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In the new version, only edits made by a separate class of "trusted" users will be instantly implemented. To earn this trusted status, users will have to show some commitment to Wikipedia, by making 30 edits in 30 days, say. Other users will have to wait until a trusted editor has given the article a brief look, enough to confirm that the edit is not vandalism, before their changes can be viewed by readers.

It allows select groups of editors, probably associated with specific subject areas, to vote on whether an article should be flagged as high quality. Readers would still see the latest version of an article by default, but a link to a high-quality version, if it exists, would also be available.

Contributors whose edits tend to remain in place are awarded high trust ratings; those whose changes are quickly altered get a low score. The rationale is that if a change is useful and accurate, it is likely to remain intact during subsequent edits, but if it is inaccurate or malicious, it is likely to be changed. Therefore, users who make long-lasting edits are likely to be trustworthy. New users automatically start with a low rating.

"The anonymity of the Netflix Prize dataset has been broken by a pair of computer scientists from the University of Texas, according to a report from the physics arXivblog. It turns out that an individual's set of ratings and the dates on which they were made are pretty unique, particularly if the ratings involve films outside the most popular 100 movies. So it's straightforward to find a match by comparing the anonymized data against publicly available ratings on the Internet Movie Database (IMDb) (abstract on the physics arxiv). The researchers used this method to find how individuals on the IMDb privately rated films on Netflix, in the process possibly working out their political affiliation, sexual preferences and a number of other personal details"

It is now clear that the delusional hope that the severe credit and liquidity crunch that hit US and global financial markets would ease has been shattered by the events of the last few weeks. This credit crunch is getting much worse and its financial and real fallout will be severe. The amount of losses that financial institutions have already recognized - $20 billion – is just the very tip of the iceberg of much larger losses that will end up in the hundreds of billions of dollars. At stake – in subprime alone – is about a trillion of sub-prime related RMBS and hundreds of billions of mortgage related CDOs. But calling this crisis a sub-prime meltdown is ludicrous as by now the contagion has seriously spread to near prime and prime mortgages. And it is spreading to subprime and near prime credit cards and auto loans where deliquencies are rising and will sharply rise further in the year ahead. And it is spreading to every corner of the securitized financial system that is either frozen or on the way to freeze: CDOs issuance is near dead; the LBO market – and the related leveraged loans market – is piling deals that have been postponed, restructured or cancelled; the liquidity squeeze in the interbank market – especially at the one month to three months maturities - is continuing; the losses that banks and investment banks will experience in the next few quarters will erode their Tier 1 capital ratio; the ABCP and related SIV sectors are near dead and unraveling; and since the Super-conduit will flop the only options are those of bringing those SIV assets on balance sheet (with significant capital and liquidity effects) or sell them at a large loss; similar problems and crunches are emerging in the CLO, CMO and CMBS markets; junk bonds spreads are widening and corporate default rates will soon start to rise. Every corner of the securitization world is now under severe stress, including so called highly rated and “safe” (AAA and AA) securities.

This is indeed the message that comes from true market prices – that are not indirectly available via the ABX indices. Those prices tell you not only that the mezzanine and equity tranches of subprime CDOs are now worth close to zero; they also tell you that prices for the AAA and AA tranches – that until recently were hovering near par of 100 – are now down to 79 and 50 respectively. Hundreds of billions of subprime RMBS and senior tranches of CDOs are still being evaluated as if they are worth 100 cents on the dollar. What the ABX is telling you is that they are worth much less; thus the losses from subprime alone are an order of magnitude larger than recognized by most firms.  But most firms are not using such market prices – or their proxies – to value their illiquid assets.

"In crude terms, the Bank is basically providing additional cheap finance to the banks to meet any short term requirements they might face," he said. "An increase in the reserve requirement is in affect an increase in lending to banks at the base lending rate of 5.75%. "It represents a significant increase in the liquidity of the banking system ¿ and relieves pressure on the banks to borrow at the higher penalty rate of 6.75%."

The global imbalances created by this dynamic of American borrowing and foreign lending appear stable for now, but if they slip suddenly, that could pose serious dangers for middle- and working-class Americans through soaring interest rates, a crash in the housing market, and sharply higher prices for anything no longer made domestically.

was a run on the pound sterling and he blocked the International Monetary Fund (IMF) from stabilizing the currency. With sterling on the verge of collapse, says Frankel, “Eisenhower told them, ‘We are not going to bail out the pound unless you pull out of Suez.’” Facing bankruptcy, the British withdrew. This incident, notes Frankel, “marked the end of Great Britain’s ability to conduct an independent foreign policy.”