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Jonathan Tobin: Defending the Right to a Jewish State

Heather Hale: Compliment your kids without giving them big heads

Megan Shauri: 10 ways you are ruining your own happiness

Carolyn Bigda: 8 Best Dividend Stocks for 2015

Kiplinger's Personal Finance editors: 7 Things You Didn't Know About Paying Off Student Loans

Samantha Olson: The Crucial Mistake 55% Of Parents Are Making At Their Baby's Bedtime

Densie Well, Ph.D., R.D. Open your eyes to yellow vegetables

The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review Feb. 7, 2006 / 9 Shevat, 5766

Greenspan advising Britain? It's housing bubbles, deficits and potential meltdowns all over again

By Niall Ferguson


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http://www.JewishWorldReview.com | They really are the odd couple of economic policy. on one side of the atlantic is alan greenspan, who last week stepped down as chairman of the federal reserve after nearly two decades of mastering the financial universe. On the other is Gordon Brown, Britain's chancellor of the Exchequer, who last week was still chancellor of the Exchequer after nearly one decade of wishing he were prime minister.


Greenspan is revered today but, before he went to the Fed, he was regarded as something of a right-wing maverick. He was a disciple of Ayn Rand, whose theory of objectivism might best be summed up as the veneration of unfettered capitalism.


Brown had a rather different mentor in his formative years. He wrote his doctoral dissertation about that Red Clyde firebrand, James Maxton, who dedicated his life to the denigration of unfettered capitalism.


So there was something distinctly bizarre about the report last week that Greenspan is to become an unpaid "honorary" advisor to Britain's treasury.


One can only hope that when Greenspan arrives at No. 11 Downing St. he will not — as has been his wont for the last 19 years — mince his words.


AG: "Gordon, I have to level with you. The British economy is in a mess. And it's your fault. You inherited an economy that had been saved from ruin by Margaret Thatcher. You did one thing right, which was to make the Bank of England independent. But to call the rest of your time as chancellor a success would be — to coin a phrase — irrational exuberance.


"Nearly a third of the new jobs created in Britain since 1997 have been in the public sector. You've thrown billions at an inefficient, state-run health service. Meanwhile, British productivity lags behind not just the U.S. but even Italy."


GB: "Thanks, Alan old boy, but actually those aren't the things I wanted you to advise me about. There's another set of problems that are worrying me more. First, I'm a little nervous about the growth of public-sector borrowing. Second, there's been a housing bubble here, and I'm worried that as it deflates we're going to slide into recession. Our pension system seems to be heading for a meltdown, and our current account deficit refuses to go away. Sound familiar to you?"


AG: "OK, OK, so I'm not quite as big a genius as everyone was saying last Tuesday. Sure, I got the big things right. Inflation is lower and growth steadier than it was when I took over the Fed in 1987. I've got the American economy through not one, but two stock market crashes, to say nothing of a direct terrorist hit on downtown Manhattan.


"But my real legacy to my successor is a conundrum. I've spent the better part of the last two years raising interest rates but — I have to admit it — no one seems to have noticed. The dollar has weakened only a little, and long-term rates haven't budged at all. So our housing bubble is still going strong. And Americans aren't saving a cent. In fact, they just keep borrowing more and more against their homes, and then heading off to the shopping malls to spend it.


"I just don't get it. If quadrupling the cost of borrowing can't cool things down in the U.S., I don't know what can. Are long-term rates being artificially depressed by Asian central banks' purchases, or is everybody out there just dreaming that inflation is no longer something they need to worry about because of globalization?


"One thing's for sure, I breathed a sigh of relief when I walked out of my office for the last time. Come to think of it, I guess that's the way you'll feel when you finally get to move next door into No. 10."

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Niall Ferguson is a professor of history at Harvard University. He is the author of "Empire" (Basic Books, 2003) and "Colossus" (Penguin, 2004). Comment by clicking here.

01/31/06: Missing the Cold War
01/24/06: It's a sick, Thick World
01/17/06: Tomorrow's world war today
01/03/06: Scotland, it's over, but keep the accents
12/20/05: History, democracy and Iraq
12/20/05: History, democracy and Iraq
11/22/05: Ghost of Napoleon haunts Tony Blair
11/22/05: Can it happen in Britain too?
11/15/05: Red plus blue equals purple
11/10/05: The fires of disintegration
11/01/05: Triumph of an über-wonk

© 2006, Los Angeles Times Distributed by Los Angeles Times Syndicate

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