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...Climatologists frequently warn against making judgments on the plausibility of global warming based on anecdotal experiences of hot or cold weather, but as I basked in the sunlight of Saturday’s bizarre version of a winter wonderland, I couldn’t help but feel a little nervous. Visions of my family’s Manhattan apartment submerged by the swelling sea ran through my brain...

Author: By Daniel E. Herz-roiphe | Title: Christmas Comes Late | 1/8/2007 | See Source »

...until the Austrian ultimatum to Serbia on the evening of July 23 that investors began to feel nervous. Its terms were truly formidable, particularly the demand that Austrian officials be allowed into the country to investigate alleged Serbian sponsorship of the terrorists. The government in Belgrade immediately dismissed the ultimatum as "impossible." Germany took the Austrian side; the Russians lined up with the Serbs. By Aug. 4, a little Balkan difficulty had become a full-scale European...

Author: /time Magazine | Title: The Next Meltdown | 1/5/2007 | See Source »

...financial crisis happened even faster. Within days of the Austrian ultimatum, the delicate web of international credit was torn to shreds. German trading companies ceased to remit the money they owed to brokers in London. European investors rushed to withdraw their money from New York. As nervous banks called in loans, panic selling swept the world's financial markets. But the further asset prices fell, the worse the crisis became. Securities that had been the collateral for immense pyramids of debt were suddenly unsellable. The central banks had to admit they lacked the means to stem the outflow. The only...

Author: /time Magazine | Title: The Next Meltdown | 1/5/2007 | See Source »

...Fear of being rendered irrelevant explains Moscow's nervous reaction to the prospect of informal direct U.S.-North Korea talks on the sidelines, as mentioned by U.S. delegation chief Christopher Hill. The Russian Foreign Office leaked comments of its senior official to a Moscow daily to the effect that "We're not going to let the Americans monopolize any contacts outside the six-party talks format." That sounds as resolute as it is ineffective: Unlike the U.S., Russia has neither the stick nor the carrot that could change North Korea's behavior...

Author: /time Magazine | Title: Russia Tries to Look Relevant | 12/18/2006 | See Source »

...search for weapons of mass destruction was rigorous and accurate: there were no weapons to be found. Annan quietly understood that an American invasion would be a disaster. He suffered physically and mentally over his failure to prevent the war. After the invasion, he experienced a mild nervous collapse. For a time, he actually lost his voice. For his pains, he was subjected to a chorus of know-nothing blatherings by U.S. critics who blamed him?inaccurately?for the U.N.'s oil-for-food scandal and ridiculed him for his failure to bring the rest of the world into line...

Author: /time Magazine | Title: The Teddy Awards: 2006 | 12/17/2006 | See Source »

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