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...economic disaster at home. Whereas in July, with futures at a record high of $147 a barrel, the daily oil earnings for Opec's 11 members stood at $4 billion, this week, with oil hovering at around $43 a barrel, the cartel's combined daily earnings stood closer to $1.2 billion. Saudi Arabia's oil minister Ali Al-Naimi said last month that Opec members needed a price range of between $60 and $80 a barrel in order to sustain their exploration and costly production. To achieve that, he recommended that the cartel, which pumps 42% of the world...

Author: /time Magazine | Title: OPEC Cuts Production in Effort to Reverse Price Slide | 12/17/2008 | See Source »

...Carlos Saavedra, 24, a group of gunmen held up an ambulance, smacked around the medics and shot their patient dead on his stretcher--finishing off a victim who had survived an earlier hit. "One bullet was shot right next to the oxygen tank. If it had been a bit closer, the whole ambulance would have exploded," he says, miming the shooting with his fingers. Masked gunmen have also stormed into city hospitals to send the wounded on their way. A wall back at the base displays letters from several private clinics ordering the medics not to bring any gunshot victims...

Author: /time Magazine | Title: Postcard from Culiacán | 12/17/2008 | See Source »

...Lawrence Lessig will return to Cambridge next summer, extending Harvard Law School’s recent streak of poaching top-flight professors from rival schools. Lessig will re-assume a professorship at the Law School after nine years at Stanford, where he said he moved in 2000 to be closer to his wife, a native of California. In addition to being a law professor, Lessig will direct the Edmond J. Safra Foundation Center for Ethics. Calling Lessig “one of the most brilliant and important legal scholars of our time,” Law School Dean Elena Kagan...

Author: By Athena Y. Jiang, CRIMSON STAFF WRITER | Title: Lessig To Return To HLS Faculty | 12/15/2008 | See Source »

...Closer to home, "Ithaca Hours," with a livable hourly wage as the standard, were launched during the 1991 recession to sustain the economy in Ithaca, N.Y., and stem the loss of jobs. Hours, which are legal and taxable, circulate within the community, moving from local shop to local artisan and back, rather than leaking out into the larger monetary system. The logo on the Hour reads "In Ithaca We Trust...

Author: /time Magazine | Title: Alternative Currencies Grow in Popularity | 12/14/2008 | See Source »

...future, giving them a true personality and center for their songs.Just as exciting are the musical advances on “We Are Beautiful.” In just six months the band has moved well beyond its previously simplistic songwriting by incorporating new influences and song structures. Closer “All Your Kayfabe Friends” and the title track both twist in myriad directions, always threatening to dissolve into chaos while just clinging to some semblance of structure. The influence of Pavement on the band is clearer than ever on the beautiful lo-fi ballad...

Author: By Chris R. Kingston, CRIMSON STAFF WRITER | Title: Los Campesinos! | 12/12/2008 | See Source »

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