Time
COVER: Fed Nominee Alan Greenspan 46
faces tough challenges at home and abroad
Nervousness swept through world financial markets as President Reagan announced Paul Volcker was stepping down as Federal Reserve Board chairman. For eight years, the central banker has literally and figuratively towered over his peers. His soft- spoken successor will face increasing political pressure as the 1988 presidential election draws near. See ECONOMY & BUSINESS.
WORLD: Moscow plays power politics in 30
the wake of the daring flight into Red Square
The new leadership in the Defense Ministry could assume a vital role in Mikhail Gorbachev' s campaign of perestroika (economic restructuring). -- With West Germany' s endorsement of the "double- zero" nuclear option, attention turns to the balance of conventional forces in Europe. -- Britain winds up a slick, "Americanized" election campaign. -- South Korea' s Chun chooses his successor.
MEDICINE: Amid debate and protest, the 56
Administration launches its AIDS program
Even as President Reagan urged "routine" screening of immigrants and marriage- license applicants, experts argued over how best to combat the disease. In Washington and around the world, governments are reacting to a possible pandemic with programs -- and politics. Sadly, no immediate hope of a cure or vaccine emerged from the third International Conference on AIDS.
14
Nation
Not yet cities but no longer suburbs, megacounties are where the action is. -- Mystery Man Hakim talks about $200,000 for North.
60
Health & Fitness
Bargain hunters are heading south of the border for surprisingly good medical care. -- Does blood doping work for jocks?
63
Environment
Curious hikers get a close look at Mount St. Helens, where nature is bouncing back fast seven years after the dramatic eruption.
66
Design
For its 750th birthday, Berlin spends $1.5 billion to create the most ambitious showcase of world architecture in this generation.
71
Books
Saul Bellow' s More Die of Heartbreak finds comedy in the torments of the hypereducated man. -- Bill Buckley sets sail again.
74
Cinema
Steve Martin plays Cyrano in the sappy, entertaining Roxanne. -- Bigfoot bumbles; Coppola stumbles; Stepfather rumbles.
75
Show Business
Broadway prepares to celebrate as George Abbott, the theater' s grandest, oldest man, turns 100 -- yes, 100 -- still directing plays.
80
Essay
What do the Windsors have to commend them? Nothing, perhaps, save symbolism, humanity and a gift for blending the two.
10 Letters
12 American Scene
64 Press
69 Music
69 Milestones
70 Theater
77 Video
Cover: Photograph by Ted Thai