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April 21, 2014

Andrew Silow-Carroll: Passoverkill? Suggestions to make next year's seders even more culturally sensitive

Sara Israelsen Hartley: Seeking the Divine: An ancient connection in a new context

Christine M. Flowers: Priest's execution in Syria should be call to action

Courtnie Erickson: How to help kids accept the poor decisions of others

Lizette Borreli: A Glass Of Milk A Day Keeps Knee Arthritis At Bay

Lizette Borreli: 5 Health Conditions Your Breath Knows Before You Do

The Kosher Gourmet by Betty Rosbottom Coconut Walnut Bars' golden brown morsels are a beautifully balanced delectable delight

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 April 22, 2009 / 28 Nissan 5769

Honest talk about Chinese currency manipulation

By Tony Blankley


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http://www.JewishWorldReview.com | Last week, the Obama administration declined to cite China for currency manipulation despite the fact that most experts — including Treasury Secretary Timothy Geithner during his confirmation testimony — do not deny the obvious currency-rate fixing by China. Almost certainly, this decision reflected merely a tactical judgment not to offend China, given China's vital role in the international economic recovery effort.


But Chinese currency manipulation provides a useful entry point into an important Washington debate: Do we understand well enough — and are we in a political position to discuss honestly — the causes of the current financial and economic crisis to be ready, this year, to enact financial re-regulation legislation?


I would argue not only that we do not understand enough yet but also that we have plenty of time before new financial regulations need to be enacted. (Disclosure: I have given professional advice to a financial institution.) Everyone — from President Barack Obama to House Financial Services Committee Chairman Barney Frank to major free market economists and Republicans — currently agrees that the gravamen of any new financial re-regulations must be to guard against financial institutions and major players taking systemic risks that may undermine national and international finance again.


And, while the day may well come when that risk will arise, for at least the next year (and probably for several years), the problem will be trying to induce financial institutions to trust one another, trying to induce holders of capital to take any chances on investment. Thus, the financial danger for the time being is not risk taking; it's risk aversion. At their heart, financial relations are based on trust. That trust has been shattered. It almost certainly will take new financial regulations, particularly in the United States, to rebuild that trust.


But for the regulations to serve that necessary function, they must be seen to reflect a correct assessment of the causes of the current calamity, as well as a credible and timely check on those dangers — and still permit the financial system to generate prosperity.


A number of members of Congress — mostly from the left side of the political spectrum — have called for hearings on the causes of the financial failures. Though they may well have ideological oxen they plan to gore at such hearings, I agree with them that there ought to be extensive public hearings.


While cause and effect in human affairs is inevitably a muddled matter (scholars still debate the causes of the French Revolution and the cures of the Great Depression), we owe it to our hopes for future prosperity to make a serious effort to understand what just happened and why. That brings me back to the question of Chinese currency manipulation.


A growing body of leading experts believe that the Chinese refused to allow their exporting strength vis-a-vis the United States to be reflected in a true value of their basic monetary unit, the yuan (also known as the renminbi). By pegging it to the dollar, they ran up huge surpluses and recycled the money back to the United States.


But more significantly, the global account imbalances — profoundly exaggerated by their fixing the yuan — may have been the primary cause of the world financial crisis. The case against this act of "exchange rate protectionism" (professor Max Corden coined the phrase) was put forcefully and presciently by Martin Wolf, the Financial Times' chief economic commentator (and as close to a 21st-century Walter Bagehot as we have), in his 2008 book, "Fixing Global Finance": "Many blame the United States' predicament on the policies of the Federal Reserve and lax regulation of the financial system. These arguments are not without merit, but they are exaggerated." He goes on to make a powerful case that China's currency-rate fixing supercharged the current account imbalances and led to the disaster.


What makes Wolf's argument piquant is that he cites — and relies on for the "significance" argument — the powerful lecture "Reflections on Global Account Imbalances," delivered in 2006 in India by Lawrence Summers — then a private citizen and now President Obama's chief economic adviser.


It is doubly interesting that Summers gave the following dust-cover endorsement last year to Wolf's book: "Wolf is the world's preeminent financial journalist. This book should be read by anyone who cares about the future of the international system."


Major reviews of his book all point to the centrality of this currency-manipulation charge against the Chinese. For example, the review in The Observer — a British newspaper — by Will Hutton, states: "Wolf is tough on China's role in all of this and his book will be very unpopular with the Politburo and Chinese Communist party, which want to blame the hegemonic US for the crisis."


White House public talking points cite "Wall Street greed" and the shortcomings of our health, energy, carbon and education policies as major causes of the crisis. It would appear that the president's senior economic adviser may have a somewhat different point of view.


Both the administration and the two major parties in Congress owe the public their best non-ideological, nonpartisan public analysis of the causes of the current conditions. The financial re-regulation decisions they make may well decide whether our grandchildren live in prosperity or poverty. Let's not rush to write and pass this fateful legislation, as we did with previous economic legislation, until the public and the government know what we are doing — and the politics permit an honest discussion.

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.

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Tony Blankley is executive vice president of Edelman public relations in Washington. Comment by clicking here.

© 2009, Creators Syndicate

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