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...final plunge of the most powerful and dreaded firm on Wall Street in the Roaring Eighties came with astonishing speed. Like the abrupt fall of the Berlin Wall thousands of miles away, the collapse suddenly confirmed what everyone in the financial world could already feel in the wind: a new era had arrived. After a desperate three-day search for cash in which it was spurned by its bankers, Drexel Burnham Lambert Group filed bankruptcy papers an hour before midnight last Tuesday...

Author: /time Magazine | Title: Predator's Fall: Drexel Burnham Lambert | 2/26/1990 | See Source »

...Germans to work out among themselves, and he seemed to waver even on the principle of neutrality. Two weeks ago, Kohl proposed a monetary union with East Germany. By last week that suggestion had already become official policy on both sides of what used to be the Berlin Wall...

Author: /time Magazine | Title: Europe East Meets West At Last | 2/26/1990 | See Source »

...course of German events is a clear demonstration of how weak Soviet influence has become. The cold war's first frosts were felt in the months after V-E day in 1945 over Soviet attempts to force the Allies out of Berlin and consolidate Soviet control over Germany. The Soviets were determined that the Germans would never rise again and that their obedient Prussian and Saxon servants would rule permanently in East Germany. As elsewhere in Eastern Europe, the Soviet Union could influence events only as long as it was willing to use its military power...

Author: /time Magazine | Title: Europe East Meets West At Last | 2/26/1990 | See Source »

...neighbors who demand guarantees for their borders, Genscher said the united Germany will include the Federal Republic of Germany, the German Democratic Republic and the four sectors of Berlin -- "no less and no more. We do not have any territorial claims against any of our neighbors." Said Chancellor Kohl: " Germany must not thwart European integration. What happens next must not adversely affect the stability of Europe...

Author: /time Magazine | Title: Europe East Meets West At Last | 2/26/1990 | See Source »

...governing a disintegrating nation was difficult. Although Trotsky made peace with the Germans in the Treaty of Brest-Litovsk, Berlin's price was the separation from Russia of Poland, the Baltic states and the Ukraine. British and French troops landed in Murmansk to keep Russian supplies out of German hands. Various anti-Bolshevik "White" armies sprang up in the south and in Siberia. Japanese and American troops landed in Vladivostok...

Author: /time Magazine | Title: Headed for The Dustheap | 2/19/1990 | See Source »

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