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...notes. The ecb issues them in response to demand - businesses find high-denomination euro notes convenient. Sadly, so do thieves. The ecb argues that several E.U. countries had high-denomination banknotes before the euro arrived. Indeed they did. Not coincidentally, those countries (Belgium, Germany, Italy, Luxembourg, the Netherlands and Austria) shared ever-increasing drug trafficking and money-laundering problems, in large part because of their high-denomination notes. The ecb stoutly maintains that issuing high-denomination notes does not in itself encourage underground or illegal transactions. The key words there being "in itself." The plain truth is that...

Author: /time Magazine | Title: The Criminal's Currency of Choice | 7/23/2006 | See Source »

...hosts to bring up the unpleasant subject of the military detention center. (It's a subject that, because of the Supreme Court ruling, is still likely to be a staple of the questions at his European press conferences this week.) The massive demonstrations that had been predicted in Austria did not materialize, and Bush was tickled when Austrian President Heinz Fischer slathered praise on the U.S., recounting the Marshall Plan's role in rebuilding his country after World War II and calling the poll's results "grotesque...

Author: /time Magazine | Title: Looking for Friends in Very Strange Places | 7/2/2006 | See Source »

...from history had had an almost universal resonance. Under Kaiser Wilhelm II and Admiral Alfred von Tirpitz, Germany was building a battle fleet as large as the U.S. one and equally fast. France and Russia, now in alliance, were also pouring resources into new construction, as were Italy and Austria-Hungary in the Mediterranean. The most amazing growth, from virtually nowhere, was that of the Japanese navy in the Far East. And all these growing fleets caused the British to spend unprecedented amounts on the Royal Navy in an effort to maintain its centuries-old naval supremacy. The U.S. could...

Author: /time Magazine | Title: Birth Of A Superpower | 6/25/2006 | See Source »

...Chancellor Wolfgang Schuessel - in remarks that the White House immediately flagged to reporters and supporters in an "In Case You Missed It" e-mail alert - showed with convincing specificity that the White House still has a staunch friend in continental Europe. He said the Marshall Plan's lifeline to Austria after World War II "is really a good example to show that America has something to do with freedom, democracy, prosperity, development." He noted he was born in 1945, when Vienna and half of Austria lay in ruins. "Without the participation of America, what fate would have Europe? Where would...

Author: /time Magazine | Title: Bush on Iraq: "What's Past Is Past" | 6/22/2006 | See Source »

...small minority of the Muslim community and that Islam is a religion of tolerance and peace. “The right of the woman is there. So is the right of the non-Muslim,” he said. A third panelist, Swanee Hunt, a former U.S. Ambassador to Austria, spoke about religious radicalism and participation of women in politics around the world. She challenged the audience by asking whether the United States would go into Iraq if the vice president and half of the Senate and House of Representatives were women. Thomas M. Scanlon, the final panelist and Alford...

Author: By Jan Zilinsky, CONTRIBUTING WRITER | Title: Dutch Activist Discusses Islam | 5/10/2006 | See Source »

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