February 13, 2012 Binyamin Rose: Back to the Bunker: How a life-risking act by a Christian family during the Holocaust saved a family and built a thriving community a world away Danielle Kurtzleben: The Peace Process is over. Finally Susan Johnston: The Myth of Economic Inequality Menachem Wecker: Business Schools Teach Real Estate Despite Troubled Housing Market The Kosher Gourmet by Diane Rossen Worthington: Farro Salad: An ancient grain is now new again as the base of a tasty tangle of flavorsome vegetables, chickpeas and salami February 10, 2012 Rabbi Nathan Lopes Cardozo: The biblical case against small-mindedness involved diminishing His precious prophet Caroline B. Glick: The Peace Process is over. Finally Lisa M. Krieger: Man with defibrillator demands access to his own heart's information David G. Savage: Why activists may not be in a hurry to have High Court rule on alternative marriage Rachel Koning Beals: Gen X Women Continue to Shrink Gender Investing Gap The Kosher Gourmet by Faith Durand: Who Says You Can't Make Restaurant Favorites at Home?: MANGO AND STICKY RICE February 9, 2012 Jeff Strickler: An argument a day keeps the divorce away, they say Clifford D. May: CAIR's Crusade against The Third Jihad Melissa Healy: Study finds jolt to the brain boosts memory Laura McMullen: 10 Least Expensive Public Schools for Out-of-State Students Kimberly Palmer: How to actually enjoy -- relaxing, financially -- your vacation Emily Brandon: 10 Necessities for a Great Retirement Spot The Kosher Gourmet by Diane Rossen Worthington: Winter Squash and Red Swiss Chard Risotto is Colorful Cozy Cold Weather Fare (includes detailed dos and don'ts) February 8, 2012 Rivy Poupko Kletenik: Tree hostility: The auspicious history of the evolution of Tu B'Shevat Steven Emerson: Planting Trees is Racist?! Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups Anne Applebaum: Russia's Potemkin democracy Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs Emily Brandon: 10 Necessities for a Great Retirement Spot The Kosher Gourmet byDana Velden: Going to the bother of making soup? You know it better be good. This CREAM OF TOMATO SOUP certainly is! And it's a cinch to make, too (Includes techinques and serving secrets) February 7, 2012 Kathleen Hennessey and Christi Parsons: Obama not worried that birth-control move will hurt his re-election chances with Catholics, other faithful Caroline B. Glick: Obama's rhetorical storm Frank J. Gaffney, Jr.: Caught off-guard? President's Super Bowl interview with Matt Lauer gives those who need a reason not to vote for him, a darn good one Suzanne Bohan: Leaping lizards! Tiny reptiles advancing robot design David Francis: How to Avoid an IRS Audit The Kosher Gourmet by Emma Christensen: These homemade energy bars (3 recipes) are far better workout fuel than commercial ones, packing power and taste February 6, 2012 Scott Peterson: Iran's top ayatollah: We're trumping the West Jonathan Tobin: Iran Threatens Israel With Destruction, But the New York Times Doesn't Hear It Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland' Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good Philip Moeller: Where Smart Investors Put Their Money Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard? The Kosher Gourmet by Joseph Erdos: Vegetable Frittata --- leftovers never tasted so scrumptious February 3, 2012 Rabbi Dr. Warren Goldstein: Living with ideals --- in reality Caroline B. Glick: Fool me twice Jonathan Tobin : Adelsonphobia Strikes in Nevada Caucus Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US Kimberly Palmer : 8 Ways to Get Ready for Retirement Now Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling The Kosher Gourmet by Faith Durand: A quick cookie recipe: Hazelnut and Olive Oil Shortbread: Sweet, Nutty, and Savory February 2, 2012 Rabbi Yaakov Rosenblatt : Welcome Home, Governor Perry Jim Carney: Wrong number call may have saved her life Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran Kelsey Sheehy : 5 Tips for Choosing an M.B.A. Concentration Rachel Koning Beals : Investors Increasingly Tap Social Media for Stock Tips Tina Susman: For woodchuck rescuer, every day is Groundhog Day The Kosher Gourmet by Leela Cyd Ross : Savory vegetable pie is a taste of European bistro with minimal effort and maximal flavor February 1, 2012 Nara Schoenberg: What to do when you've been dissed Michelle Malkin: First, They Came for the Catholics Brian Bennett: US officials see increasing threat of domestic attack from Iran Lisa M. Krieger: Possible breakthrough in preventing Alzheimer's Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures Susan Johnston: 5 Apps for Organizing Your Expenses at Tax Time The Kosher Gourmet by Mario Batali: The famed chef's Broccoli and White Bean Soup can easily be a lunch in itself, or a nice antipasto --- and is hard to mess up January 31, 2012 Paul Greenberg: Separation of Church and State works two ways Caroline B. Glick: Hamas and the Washington establishment Frank J. Gaffney Jr.: Uncle Sam is joining in efforts to crack down on Islamists' critics Danielle Kurtzleben: The 10 Worst Cities for Finding a Job Laura McMullen: 3 Tips to Overcome a Bad Grade in College The Kosher Gourmet by Faith Durand: Orzo dish mixes plump, chewy grains with caramelized onions, garlic, mushrooms and sweet potato January 30, 2012 Rabbi Avi Shafran: Blind faith and physics Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds Meg Handley: Banks Revamping Rewards Programs to Woo Customers Menachem Wecker: 3 Do's and Don'ts for Healthy Studying in College The Kosher Gourmet by Diane Rossen Worthington: Butternut Squash Gratin with Tomato Fondue is a combination of the sweet and creamy January 27, 2012 Rabbi Berel Wein: What Pharaoh can teach us sophisticates about being stubborn Caroline B. Glick: Obama: Of course I intend to prevent a nuclear holocaust . . . in a few months Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill Katy Hopkins: New budget rules may affect how much money you get for college The Kosher Gourmet by Emma Christensen: Barigoule is a light and tangy dish of artichoke hearts stewed in white wine January 26, 2012 Jonathan Tobin: Newt the closet anti-Semite? Ed Koch: To the New York Times, calling for the murder of Jews by those capable of having their incitement taken seriously isn't news Martin Peretz: One Year Later: The Failure of the Arab Spring Rachel Koning Beals: Need to Know info before investing in Muni Bonds this year Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report The Kosher Gourmet by Leela Cyd Ross: Curried Coconut Carrot Soup. Need we say more? January 25, 2012 Andrew Silow-Carroll: Speak politics the Jewish way! Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For Menachem Wecker: Adding an extra 'm' -- marriage -- to that M.B.A. Melissa Healy: Harnessing shrooms' magic The Kosher Gourmet by Hilary Meyer: 3 Secrets Leave All of the Comfort in this 'Comfort Food', but few of the Calories January 24, 2012 Carol Clark: The price of your soul: How your brain decides whether to 'sell out' Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court Jada A. Graves: 6 Careers to Watch in 2012 Jason Koebler: Who Should Have Access to Student Records? 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May: How terrorists lose their stigma Suzanne Bohan: Vanquishing social anxieties without drugs Lisa Fernandez and Sean Webby: In alternative lifestyle, domestic violence means men as victims and women being abusers Danielle Kurtzleben: The 10 Best Cities for Finding a Job The Kosher Gourmet by Diane Rossen Worthington: Three bean soup with gremolata January 18, 2012 Edward I. Koch: Why the Crocodile Tears, Hillary? David G. Savage: Supreme Court to Principals: You have been warned George Friedman of Stratfor: Iran, the U.S. and the Strait of Hormuz Crisis Jason Koebler: 'Holy Grail' of Flu Vaccines by Next Year Alex M. Parker: The Off-the-Radar Congressional Targets of 2012 The Kosher Gourmet by Susan Russo: Got soft apples? Make Apple-Maple Walnut Breakfast Quinoa January 17, 2012 Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be David G. 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Cloud: In secret study, CIA and 15 other U.S. intelligence agencies warn Obama against leaving Afghanistan too soon John Fauber : Statins found to raise diabetes risk in postmenopausal women Katy Hopkins : Consider This Before You Pay for an Online Degree Menachem Wecker : 4 Technology Must Haves for Online Students The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream January 11, 2012 Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US David G. Savage: High court signals it won't be loosening TV's 'indecency' rules Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules Rachel Koning Beals: Should You Invest in Bond Funds or Individual Issues? 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Jewish World Review Nov. 18, 2005 / 16 Mar-Cheshvan 5766 The Greenspan Effect By Mort Zuckerman http://www.JewishWorldReview.com | A decade ago, I wrote a number of editorials criticizing the Federal Reserve for putting the brakes on the economy too soon and hard. Shortly afterward, I ran into the Fed chairman, Alan Greenspan, who asked, "What do you know about monetary policy that I don't?" It was a riposte I am happy to recall, coming from someone who earned the respect of the world by seeing so many submerged icebergs long before we hit them. In the latter half of the 1990s, Greenspan differed from much of the conventional economic wisdom. The economy and employment were growing so fast it looked as if inflationary overheating were imminent. Greenspan believed, instead, that information technologies were improving productivity more rapidly than official statistics showed. To our great benefit, he let the productivity—for that is what it was—continue, and we didn't suffer the inflation that had been so widely predicted. During Greenspan's long stewardship at the Fed, we avoided countless icebergs—the stock market crash of 1987, financial crises from Mexico to Asia, two recessions, corporate scandals. But measured inflation rates have fallen, the business cycle has been smoothed out, the jobless rate is down, so is the cost of borrowing, and the dollar has stayed at the top of the world's currencies, with only two mild recessions and an average inflation rate showing dramatic improvement. Numbers don't tell the entire story, however. Greenspan emerged as a kind of Rock of Gibraltar, inspiring confidence in financial markets here and abroad. His success lay in a unique ability to understand the psychology and mechanics of markets and business, to sift what mattered from a mountain of data, and to avoid being locked in by experts or inflation targets. No chairman of the Fed has so excelled in the necessary art of ambiguity. "If I made myself clear," he said once, "I have misspoken." His wife says he had to propose three times before she understood him. Of course, no one could do so well without incurring some criticism. Some attacked Greenspan for the stock market bubble of the 1990s and the current housing boom. Greenspan has been unfazed, however, believing that the Fed should not be piercing bubbles but rather maintaining an economy flexible enough to survive the turbulence if bubbles burst. I think a more valid criticism might be lack of resistance to the Bush tax cuts, which contributed to the monstrous deficits we're now enduring. Nonetheless, Greenspan leaves a clean desk and a freer, less regulated economy more able to correct itself than when he took over. The question as we change pilots is whether the new Fed chairman, Ben Bernanke, can see the icebergs the way Greenspan could. Bernanke is an outstanding economist, but he lacks Greenspan's experience with financial markets. How will he read the mixed signals, with inflation accelerating for the first time in years, yet core inflation still at around only 1.3 percent—well within the 1 to 2 percent comfort zone? Proceed with caution. If Bernanke feels he has to establish his anti-inflation chops, he will have little room. Greenspan has already caused the Fed to raise the federal funds rate from 1 percent to 4 percent. Bernanke has always been willing to take a fresh look at data and use it to address many complex issues, such as how U.S. interest rates have managed to stay low despite the twin budget and trade deficits. Putting aside Greenspan's riposte to me, I'd say this is a time for Bernanke to calibrate interest rates carefully and postpone further tightening (always subject to new data). Many believe the current inflation concerns will turn out to be a false alarm, given levels of productivity and the pressure of global competition on prices. One clear risk is the current-account deficit. It now requires the United States to attract $3 billion every single business day. Here might well be the seeds of a dollar crisis forcing higher interest rates—the last thing America's economy, housing market, and overindebted consumers need. We enjoy a special home-court advantage in having our currency as the world's financial standard. It enables us to borrow in the same currency we print. Foreign producers send their merchandise here; we send dollars there; they, or their central bankers, invest in dollars, chiefly U.S. securities—as if the money never left home. But how many will willingly hold the dollars they have and accept current low interest rates without trust in the chairman's judgment? Since we will have to fund our deficits by drawing freely on surplus savings elsewhere in the world, we must find a way to do this without a sharp drop in the dollar or a related backup in interest rates, at a time when the budget deficit appears out of control. Of all President Bush's recent nominees, Bernanke is arguably the most important, since his leadership will powerfully affect the future of the American economy—and that of the world. Every weekday JewishWorldReview.com publishes what many in in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here. JWR contributor Mort Zuckerman is editor-in-chief and publisher of U.S. News and World Report. Send your comments to him by clicking here. ARCHIVES © 2005, Mortimer Zuckerman

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