Debt forgiveness is one of the most important innovations of modern capitalism, but it is a fairly recent one. Though the Constitution gives Congress explicit authority to enact “uniform Laws…
“There was no country more in the thrall of commercial banking and paper wealth. . . . All this helped explain why no one in Iceland seemed worried about building an economy on water, not when the last one had been built on air.”
Israel bombed Hamas targets in Gaza for three days, killing at least 300 people, 50 of them civilians, and blowing up a mosque and a television station. Palestinians seeking to…
Caught in the Web, 1860. Governments around the world attempted to slow the global financial catastrophe. Der SpiegelNYTThe stock market in Iceland reopened after a three-day suspension and immediately plunged…
Caught in the Web, 1860. Oil reached a record $139.89 a barrel. Four Western companies met with Iraq’s Oil Ministry to finalize no-bid contracts to tap Iraqi oil fields, and…
An American cattleman. Members of a North African faction of Al Qaeda detonated bombs at the U.N. complex in Algeria and at the country’s Supreme Court, killing at least 26…