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...last afternoon, Gromyko disappeared into the depths of the Kremlin, where the treaty was approved at a special session of the Politburo. In the early evening, Gromyko drove to the guest villa on Lenin Hill, where Scheel was staying, and the two made arrangements for the initialing of the agreement the next day, and for the exchange of two accompanying letters...

Author: /time Magazine | Title: World: Europe: The End of World War II | 8/20/2007 | See Source »

...that the foundation is shaking, there are scant buyers for the lower-grade issues built on top of the pooled mortgages, and the values of those CDOs have plummeted. Losses in the subprime market drove Bear Stearns to declare two of its hedge funds, once topping $1.5 billion, all but worthless, and banks as far afield as Germany and France have frozen funds or received bailouts because of exposure to U.S. mortgages...

Author: /time Magazine | Title: Ground Zero of the Real Estate Bust | 8/16/2007 | See Source »

...Amber alerts, West Nile and wildfires. This August brings familiar fears and fresh ones, the storms now pacing offshore with disarming names like Flossie and Erin; we know, in a way we didn't a few years ago, the damage they can do when they're angry. Storm fears drove oil prices up, sending more shudders through financial markets that already don't like the heat. For nearly 20 years, August has been the worst month of the year for the S&P 500. The folks at Homeland Security are pale and twitchy, recalling the mood of August...

Author: /time Magazine | Title: Dog Days No More. | 8/16/2007 | See Source »

...bullet-proof vests raced to the scene. They fired tear gas to disperse rock-throwing youths, who swiftly melted into the maze of alleys between the district's tiny shacks and stalls. Expat Australian Jim Clifford, owner of a pizza shop, was making deliveries on a motorbike. "I drove right through the middle of it. They were fighting at every intersection," he says. "The locals were angry. They've had enough. When the police came they were telling them to just shoot them [the easterners]." On the main road heading west out of the city, dozens of vehicles were bombarded...

Author: /time Magazine | Title: Streets of Shame | 8/10/2007 | See Source »

...Earlier this summer, a friend got lost as he drove a few of us from his home in Manhattan to Long Island. After ten minutes of wandering through dark back roads, he slammed on the brakes and let out an impressive string of expletives, ending in a detailed description of what exactly he would do to himself if ever forced to live outside of a city and drive a motor vehicle...

Author: By Emma M. Lind | Title: A Drive To Remember | 8/10/2007 | See Source »

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