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...past month, all three major Icelandic banks have been effectively nationalized, the stock market has crashed, and the International Monetary Fund (IMF) has been called in to calm international investors and prevent the country’s bankruptcy. As the global financial crisis claims its first sovereign victim, it is important to understand that every party involved would have benefited from more coordinated international regulation. The crisis affecting Iceland has its roots in the catastrophic consequences of an oversized banking industry in a country without the financial muscle to become a lender of last resort amidst a liquidity crisis. Although...

Author: By Pierpaolo Barbieri | Title: Gone With the (Arctic) Wind | 10/29/2008 | See Source »

...Micheli sentenced Guede, who'd requested a fast-track trial, to 30 years in prison, a reduction granted by the abbreviated procedure after prosecutors had requested the maximum life sentence. The victim's parents, who had come from their home in Surrey, England, to follow the trial, were present at the closed-door reading of the verdict, and according to their lawyer were satisfied with the judge's decision...

Author: /time Magazine | Title: Expat Knox to Stand Trial in Italy Murder | 10/29/2008 | See Source »

...From the outset, Knox's sexual history has been widely reported, with prosecutors linking her past to their allegation that the victim was forced into an orgy. (Even last week, Italy's leading daily Corriere della Sera reported that Knox had to fend off lesbian advances of a fellow prisoner.) The prosecution's court-room reconstruction of how they believe the life of the popular British exchange student, known to her friends as "Mez", was brutally cut short. After trying to force Kercher to join in group sex with them and Knox, prosecutors say the men held the victim down...

Author: /time Magazine | Title: Expat Knox to Stand Trial in Italy Murder | 10/29/2008 | See Source »

...China's financial system, remember, is not a major victim of the implosion that is taking down markets and economies across the globe. Its banks, which have slowly rebuilt their balance sheets for the past decade, have been dinged but not crippled by exposure to the subprime mess. But Chinese government policymakers and financial CEOS are looking on in horror nonetheless, and asking themselves a fundamental question: what lessons should we learn from this debacle...

Author: /time Magazine | Title: China Stays Its Capitalist Course | 10/28/2008 | See Source »

...Staph, of course, is far from just an NFL problem. Two college teams, the '05 Florida Gators and the '03 USC Trojans, had multiple cases. And football is by no means the only sports victim. The infection kept Toronto Blue Jays outfielder Alex Rios out of the 2006 All-Star Game. A few days later another Toronto player caught it, and the clubhouse was disinfected. NBA players Paul Pierce, Grant Hill and Drew Gooden have had it. Staph killed a high school wrestler in California this summer, and last spring 15 students at a Pennsylvania high school were either treated...

Author: /time Magazine | Title: A Slew of Staph Infections Tackles the NFL | 10/25/2008 | See Source »

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