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Rosales defended the legality of the bills, insisting that legislation passed in 1995 gives the Central Bank "exclusive authority" to mint and print money. The number of signatures that appear or don't appear on the money is not important, he said. Critics, however, argue that the Central Bank's exclusive authority doesn't give it creative license to invent new styles of currency that stray from the technical specifications laid out in the Monetary Law. "The government couldn't just start circulating cacao beans and say it's currency like the indigenous did," says economist Nestor Avendano. "They have...

Author: /time Magazine | Title: For Nicaraguans, New Currency Is a Hot Potato | 5/23/2009 | See Source »

...While the site implied that Russia was not ready to budge on any of the issues on the table, Russian President Dmitri Medvedev made the point exceedingly clear. "The Russian Federation has not given any assurances and will not give any," he said after requests from the European side that the January gas crisis - when Russia cut off supplies to Ukraine for over a payment dispute - not be repeated. Although smiles abounded and the talks were held at the Musical Comedy Theatre, just off Khabarovsk's main Karl Marx Prospekt, the tone was one of disagreement. (See pictures of Russians...

Author: /time Magazine | Title: No Gas Deal at the E.U.-Russia Summit | 5/23/2009 | See Source »

...view of how words do - or don't - make their way into the book that defines the English language. The past year has seen such additions as subprime and credit crunch. Those words had been around for quite some time, but it took a while for the OED to give them their own entries. "We're not going to just put in buzzwords," says Sheidlower. "We're not going to put in something that will go away three months from now." Which is perhaps a good metaphor for economic metaphors. Just because we use a phrase in conversation today doesn...

Author: /time Magazine | Title: 'Green Shoots': The Trouble with Economic Metaphors | 5/22/2009 | See Source »

Meanwhile, people familiar with how Klaus thinks believe that he will give the Lisbon Treaty a last-minute backing. "He will go to the very brink, but he will sign it in the end," says Jan Strasky, a former Czechoslovak premier who has known Klaus for over four decades and once shared an office with him. "He has a control mechanism. He leaves the barricade when it becomes indefensible." In a sign that he may not intend to kill the reform pact outright, Klaus gave up a chance to chair the E.U.'s June summit in Brussels, at which...

Author: /time Magazine | Title: Vaclav Klaus: The Man with the E.U.'s Fate in His Hands | 5/21/2009 | See Source »

Quinn was one of more than 2,000 people to give evidence in a nine-year inquiry into child abuse at educational institutions, orphanages and hospitals run by Roman Catholic religious orders in Ireland from the 1930s to the 1990s. On Wednesday, May 20, the Commission to Inquire into Child Abuse released its findings. The five-volume, 2,600-page report is a catalog of horrors, describing "endemic sexual abuse" at boys' institutions and the "daily terror" of physical abuse experienced by the estimated 30,000 Irish children who were sent to them. (See pictures of new hope for Belfast...

Author: /time Magazine | Title: For Ireland's Catholic Schools, a Catalog of Horrors | 5/21/2009 | See Source »

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