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...odds of an Asian shift out of dollars, in effect removing the artificial bid for dollar-denominated assets that has prevented U.S. interest rates from rising more sharply. This will undoubtedly put pressure on the interest-rate prop supporting U.S. asset markets?especially property. Asset-dependent American consumers may slow their spending as a result. While this may be painful, it may also be the only way for the U.S. and the rest of the world to come to grips with the U.S.'s glaring foreign-trade and current-account imbalances. China's dollar peg was a major impediment...

Author: /time Magazine | Title: Give China Credit | 7/25/2005 | See Source »

...Stevenson's biggest legacy was to build a path toward Pacific literature. While printing presses were established as early as 1817 in Tahiti, books were slow to take hold in an oral society. In the early 1970s, when he returned to Apia to teach, Wendt concluded: "Samoa has no need of writers. It is waiting for tourists." But the writer persevered - and became one of the Pacific's best-known novelists. Wendt's 2003 epic The Mango's Kiss dramatizes the encounter between a village girl, Pele, loosely based on Wendt's grandmother, and a Scottish novelist called Leonard Roland...

Author: /time Magazine | Title: Treasure of the Islands | 7/25/2005 | See Source »

...took one turn around the cloud, and then we had to get to the ground as fast as we could because of the gasoline situation. We flew directly to Okinawa. Sweeney put the airplane on a long, slow glide, and as we approached the island, he went on the intercom: "Mayday! Mayday!" There was no response. He used flares but still didn't get an answer. Finally, he called the tower and said, "We're going to land!" We touched down about halfway up the runway and came to a screaming halt right at the end. Later, we ran tests...

Author: /time Magazine | Title: Frederick Ashworth, 93 | 7/25/2005 | See Source »

...Litchfield, Conn. With the 1964 discovery of a two-legged creature with razor-sharp claws he called Deinonychus, or "terrible claw," and subsequent work cementing his theory, he began a campaign, largely successful, to convince scientists that at least some of the prehistoric beings were not, as long assumed, slow, dim-witted reptiles but speedy, warm-blooded, carnivorous predators that had much in common with today's flightless birds...

Author: /time Magazine | Title: Milestones Aug. 1, 2005 | 7/24/2005 | See Source »

...scene unfurls, bare and slow, Walker’s wife comforts him before Reese arrives to shoot him twice: he needs Walker’s share of the money. His wife follows her husband’s would-be murderer dutifully as Walker staggers into San Francisco Bay. The screen fades as the voice-over of a tour guide describing how hard it is to escape the prison...

Author: By Scoop A. Wasserstein, CRIMSON STAFF WRITER | Title: At Last, Bloody ‘Point Blank’ Comes to DVD | 7/22/2005 | See Source »

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