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Americans have a long, sordid history with borrowed money. In Collateral Damaged: The Marketing of Consumer Debt to America, Charles Geisst, a professor of finance at Manhattan College, takes us through the centuries to explain how we wound up at our most recent - and spectacular - credit bubble. TIME's Barbara Kiviat spoke with...
...shelling civilian areas and Russia of allowing the ethnic cleansing of Georgian villages in South Ossetia. Though the fighting failed to topple the ailing presidency of Georgian President Mikheil Saakashvili, one of the Kremlin's archenemies, his power inside the country was weakened. Street protests against him have only recently come to an end. The war also strained Russia's relations with the West - relations that U.S. President Barack Obama was trying to reset on his recent visit to Moscow. (See pictures of Obama in Russia...
...Whether or not it turns out to be justified, Russia and Georgia's blame game could have tragic consequences. During his recent visit to Tbilisi, U.S. Vice President Joe Biden stressed that "there is no military option to [South Ossetia and Abkhazia's] reintegration [into Georgia]," and according to Georgian National Security Council Secretary Eka Tkeshelashvili, Biden told him that the U.S. is now carrying out "preventive diplomacy so the situation does not deteriorate." But if what Russian Deputy Foreign Minister Karasin said on Wednesday is true and "no one can give us any guarantee that there will...
...hours on a recent evening, the headaches of keeping a step ahead of Iran's notorious security forces begin to fade. Skateboarders, BMX bikers and aggressive inline skaters zip down the quarter-pipe in their baggy street wear, pumping their arms whenever they land a tricky move. Small groups of teens from relatively well-off families, some still in middle school, stand on the sidelines staring in awe while beats spin over the booming speakers...
...when Western street culture took hold in Iran and many underground artists got their start, he was able to hold public concerts that hundreds of fans attended. Now, even concerts held at private residences are likely to be interrupted by the religious police. He describes a recent rock party thrown by his friends where some 200 concertgoers were arrested in a late-night sting by the Basij; later, the government issued a news report that a "Satanic underground movement" had been infiltrated and broken...