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Jan. 8, 2009

Stratfor Geopolitical Intelligence Report: Arab regimes secretly rooting for Israel?

Larry Elder: Israelis and Palestinians: Who's David, Who's Goliath?

Jeff Jacoby: Yes, it's anti-Semitism

Jan. 7, 2009

Jonah Goldberg: Who are the real Nazis?

Anne Applebaum: Pointless Peace Proposals

Jan. 6, 2009

Caroline B. Glick: Iran's Gazan diversion?

Dennis Prager: Dissecting Dershowitz

Jan. 5, 2009

Mark Steyn: Gaza has its version of rocket scientists

Mona Charen: The So-called International Community

Jan. 2, 2009

Rabbi Abraham J. Twerski: Having a holy tongue

Caroline B. Glick : Hamas' march to victory

Dec. 31, 2008

Dore Gold: Is Israel Using 'Disproportionate Force'?

Renee Enna:: Succulent 'stewp' is quick, easy fix

Dec. 30, 2008

Jonathan Mark: Israel's Response Is Disproportionate

Wesley Pruden: It's time once more to blame the Jews

Dec. 29, 2008

Rabbi Hillel Goldberg: Chanukah: 'Give me Judaism or give me death'

Michael B. Oren: A crisis and an opportunity

Dec. 26, 2008

Rabbi Yonason Goldson: When the past meets the future

Caroline B. Glick: Iran and Hamas do Christmas

Dec. 24, 2008

Rabbi Dovid Zauderer: Judaism's Santa problem

The Kosher Gourmet by Ethel G. Hofman CHANUKAH FORK-FINGER FOOD FEAST

Dec. 23, 2008

Caroline B. Glick: Repeating failure in Gaza

Dec. 22, 2008

Rabbi Boruch Leff: Too many Jews today are missing the intended purpose of one of Judaism's most beloved holidays

Barry Rubin: Liar, liar, pants on cease-fire

Dec. 19, 2008

Rabbi Yonason Goldson: The Final Battlefield

Caroline B. Glick: Betting on a dead horse

Dec. 18, 2008

The Kosher Gourmet by Steve Petusevsky: Juicy Chef's hella top, hella bottom, hallelujah in the middle

Craig Crossman : More gifts for geeks --- and those who love them

Dec. 17, 2008

Dion Nissenbaum: Israel kicks out outrageously biased UN official

Craig Crossman : Gifts for geeks --- and those who love them

Dec. 16, 2008

Jonathan Rosenblum: The Gift of Joy

Frank J. Gaffney, Jr.: Uncle Shariah

Dec. 15, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir : Expert witnesses who put themselves first

Barry Rubin: What they say isn't what you hear

Dec. 12, 2008

Rabbi Hillel Goldberg: Can the Bible be a secular language?

Caroline B. Glick: What a PM Netanyahu faces from Washington

Dec. 11, 2008

Rabbi Leiby Burnham: Our role in the Divine's global corporation, World Inc.

The Kosher Gourmet by Steve Petusevsky: A retro-tasting pareve pot pie made with a light hand

Dec. 10, 2008

Rabbi Paysach J. Krohn: Groom admits he was caught "red handed"

Kara McGuire: No money for gifts? No problem

Dec. 9, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir : Can I make my boss treat me fairly?

Stratfor Geopolitical Intelligence Report: Next Steps in the Indo-Pakistani Crisis

Dec. 8, 2008

Rabbi Avi Shafran: 'Chanukah Bush' flap and graciousness

Mark Steyn: Jews get killed, but Muslims feel vulnerable

Dec. 5, 2008

Rabbi A. Henach Leibowitz: Truth --- The Key to Gratitude

Jeff Jacoby: UN's obsession is grotesque and Orwellian

Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

Jewish World Review Oct. 28, 2008 / 29 Tishrei 5769

The mullahs' plan for the world's economy?

By Jack Kelly

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http://www.JewishWorldReview.com | When the U.S. economy catches cold, the rest of the world gets pneumonia. That's because much of the wealth of the rest of the world depends on selling stuff to us, and/or on investing in our economy.


The cold we've caught from the subprime mortgage crisis is pretty serious. As of Oct. 22, our stock market was down 40 percent for the year.


But, as the erudite cynic who writes for the Asia Times under the pen name "Spengler" notes, it's a lot worse almost everywhere else. Brazil's stock market is down 59 percent; China's 62 percent, Russia's 72 percent. The Nikkei, the Japanese stock exchange, closed Monday at its lowest level in 26 years.


The purpose of the $700 billion bailout bill was not to prop up the stock market, but to thaw credit markets. The health of these are measured typically by the LIBOR, the London Interbank Offered Rate, the rate of interest at which banks loan money to each other. The LIBOR for three month loans fell last week to 3.535 percent, down from a peak of 4.819 percent on Oct. 10, but higher than the 2.816 percent it stood at before the stock market meltdown.


Americans have to pay more interest to borrow money now than we did before the crisis began, because lenders want more protection against possible defaults. But the price of default protection is much higher for what used to be called "emerging" economies, and what might more appropriately now be called "at risk" economies. With LIBOR at 3.5 percent, Turkey has to pay about 11 percent to borrow dollars; Russia 15 percent, Pakistan 30 percent, Spengler noted.


The schadenfreude (pleasure at the misfortune of others) our enemies in Russia, Iran and Venezuela experienced when our stock market melted down has been replaced with fear as the price of oil has sunk with it. Totalitarian regimes tend to mismanage their economies.


Iran and Venezuela have nothing going for them except for the sale of oil, and they need high prices for it to keep their troubled economies afloat.


According to Mohsin Khan, Director of Middle East and Central Asia at the International Monetary Fund, Iran's "break even price is $90 a barrel." Deutsche Bank estimated Venezuela needs an oil price of $95 a barrel to keep its budget in balance. Oil prices fell to near $60 a barrel Monday, with further declines considered likely. If they stay at this level for some months, the potential for civil unrest in Iran and Venezuela is high.


Desperate times can cause desperate men to do desperate things. The global economic crisis swiftly may become a national security crisis of a magnitude we haven't seen since World War II.


Spengler thinks the financial crisis will push already troubled — and nuclear armed — Pakistan further towards radical Islam. Turkey, heretofore the most peaceful, democratic and pro-Western of Islamic countries, also will drift towards the dark side.


By far the most dangerous wild card is Iran. The ethnic Persians from whom the rulers come are a minority in country where most of the other minorities would rather affiliate with some other country — the Azeris with Azerbaijan, the Kurds with Iraqi Kurdistan, the Ahwaz Arabs with the Iraqi Arabs on the other side of the Shatt al Arab. And the mullahs are unpopular with most of the ethnic Persians.


While those connected to the regime have siphoned off some $35 billion in oil revenues, most Iranians live at a subsistence level. They are able to make ends meet only because of massive subsidies for food and fuel — subsidies that will be trimmed or ended altogether if oil prices remain low. Unemployment and inflation exceeded 30 percent before oil prices plummeted.


The mullahs may conclude the only way to keep from being overthrown is to seize the oil resources of their neighbors in Iraq, Kuwait and Saudi Arabia (whose oilfields are in the predominantly Shia area along the coast).


If the mullahs regard the new U.S. President as weak and inexperienced, they may regard the rewards from such a reckless gamble to be worth the risk.

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.

JWR contributor Jack Kelly, a former Marine and Green Beret, was a deputy assistant secretary of the Air Force in the Reagan administration. Comment by clicking here.

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