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Under international accounting rules, the government should rightfully add the liabilities of those banks to its national debt. RBS's liabilities alone exceed the total national income of the U.K. Even excluding them, Brown is almost certain to break one of his own cardinal rules by failing to keep the total debt level below 40% of national income. Carl Emmerson, deputy director of the Institute for Fiscal Studies in London, estimates that Britain's budget deficit for the current fiscal year will likely grow from the government's planned 2.8% of GDP to about...

Author: /time Magazine | Title: The Economy's Perilous Waters | 10/15/2008 | See Source »

Minister of Health Gudlaugur Thór Thórdarson agrees that Iceland has sustained a blow to its psyche - "especially when Gordon Brown uses antiterrorism laws against Iceland," he says, referring to the British Prime Minister's move to invoke an antiterrorism law to freeze Icelandic companies' assets in the U.K. "The people here not only suffer financially - it also makes us feel bad." Indeed, says psychologist Ólafsson, "Icelanders have always seen themselves as 
 an independent people, and now we simply can't be as self-sufficient...

Author: /time Magazine | Title: Postcards from Europe's Financial Bust | 10/15/2008 | See Source »

Paris, France Wrapped in a brown apron as he greets visitors in a warm, booming voice, François Bonduel owns the kind of Parisian restaurant beloved by tourists and locals alike. But these days - with the euro still relatively strong and economies seizing up around the globe - the foreign visitors that typically make up a third of Bonduel's clientele have been thinning out and spending less. To make matters worse, many French visitors to his restaurant, Au Bon Saint-Pourçain - a stone's throw from the church of St. Sulpice in Paris' tony sixth arrondissement...

Author: /time Magazine | Title: Postcards from Europe's Financial Bust | 10/15/2008 | See Source »

...once more. After a couple of fancy spin moves in the right corner, sophomore Kerry Kartsonis sent a cross into the box. Junior Christina Hagner cut in front of her defender, controlled the ball, and delivered a shot into the right corner. This Saturday, Harvard travels to Brown, which sits right behind Harvard in the Ivy League standings. To win the game, Harvard will need to continue to play strong offensively and keep a very high level of intensity throughout the contest. “A lot of it comes own to emotion in the Ivy League...

Author: By Jake I. Fisher, CRIMSON STAFF WRITER | Title: Harvard Continues Winning Streak | 10/15/2008 | See Source »

...week placed Harvard in the number one spot this year, for the fifth year in a row. Yale finished second, and the University of Cambridge came in third. Though there were some significant changes in the positions of schools in the rankings this year, most U.S. universities stayed pat. Brown, Penn, and Cornell moved up in the rankings while Columbia, Princeton, and Dartmouth moved down. The Hanover, N.H. college lagged behind its peers—the only Ivy to finish out of the top 50. This newest round of scores comes at a time when people through academia are growing...

Author: By Paul C. Mathis, CONTRIBUTING WRITER | Title: Harvard Tops ‘Times’ Rankings Again | 10/15/2008 | See Source »

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