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May 24, 2012

Jeff Jacoby: The peace process battered Israel's reputation
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
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
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
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
Warren Richey: Can US group challenge overseas surveillance act? Supreme Court to decide
Thomas M. Anderson: Walking Away From a Mortgage
Environmental Nutrition editors: The lowdown on a low-acid diet
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?
The Kosher Gourmet by Faith Duran : Cheesy Potato Breakfast Casserole with Cheddar and Sun-Dried Tomatoes
May 16, 2012
Jackson Holahan: The Aleppo Codex
Jonathan Tobin : Iran Declares Victory in Nuclear Talks
Anne Kates Smith: 7 Stocks That Let You Sleep Tight
Carmen Terzic, M.D., Ph.D. : Mayo Clinic Medical Edge: A variety of exercises can help improve balance
Melissa Healy: National strategy on Alzheimer's disease aims to halt it by 2025
The Kosher Gourmet by Joyce White : GOODNESS GRACIOUS: GREENS! 4 winning recipes that are no longer just for down-home folks (Includes expert tips & techniques)
May 15, 2012
Dennis Prager: God and Man at (and for) Liberty
Kristen Chick: Obama administration resumes arms sales to Bahrain despite serious unresolved human rights issues. Activists feel abandoned
Pat Mertz Esswein: Homes are now affordable again and mortgage rates are low. 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. Shafier: Why happiness will always be elusive
Charles Krauthammer: Echoes of '67: Israel unites
Howard LaFranchi: With G8 snub, US-Putin 'reset' off to stumbling start
Jeremy J. Siegel: Investors, Relax About Rising Interest Rates
Jessica L. Anderson: Get the Best Deal on a Used Car
Jett Stone: Forget face-lifts and fake knees. Scientists have seen the fountain of youth --- and it's broccoli
The Kosher Gourmet by Chef Mario Batali: The famed chef's vegetable dish that tastes true to the season: FAVAS AND SUGAR SNAP PEAS WITH POTATOES AND TARRAGON
May 10, 2012
Clifford D. May: The Real Palestinian Refugee Problem
Sergei L. 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. Anderson: Extended-Warranty Warning
The Kosher Gourmet by Diane Rossen Worthington: Celebrate National Chocolate Chip Day with the Best Cookie Ever (Includes techniques)
May 7, 2012
Mark Clayton: Homeland Security warns major cyber attack aimed at gas pipeline industry underway
Angus Roxburgh: Putin Decoded: World view of a Russian feeling dissed
Kimberly Lankford: Navigate a Course for Long-Term Care
Kevin McCormally How to Adjust Your Tax Withholding
Celeste Robb-Nicholson, M.D.: Harvard Health Letters: How do you treat a Baker's cyst?
Joanne Capano: Healthy Snacks for Children: The Choices May Surprise You
The Kosher Gourmet by Penelope Wall: Classic Creamy Spinach Dip with a Fraction of the Calories and Fat
May 4, 2012
Rabbi Nathan Lopes Cardozo: Holy 'trivialities'
Jonathan Tobin: Bibi v. Barak will be no contest this time around
Steven Goldberg: Blue Chip Stocks On Sale Worldwide
Art Pine Slow Productivity Growth a Blessing --- For Now
Sue Hubbard, M.D. : The Kid's Doctor: Are Kids Too Wired?
Kerri-Ann Jennings, M.S., R.D: Foods that are good for your smile
Amy Paturel, M.S., M.P.H.: Eating Well: Foods that are good for your smile
The Kosher Gourmet by Betty Rosbottom: Strawberry rhubarb parfaits are elegant yet simple to assemble
May 3, 2012
Michael Freund: Who's Afraid of the Messiah?
Clifford D. May: The Foggiest War
Susan B. Garland: Insurance to Cover Old Old Age
Steven Goldberg 6 Reasons to Bet on a Big Bull Market
Harvard Health Letters: Treating prostate cancer --- no rush to judgment
Larry Gordon: Harvard, MIT partner to offer free online courses
Naomi Nix : Man gets free trip to Chicago after postcard sent by mother in 1957 finally reaches him
The Kosher Gourmet by Diane Rossen Worthington: Intensely Italian vegetable frittata is a seriously simple standby


Jewish World Review Sept. 26, 2006 / 4 Tishrei, 5767

Insanity on a Global Scale

By Niall Ferguson


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http://www.JewishWorldReview.com | It's a mad world.


I was wondering why the antics of world leaders at the United Nations seemed so familiar last week. Then I realized it was just like a university faculty meeting. Extravagant, long-winded denunciations of the president are what professors do, not politicians. Sure enough, Venezuelan President Hugo Chavez couldn't resist brandishing a book by Noam Chomsky — the United States-hating darling of all campus lefties.


Of course, all that drivel about the devil and the smell of sulfur — quite apart from the tedious cliches about the evils of American imperialism — wouldn't matter if Chavez really were just a professor of sociology. Unfortunately, he is president of a country that possesses more than 6.5% of global oil reserves and just under half of all the oil left in South America.


But that's nothing. Compared with Iranian President Mahmoud Ahmadinejad, Chavez is just a clown. By contrast, Ahmadinejad's speech the day before was seriously scary. Sure, he also heaped scorn on President Bush, not to mention the U.N. Security Council. But whereas Chavez cites Chomsky, Ahmadinejad has evidently been reading the works of Holocaust denier David Irving, imprisoned in Austria.


How else to explain the Iranian leader's crazy comments in last week's Time magazine? "As to the Holocaust," he said, "I just raised a few questions…. Why only 6 million? And if it had happened, then … why do they not allow independent research? … They put in prison those who try to do research…. Where did it take place?"


Great. We have a Holocaust denier as president of a country with 10 times the population of Israel,11% of proven global oil reserves and a thinly veiled program to build nuclear weapons.


In other news, there was a military coup in Thailand against Prime Minister Thaksin Shinawatra, who made the mistake of attending the U.N. shindig. In Hungary, meanwhile, there was rioting in the streets after a tape was leaked of Prime Minister Ferenc Gyurcsany telling his Socialist Party colleagues that he and they had "lied morning, evening and night" to win April's election. And let's not forget that, only 10 days ago, Andrei Kozlov, the deputy chairman of the Russian central bank, was shot dead by a hit man in Moscow.


All of which might lead you to think that this must also have been a disastrous time in the world's financial markets. There was a time when just one of those stories would have sent a spasm through emerging markets. Oil prices would have jumped. The Thai baht would have collapsed. Hungarian bond yields would have soared. The Russian stock market would have tanked.


Not a bit of it. The price of crude oil for November delivery fell 5% last week. On news of the coup in Bangkok, the Thai currency declined by little more than 1% against the dollar — nothing compared with its spectacular gyrations during the Asian crisis of 1997. Investors in the Hungarian stock market are not having a great year, but recent political events have barely registered. To see just how far politics and economics have parted ways, just consider which of the world's stock markets have done best so far this year. In pole position is Morocco (up 58% in dollar terms since Jan. 1). Next is none other than Chavez's Venezuela, up 49%. In third place at 34% is Indonesia, where three Christian men were executed Friday for their part in sectarian violence, sparking riots. Russia — where it is bankers who get the bullet — is not far behind at 32%.


In January, a prudent investor aware of the many political dangers that beset this mad world might have elected to invest in secure, developed markets. But the U.S. stock market has risen by less than 5% this year. That of the world's next largest economy, Japan, is down more than 1%.


There are two ways of explaining this mystifying disconnect. One is that everything is going according to the dastardly plan of the infinitely cunning capitalist imperialist running dogs. In perfect unison, wacko demagogues from the developing world have been wrecking the credibility of the U.N. and making George W. Bush look like a model of sweet reason. What more could Republican Party strategists have asked for in the run-up to November's midterms?


Well, maybe. The other possibility is that investors are continuing to mistake liquidity for security. Despite the much-trumpeted tightening of interest rates by the world's principal central banks, the reality is that monetary expansion has barely slowed. That seems to be encouraging a rather cavalier approach to risk assessment.


Just where such an approach can lead was vividly illustrated last week by the calamitous losses suffered by the hedge fund Amaranth, which lost about two-thirds of its $9.2 billion in assets by making one-way bets on natural gas futures. Who entrusted their money to these guys? Investors included a London-listed Goldman Sachs fund and — wait for it — the San Diego County Employees Retirement Assn.


So much for the infinitely cunning capitalist imperialist running dogs. Like I said, it's a mad world.

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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.


09/19/06: The GOP will hang on
09/13/06: Long Live Royal Bloodlines!
09/05/06: Red-state Republicans and blue-faced liberals are starting to agree: Green is the way
08/29/06: What if the London Bombers Succeeded?
08/15/06: Testing the Limits of the U.N.: Who seriously expects Kofi Annan to stop Al Qaeda terror attacks?
08/08/06: The coming tsunami of trash
07/18/06: Forget the '60s and ‘Make Love, Not War.’ Today's world is facing a Summer of Rage
07/11/06: When will China pull the plug on North Korea?
06/20/06: Hedge funds vs. central bankers: Will inflation, deflation or recession win in the coming months?
06/13/06: Britain's economy is just like America's — minus the entrepreneurs and growth
06/06/06: The X-Men have taken over Washington
05/30/06: Quit protesting, profs!
05/23/06: World markets' wild ride: Economic volatility is back with a vengeance
05/16/06: The Cold Wars are coming
05/09/06: Many commentators are missing dangerous political shift
05/02/06: Put some sugar in your tank
04/25/06: Hu and the dog that didn't bark
04/18/06: Should Americans be less optimistic?
04/11/06: Globalization's second death?
04/04/06: So many ‘special’ friends
03/28/06: Let's get it right about what has gone wrong
03/21/06: Congress is trying to give the world a globotomy
03/14/06: Lame ducks can still bite back
03/07/06: A 19th Century critique of a 21st Century president
02/28/06: The crash of civilizations
02/21/06: Not the president, but close
02/14/06: Want historic trouble? Look south
02/07/06: Greenspan advising Britain? It's housing bubbles, deficits and potential meltdowns all over again
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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