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...textbook can tell you that if you allow markets to operate freely, new firms will enter the market and drive down profits and prices until supply equals demand. Even in developing countries today, we see that principle in action as new banks are entering the market and offering lower interest rates. If this continues and the operational costs decrease as technology increases, interest rates could fall to levels as low as in the United States. The microfinance industry is an excellent way to learn about extreme poverty, an issue that today affects around three billion people all over the world...

Author: By Charles A. Lacalle | Title: Finance in the Third World | 8/8/2008 | See Source »

...Hamm had a rough practice on the floor routine, but shrugged it off to the bounciness of the mat. Today, he acknowledged that "When I came to Beijing, my ankle was not 100%." The ankle injury is the result of bone spurs that dig into Hamm's tibia, or lower leg bone, and causes extreme pain. And while he did not address why he hadn't taken care of the painful spurs earlier, Hamm had already weathered a severe pectoral tear earlier this year, and underwent a lengthy recovery and rehabilitation process to restore himself into Olympic shape...

Author: /time Magazine | Title: Troubles for the US Gymnastics Team | 8/7/2008 | See Source »

...them to take off their shoes and arranges them in two lines, women behind men, facing east. "Allahu akbar," he says twice. Then four men pick up the bier, easily handling its weight with one arm, and walk a short way to a freshly dug hole, into which they lower the bundle and bury it. Three other small, fresh graves nearby indicate Ayano Gemeda, 6, was not the first child to starve in Kersa this year. The distended bellies and chicken-wing limbs of children looking on suggest he won't be the last...

Author: /time Magazine | Title: Ethiopia: Pain amid Plenty | 8/6/2008 | See Source »

...them to take off their shoes and arranges them in two lines, women behind men, facing east. "Allah Akbar," he says twice. Then four men pick up the bier, easily handling its weight with one arm, and walk a short way to a freshly dug hole, into which they lower the bundle and bury it. Three other small, fresh graves nearby indicate Ayano Gemeda, 6, was not the first child to starve in Kersa this year. The distended bellies and chicken-wing limbs on other children looking on suggest he won't be the last. "It's very bizarre," says...

Author: /time Magazine | Title: Among the Starving in Ethiopia | 8/6/2008 | See Source »

...away from the expensive cocktails they are forced to use to prevent gas from evaporating in the summer, consumption drops and speculators begin to anticipate a flat U.S. economy over the next few quarters, said Greg Valliere, chief political strategist at Stanford Washington Research Group. "Gas prices are headed lower in the coming weeks because the oil futures market finally is reflecting supply-demand shifts," Valliere said. "There is no policy initiative that could have done this, nothing from Washington. Market forces finally are dominating the speculators." And at least with the lights off, the Republican representatives who plan...

Author: /time Magazine | Title: The Politics of High Gas | 8/5/2008 | See Source »

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