Well, we can deduce it takes place before Dance of Blood, since Power Hunger runs concurrent to it. Which means takes place either just before Lizard Brain or just after it. If it takes place before Lizard Brain, then it would happen right after Bottleneck, which would mean that the Paradox Engine would have just begun its rampage. However, the Soviets are entirely unaware, and presumably unconcerned, with the affairs of the Allies at the moment, considering up until the events of Juggernaut, the Soviets are more concerned with regaining their footing and dealing with Yuri.
It surely takes place before Metaphor and some time after Memory Dealer (for Masterminds to appear). But that's quite a big time span.
The Paradox Engine moves in a weird trajectory, Great Britain - Spain (battery only perhaps) - Boston?! (Monochrome: <Careful, the Paradox Engine might still be nearby.>) - South Africa - Antarctica.
Why would the Paradox Engine be in America for?
Wait.....what if it was to pick up Tanya and the remaining American military personnel? Just a thought.