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Some joined the queues before dawn. Many waited in line for days. But among the armies of customers to besiege Northern Rock bank branches in recent days, there was a common cause. "I'm doing what everybody else is doing," one elderly man, waiting to withdraw his money from a branch in northern England, told reporters. That meant "panicking. I'm joining the herd...

Author: /time Magazine | Title: Rock Bottom | 9/20/2007 | See Source »

...wasn't kidding. Almost immediately after Northern Rock announced on Sept. 14 that the Bank of England had agreed to make an unspecified amount of emergency funds available to it, worried depositors began retrieving their savings. Although the Bank's move aimed to reassure punters, it only served to spook them. Worried that the lender - Britain's fifth-largest mortgage provider - was in danger of insolvency, savers across the country rushed to clean out their accounts, ignoring assurances from the bank's CEO and Britain's Financial Services Authority (FSA) that Northern Rock's capital reserve was sound...

Author: /time Magazine | Title: Rock Bottom | 9/20/2007 | See Source »

...historic highs and with scant prospect of any decrease in world demand for energy, it is only prudent to get a sense of what resources lie below the newly accessible sea. But there is something paradoxical about seeking in the Arctic the very carbon fuels that are melting the northern ice. "The rush to exploit Arctic resources can only perpetuate the vicious cycle of human-induced climate change," says Mike Townsley of Greenpeace International...

Author: /time Magazine | Title: Fight for the Top of the World | 9/19/2007 | See Source »

...coastline beyond the current limit. That explains the rush by Russia, Denmark and Canada to try to use the murky form of the underwater Lomonosov Ridge to expand the territory they control. The ridge, a largely uncharted geological formation named for an 18th century Russian polymath born near the northern coastal city of Arkhangel'sk, runs under the Pole from north of Canada's Ellesmere Island and Denmark's Greenland to the New Siberian Islands of Russia. Each of the three countries hopes the ridge's contours and rock content will throw up proof that it is an extension...

Author: /time Magazine | Title: Fight for the Top of the World | 9/19/2007 | See Source »

...then skillfully resurfaced through the shifting holes in the ice. Chilingarov said the flag was to "stake the place for Russia," although, in truth, Russia is already a dominant force in the Arctic; it has the world's largest fleet of icebreakers and long experience developing its icy northern coastline...

Author: /time Magazine | Title: Fight for the Top of the World | 9/19/2007 | See Source »

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