of flying overseas. The bad news is that it will make you feel a little less confident about the terror announcements of our national governments. Caveat emptor."
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