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...restrictions prevent the yuan from trading freely around the world or being fully convertible to other currencies in all financial transactions. The yuan's value is pegged to a basket of currencies likely dominated by the U.S. dollar and is permitted to change each day only within a narrow band. Under such limitations, China's dreams for the yuan cannot progress very far. (Read "Outlook for U.S. Dollar Darkens...

Author: /time Magazine | Title: China's Plans for Replacing the Dollar | 7/21/2009 | See Source »

...brother Paul, who's eight years older, were Harry Potter fans. In fact Paul had always thought the characters from Harry Potter would make a great band: Ron on guitar, Hermione on bass, Hagrid on drums (natch) and Harry up front. "We'd kind of been talking about the idea but never done anything," Paul remembers. Joe and Paul proceeded to become this band. In one day, the brothers wrote, rehearsed and performed six songs about life at Hogwarts. The set list included "Platform 9 and ¾" and "Wizard Chess." To solve the personnel issues, or possibly compound them, both...

Author: /time Magazine | Title: The Boy Who Rocked | 7/20/2009 | See Source »

...volume and raw emotion. "It can be poorly recorded and sloppily performed as anything," Paul says. "It's all about investing yourself in it." This DIY attitude is an integral part of what makes wizard rock spread. It's the musical equivalent of fan fiction: fans hear about the band or see it live, and they don't want to just listen; they want to play. "There's a quote about the Velvet Underground," Paul says. "Nobody ever bought their records, but for every 10 people who saw them play, four of them started a band. It's almost like...

Author: /time Magazine | Title: The Boy Who Rocked | 7/20/2009 | See Source »

...years not much at all. "But these aren't normal times," he says. "In recessions, even the short-term numbers aren't very good, because a lot of the factors that go into them are based on assumptions that the economy will behave within some narrow band of reality, and the way it behaves is outside of that band." (Read "Advice from an Economist...

Author: /time Magazine | Title: Why Are Economists So Bad at Forecasting? | 7/17/2009 | See Source »

...driver bumpily steered me to my silent neighborhood, an eclectic collection of gated stucco and wood-clad residences separated by impressive, seemingly impenetrable walls. Passing these fortresses, some crowned with electric fences or barbed wire, noobs would probably fear being mugged by knife brandishers or kidnapped by a roving band of gypsies...

Author: By D. PATRICK Knoth | Title: Going To The Dogs | 7/14/2009 | See Source »

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