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Britain's stubborn recession was induced in part by Prime Minister Margaret Thatcher's tax cuts of 1987, the ensuing rise in inflation to 11% and the stiff interest-rate hikes Thatcher then used to force prices down. Those rates are still high, and real estate and industry have not recovered from the whipsaw. For the new government of John Major, improvement cannot come too soon: he must call national elections by June...

Author: /time Magazine | Title: Europe: In the Same Boat and Bailing | 1/20/1992 | See Source »

...placed in charge of his empire. Monaghan's explanation: A heavenly influence directed him to get back into the kitchen. "God will help him find the way," a Monaghan spokesman told the New York Times. But Domino's problems are pretty down to earth. Partly because of stiff competition in the pizza-delivery business, Monaghan was unable to find a buyer willing to pay the $1.2 billion he wants for the company. To emphasize his sincerity as he goes back to work, Monaghan said he may shed such possessions as his vintage- car collection...

Author: /time Magazine | Title: Fast Food: The Pizza Putsch | 12/23/1991 | See Source »

Even though this is a state occasion, let us, for the present, forswear all the obligatory cries of acclamation. None of this "the king lives!" stuff. And no "once and future king" either. They may be true, but they sound a little stiff somehow, something his music never was. So -- taking a cue from the music itself -- let's just salute the memory of Nat King Cole with one bright "flash!," a loud "bam!" and a reverent but resounding "alakazam...

Author: /time Magazine | Title: Off on A Cashmere Cloud | 12/16/1991 | See Source »

Ukraine's demands are likely to meet stiff resistance. The Soviet armed services, and specifically the Strategic Rocket Forces, are almost the only institution left in the country still operating under genuine central control. Eighteenth century Prussia, according to an old wisecrack, was not a country with an army but an army with a country. The Soviet Union today could almost be defined as an army without a country. Gorbachev and his generals will hardly be eager to see their control diluted. Before the referendum, in fact, the Soviet Defense Ministry pointedly told troops in Ukraine, including those controlling nuclear...

Author: /time Magazine | Title: Proliferation Soviet Nukes On the Loose | 12/16/1991 | See Source »

...Commander Mitsuo Fuchida's bomber circling overhead, antiaircraft fire knocked a hole in the fuselage and damaged the steering gear, but Fuchida couldn't take his eyes off the fiery death throes of the Arizona. "A huge column of dark red smoke rose to 1,000 ft., and a stiff shock wave rocked the plane," he recalled years later, when he had become a Presbyterian missionary. "It was a hateful, mean-looking red flame, the kind that powder produces, and I knew at once that a big magazine had exploded. Terrible indeed...

Author: /time Magazine | Title: Day of Infamy | 12/2/1991 | See Source »

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