The US Federal Reserve took emergency action today to calm fears of a credit crunch sweeping global markets, as it cut the interest rate it charges commercial banks. Marco Werman learns what the cut in the discount rate is supposed to do, in an interview with Alan Blinder, a former Vice Chairman of the Board of Governors of the Federal Reserve System.

Listen to more from his discussion with Marco Werman from today's show.

Listen to more from his discussion with Marco Werman from today's show

The World's Marco Werman looks at a new remix of an old master. Pakistani singer Nusrat Fateh Ali Khan passed away ten years ago today. Now a London based producers gives him the reggae dub treatment.

A British company hopes to bring a Japanese idea to Europe. It's offering a "capsule" hotel. The rooms are essentially sleeping pods measuring 6 feet long by 3 feet wide. Cyrus Farivar reports on the new "Yo-tel" at London's Gatwick Airport.

Today's answer is Berlin, where a new hostel offers visitors a chance to experience a taste of communist East Germany. Anchor Lisa Mullins has details.

Nancy Greenleese reports from Rome on the investigation into the execution style murder of six Italian men in Germany.

Where in the world will we go today?

A one-time ally of al-Qaeda's second in command says he now rejects violent jihad. Sayed Iman el Sharif made his announcement by fax from an Egyptian prison. That's raising some questions about his apparent change of heart. The BBC's Jon Donnison reports from Cairo.

Global markets are in the midst of a freefall this week in reaction to the US housing loan crisis. Anchor Lisa Mullins speaks with John Authers, Global Investment Editor at the Financial Times.

Elvis Presley, who died 30 years ago today, had fans all over the world. But Elvis never actually performed overseas. Anchor Lisa Mullins looks at why the King stayed home.