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...following the end of the cold war, one nation did not share in the festivities. Russia lost more than an empire - it lost its stature as a superpower. Indeed, Russia's Prime Minister Vladimir Putin has called the collapse of the Soviet Union "the greatest geopolitical catastrophe of the century." During the cold war, Russia would celebrate Victory Day each year on May 9 by holding a parade to honor its triumph over the invading forces of Nazi Germany. Eager to flaunt its modern might, Moscow would showcase its intercontinental ballistic missiles, tanks would rumble past the Kremlin...

Author: /time Magazine | Title: Power Struggle | 5/21/2008 | See Source »

...World War II that a majority of Britons became homeowners, thanks largely to the encouragement of successive governments. Restrictions imposed on landlords decades earlier had made renting out real estate less lucrative, sparking a gradual sell-off of private properties. A popular scheme launched in 1980 by newly elected Prime Minister Margaret Thatcher granted public-housing tenants the right to buy those homes for knock-down prices. The measure was cheered by one Thatcher minister as "one of the most important social revolutions of this century." By 2005, 70% of U.K. homes were owner-occupied, less than in Spain...

Author: /time Magazine | Title: Trouble at Home | 5/21/2008 | See Source »

Whatever it takes, British Prime Minister Gordon Brown will be praying that the market stays afloat. Trailing in the polls behind the Conservative opposition, the last thing his beleaguered Labour government needs is a messy collapse of the housing sector. Labour was in opposition during the last slump, and has since invoked it as a peril of Tory government. To head off the worst this time, Labour ministers announced plans on May 9 to extend debt-advice services and free legal representation to those at risk of losing their homes. Yet just days later, as Housing Minister Caroline Flint entered...

Author: /time Magazine | Title: Trouble at Home | 5/21/2008 | See Source »

...Wineville Chicken Coop matter, and the criminality of then-Mayor George Cryer as a pawn of the Crawford mob, of the L.A.-wide corruption that makes Al Capone's Chicago a shining city on a hill by comparison. Eastwood is after just the facts, ma'am - with occasional prime emoting from Jolie...

Author: /time Magazine | Title: Clint and Angelina Bring a Changeling Child to Cannes | 5/20/2008 | See Source »

...Arab-Israeli peace process is no one's idea of an easy fix, but it's failing now, in part, because of American weakness. Israeli Prime Minister Ehud Olmert and Palestinian President Mahmoud Abbas pledged to work on a framework for an eventual settlement that could be signed by the end of the year, even if the two sides couldn't make peace on the ground while they are negotiating. But the militant group Hamas, which controls Gaza, opposes a peace deal and is gaining power from Abbas and launching attacks on Israel with greater frequency, taking advantage of public...

Author: /time Magazine | Title: The Incredible Shrinking Superpower | 5/19/2008 | See Source »

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