May 25, 2012 Rabbi Yonason Goldson: Thinking About Faith Mark Clayton: Is Hillary's State Dept. hacking Al Qaeda? Not quite David G. Savage: Supreme Court limits protection against double jeopardy Ashley Powers: A nightmare, then conviction is tossed Erika Bolstad: Temple cancels Wasserman Schultz speech Deroy Murdock: WWII hero Karski to receive U.S. Medal of Freedom Kimberly Lankford: Health Coverage for College Grads New therapy helps tinnitus sufferers Solar Impulse takes off on first intercontinental flight without using a drop of fuel The Kosher Gourmet by Ethel G. Hofman: The former president of the International Association of Culinary Professionals, whose members included the likes of Julia Child, is back with contemporary Shavous cuisine: Ruby Fruit Soup, Sweet Noodle Kugel with Cheese, Key Lime Curd, Calsone Casserole Frittata with Wild Mushrooms, Sun-dried tomatoes and Olives, Baked Tilapia with Pepper Cheese Cream and Brown Sugar Shortbread May 24, 2012 Jeff Jacoby: The peace process battered Israel's reputation Near-nuclear nation threatens to walk out of summit unless it gets its way Clifford D. May: What Iran's Rulers Want Michael Muskal: 'Pro-choice' position hits record low, according to poll Chris Farrell: Are We in a Tech Bubble? Kimberly Lankford: Switching Medicare Advantage Plans Mid-Year Bryan McIver, M.B., Ch.B., Ph.D.: Mayo Clinic Medical Edge: Understanding hyperthyroidism and its variety of treatment options French rights groups want Google to stop suggesting 'Jew' Two-fly rule for Beijing toilets The Kosher Gourmet by Penelope Wall: PHILLY CHEESE STEAKS --- hold the steak! May 23, 2012 Ex-CIA spy in Iran's Revolutionary Guard: Baghdad talks highlight Western naivete Putin's latest defiance shows Obama's whisper didn't work Tony Pugh: More private colleges offering tuition discounts Lisa Gerstner: 4 Money-Etiquette Questions Answered Mary Beth Franklin: How to Choose the Right Annuity for You Art Markman, Ph.D.: Get smart: How to bulk up your creativity muscles Israeli scientists use skin cells to help repair heart muscle Tina Susman: The wig wasn't enough: Man gets 13 years for posing as his dead mom The Kosher Gourmet by Emma Christensen:A simple way to do fish right May 22, 2012 David S. Cloud and Kathleen Hennessey: Obama changes mind on Pakistan invite to NATO summit --- and then gets dissed by country's president US Senate approves new sanctions against Iran ahead of Baghdad talks Warren Richey: Can US group challenge overseas surveillance act? Supreme Court to decide Supreme Court: Twins can't claim dead dad's benefits Thomas M. Anderson: Walking Away From a Mortgage Environmental Nutrition editors: The lowdown on a low-acid diet Pomegranate juice maker used deceptive ads, FTC judge rules Relatives outraged over spoof on Hamas chief's killing The Kosher Gourmet by Megan Gordon: Enjoy a celebration of the most rich and layered flavors: Black bean, sweet potato and quinoa chili May 21, 2012 Mark Clayton: Cybersecurity: How US utilities passed up chance to protect their networks Howard LaFranchi: NATO summit: Who will foot the bill for long-term Afghanistan security? Chris Farrell : Earn Dividends in Emerging Markets with This WisdomTree ETF James K. Glassman: 5 Stock Picks Among Online Retailers Stephen Whiteside, Ph.D. : Mayo Clinic Medical Edge: Social anxiety disorder --- or just shy? Guy Jackson : Victim's father regrets death of Lockerbie bomber The Kosher Gourmet by Mario Batali: Famed chef's veal shoulder farsumagru: A festive meat course for late spring May 18, 2012 Rabbi Berel Wein: Striving: The People of the Book's Book for (All of) the People Caroline B. Glick: Embracing dangerous delusions and not our friends Steven Goldberg: 5 Great Stock Picks and the Exchange-Traded Fund that Owns Them Janet Bodnar: How to Teach Kids to Handle Credit Cards Mary Pickett, M.D.: Ask the Harvard Experts: Don't be forced into gluten-free lifestyle based merely on a doctor's false-positive test The Kosher Gourmet by Carolyn Malcoun: DIY healthy lunchbox treats: HOMEMADE FRUIT BARS for kids and brown-bagging adults alike May 17, 2012 Warren Richey: Teacher fired for being unwed and pregnant can sue religious school, court rules Josh Mitnick: Netanyahu's 'centrist' coalition is already proving it's anything but Steven Goldberg: Earn Dividends in Emerging Markets with This WisdomTree ETF Mary Beth Franklin: Retirement Savings Tips for New Grads Amina Khan: Research links coffee to lower death rates Chelsea Sheasley: Social media: Is it too feminine? 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What you need to know before you buy Kathy Kristof: Our Practical Investor Fights Inflation with These 6 Investments Sue Hubbard, M.D.: The Kid's Doctor: Lactose intolerant young child? Check again Environmental Nutrition Editors: Get the facts on palm sugar sweetening The Kosher Gourmet by Kathy Hunt: Spread a Little Excitement with EXOTIC CONDIMENTS (4 RECIPES) May 14, 2012 Richard Simon: Purple Hearts for domestic terror victims? Nando Pelusi, Ph.D.: The privacy paradox: Surrounded by strangers, we risk isolation, anxiety Chris Farrell: Investing Lessons from the Great Recession Lisa Gerstner: How to Protect Your Identity, Finances If You Lose Your Phone Harvard Health Letters: Heart disease and dementia Tiffany O'Callaghan: New hormone mimics effects of exercise without the sweat The Kosher Gourmet by Megan Gordon: MANGO COCONUT OAT MORNING MUFFINS are a bright but hearty delight May 11, 2012 Rabbi B. 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Loiko: Putin sends warning to U.S., NATO in Victory Day speech at Red Square Mary Rourke: How being a 'mentch' got Vidal Sasoon his start and fighting in Israel's War of Independence provided him with confidence and a strong sense of his own identity Harvard Health Letters: Palliative care: Underused therapy yields surprising benefits Jeff Bertolucci: Get Home Phone Service for Less Than $10 a Month Rachel L. Sheedy and Susan B. Garland : Make the Right Moves to Boost Benefits The Kosher Gourmet by Betty Rosbottom: Gleaming with its golden, crimson, and snowy white hues, this silken smooth and creamy STRAWBERRY ORANGE TRIFLE looks impressive, but is easy to prepare May 9, 2012 John Rosemond: Parents, stop destroying the American male Valerie J. Nelson: Maurice Sendak, author of 'Where the Wild Things Are,' dies at 83 Bob Frick: Angst Over Annuities Sharon Palmer, R.D. How you can reduce your risk -- or delay -- chronic diseases associated with aging Howard LeWine, M.D.: Ask the Harvard Experts: Why did my blood pressure suddenly shoot up? Lisa Gerstner: Lower the Rate on All Your Loans The Kosher Gourmet by Emily Ho : Springtime soba with miso sauce offers a coloful mix of fresh textures and flavors May 8, 2012 Edmund Sanders: Netanyahu suddenly cancels new elections, forms unity government Frank J. Gaffney Jr.: Farewell to European superstate Anne Kates Smith: 4 Stocks That Mimic Buffett and Berkshire Hathaway Gaia Vince and Clare Wilson The Rise of Miniature Medical Robots: Fantasy Fast Becoming Reality Paul Takahashi, M.D.: Mayo Clinic Medical Edge: Never suffer night leg cramps Jessica L. 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Jewish World Review Feb. 18, 2010 / 4 Adar 5770 There Is No Keynesian Miracle By Paul Johnson http://www.JewishWorldReview.com | During 2009 there was a lot of smug talk among academic and political liberals of Keynesianism enjoying a triumphant revival. But in the real world of jobs, wages and production—as opposed to the imaginary one of the chattering classes—the evidence shows that John Keynes' notion of being able to spend your way out of recession has not worked this time, if it ever did. It's important to note that ordinary voters are more sharply aware of this idea's failure than are the Western governments that have put their trust in Keynes. The Obama Administration and British Prime Minister Gordon Brown's government both chose to meet the credit crisis and subsequent recession with huge increases in public spending and debt. Brown even boasted that by doing so he had "saved the world." However, the European Union, led by Germany, proved reluctant to tread the Keynesian road and shoulder vast burdens of government debt. The result of this decision can be seen in the rise of the euro against the dollar and the pound and in the fact that Germany and France are now pulling out of recession. China and India declined to go for a full-bloodied Keynesian solution. Their economies have continued to expand, if more slowly than before the crisis, and both are in a strong position to exploit the new decade's opportunities. China has notably narrowed the gap between its economy and that of the U.S. Meanwhile, the U.S. and Britain are still deeply mired in recession, having acquired a vast amount of new government debt to no constructive purpose. No amount of juggling with unemployment figures can obscure the fact that in both countries real jobs are still being lost and that the creation of phony government ones is not altering the drop in family incomes. The public senses the truth, and the signs point to voters taking a fearful revenge on the Keynesian "miracle workers." Sometime this spring Brown's New Labour government will be forced to hold an election, and it will almost certainly go down in catastrophic defeat. What kind of government will succeed is unclear—a homogenous regime under David Cameron and the Tories or a coalition with the Liberal Democrats. But either way, after a dozen disastrous years in power, New Labour will disappear as an experiment in ultraliberalism, with half its MPs losing their seats. In the U.S. the Democrats' loss of the Massachusetts Senate seat that had been theirs for more than 50 years is a harbinger of doom. Unless Obama radically changes his approach to government the portents are for the Democrats to be decisively defeated in the midterm congressional elections and for Obama himself to follow the hapless Jimmy Carter as a one-term President. One of the great modern myths taught in some university economics departments is that government treasuries can be run in a fundamentally different way from the finances of private families. This mythology includes the belief that adding to public debt is a form of investment and that spending the taxpayers' money on a colossal scale and in a wanton manner may have positive economic virtues. There's no evidence that ordinary men and women, who have to make their own way and support their families in harsh reality, have ever swallowed these nostrums. Unlike governments, they do not have the legal right to print money and, therefore, do not entertain the self-deception that goes along with that. For them the penalties of foolishly acquiring debts they cannot repay are certain and disastrous, often involving ruin from which they may never emerge. Sensible people observe the basic rules of financial prudence: Expenditure must not exceed income, if possible; debt should be acquired reluctantly and liquidated as soon as can be; and, above all, there should be a continual and indefatigable effort to save and to invest sensibly. The West became rich and powerful following these rules. Despite the profligate examples recently set by their governments, many people still wish to follow the path of financial prudence. For instance, in Britain the savings of average-income families, despite low interest rates and small returns, have increased since the crisis of 2008. And there is some evidence of a similar pattern in the U.S. As for India and China, the propensity of their 2 billion inhabitants to save has never been stronger or more persistent. In both West and East true financial leadership has been provided not by the sophistries of liberal leaders but by the invisible masses of the poor. It is important that we study—and learn from—the political lessons of recent events. Since the Democrats' debacle in Massachusetts, Republicans have begun to entertain positive hopes of recapturing the White House. Those who form Republican opinion should weigh carefully this new factor of popular financial probity. It would be a welcome change to see a serious contender put forward a basic proposition of economic and financial policy such as the following axiom: "There is nothing essentially different between running government finances and those of a family. The same penalties for recklessness and folly apply to both. And, in both, the same prudence, integrity and self-sacrifice will bring success. Anyone who tells you different is deceiving you." It is clear that such an approach would bring electoral dividends and, more important, national solvency and prosperity. Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here. BUY THE BOOK Click HERE to purchase it at a discount. (Sales help fund JWR.). Eminent British historian and author Paul Johnson's latest book is "American Presidents Eminent Lives Boxed Set: George Washington, Thomas Jefferson, Ulysses S. Grant". Comment by clicking here. Previously: 10/20/09: A Job Waiting for a Woman? 07/21/09: Obama Has to Be World Sheriff 03/24/09: Short works of genius that cheer up the writing profession 02/11/09: What would Darwin do? 01/27/09: Are you sophisticated? Here's how to find out 01/06/09: What did they talk about in the Ice Age? The weather, of course 09/09/08: Time, and our appalling ignorance of it 08/19/08: Eye-stopping glimpses of an exotic and forbidden world 06/30/08: How to fill a lecture hall, and how to empty it 06/23/08: Americans should count their blessings 05/20/08: Pajamas for Presidents 05/13/08: Literary woodlice boring needless holes in biographical bedposts 04/01/08: When markets come crashing down, send for the man with the big red nose 04/01/08: Quality for dinner. Pass the Fairy Liquid, Old Boy 03/25/08: In search of an American President with brains and guts 03/18/08: Technological warfare against mice won't work. Try cats 03/11/08: What is a genius? We use the word frequently but surely, to guard its meaning, we should bestow it seldom 03/03/08: Fiction as a crutch to get one through life 02/26/08: Impatience + Greed = Trouble 02/13/08: Shakespeare, Neo-Platonism and Princess Diana 02/07/08: Where Industry Has Failed Us 12/19/07: People who put their trust in human power delude themselves 12/12/07: What is aggression? 12/04/07: Pursuing success is not enough 11/07/07: Are famous writers accident-prone? 10/31/07: Courage needed to disarm Iran 09/20/07: Who Will Say ‘I Promise to Lay Off’? 07/24/07: Greed is safer than power-seeking 04/02/07: Benefactors must be hardheaded 03/07/07: American idealism and realpolitik 11/28/06: Space: Our ticket to survival 10/24/06: Envy is bad economics 10/11/06: Better to Borrow or Lend? Rethinking conventional wisdom 08/22/06: Don't practice legal terrorism 08/08/06: A summer rhapsody for a pedal-bike 08/03/06: Why is there no workable philosophy of music? 07/11/06: Historically speaking, energy crisis is America's opportunity 07/06/06: The misleading dimensions of persons and lives 06/06/06: First editions are not gold 05/23/06: A downright ugly man need never despair of attracting women, even pretty ones 04/25/06: Was Washington right about political parties? 04/12/06: Let's Have More Babies! 04/05/06: For the love of trains 03/29/06: Lincoln and the Compensation Culture 03/22/06: Bottle-beauties and the globalised blond beast 03/15/06: Europe's utopian hangover 03/08/06: Kindly write on only one side of the paper 02/28/06: Creators versus critics 02/21/06: The Rhino Principle © 2009, Paul Johnson

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