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...Bernanke walks a thin line. Too far in one direction, and he bails out all the irresponsible people and institutions that have gotten us into the subprime mess and subsequent debt-market crunch. Too far in the other, and the global financial system collapses on his watch. "In a run, fear that a bank may fail induces depositors to withdraw their money, which in turn forces liquidation of the bank's assets," Bernanke wrote in 1983 as a young economics professor. "The need to liquidate hastily, or to dump assets on the market when other banks are also liquidating...

Author: /time Magazine | Title: Ben Bernanke Walks the Line | 8/23/2007 | See Source »

...fighting its own insurgency against the Turkish state. The ruling Kurdish parties of northern Iraq say there is little they can do about these radical groups. Not only are the PKK and PEJAK hardened guerilla fighters in formidable terrain, but the Iraqi Kurds' own security forces are stretched pretty thin keeping their territory safe from Arab terrorists in the rest of the country. That threat is as real as ever. The official death toll from last week's suicide attacks against several towns near Iraqi Kurdistan has risen to over 400 and continues to climb...

Author: /time Magazine | Title: Why is Iran Shelling Iraq? | 8/20/2007 | See Source »

...meteor showers while young people are gunned down at random on the playground, on the stoop or on U.S. 26 in Portland, Ore., where a 29-year-old man was shot on Aug. 11 after merging into another driver's lane. Tempers blister; discipline runs thin. We've had summers of riots, of stalkers and serial killers, of orange alerts and Amber alerts, West Nile and wildfires. This August brings familiar fears and fresh ones, the storms now pacing offshore with disarming names like Flossie and Erin; we know, in a way we didn't a few years...

Author: /time Magazine | Title: Dog Days No More. | 8/16/2007 | See Source »

...made by pouring paint directly onto canvas or Minimalist canvases of one color. By the early 1960s, the supremely influential critic Clement Greenberg was ordaining that painting had a historic destiny that could be realized only in work in which distinct form and deep space gave way to flat, thin washes of color. Some very good art would meet that description, by Barnett Newman, Helen Frankenthaler, Morris Louis and so on. But a lot of it had a distinct whiff of the endgame about...

Author: /time Magazine | Title: Elizabeth Murray: Bringing Painting Back to Life | 8/14/2007 | See Source »

...seems to me) I'm in California. On Thursday I'm on my way to Singapore, and on Saturday I'm in Delhi. By the following Sunday I'm up at 11,500 ft. (3,500 m) in Ladakh, the whole of Friday seeming to have vanished into thin air. (Monday, by contrast, lasted 36 hours and counting...

Author: /time Magazine | Title: The Fog of Flying | 8/8/2007 | See Source »

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