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...