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July 2, 2009

Rabbi Abraham J. Twerski: The hallmark of a person

Abe Novick: Up, up, and aliya

July 1, 2009

Rabbi Avi Shafran: The Road Taken

The Kosher Gourmet by Marialisa Calta: Get into the holiday spirit with these Star-Spangled desserts

June 30, 2009

Rabbi Binyomin Ginsberg: What makes a great parent?

Caroline B. Glick: Ideologue-in-Chief

June 29, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Beware of 'Caveat Emptor'

Steven Emerson: ACLU pushing for more money for Hamas

June 26, 2009

Rabbi Yoni Posnick: Learn the secret to a healthy marriage from a scriptural villain

Caroline B. Glick: Barack Obama vs. International Law

June 25, 2009

Rabbi Shimon Apisdorf: The Absurd Power of Truth

Jordan "Gorf" Gorfinkle's strip: Everything's Relative

June 24, 2009

Rabbi Yonason Goldson: Advancement of technology is a wake-up call for humanity

The Kosher Gourmet by Andrea Weigl: Summer on a stick: Making frozen treats can be easy, creative and fun

June 23, 2009

Martin M. Bodek: 'On Surnames': And so, We Begin

Caroline B. Glick: The Obama Effect

June 22, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Working for a corrupt firm

N. Richard Greenfield : Where are American Jews?

June 19, 2009

Rabbi Abraham J. Twerski: Emotion v. intellect

Caroline B. Glick: Israel's rare opportunity

June 18, 2009

Jonathan Rosenblum: Sometimes it is more essential to define the nature of evil than good

Jordan "Gorf" Gorfinkle's strip: Everything's Relative

June 17, 2009

Rabbi Yonason Goldson: The Language of Confusion

The Kosher Gourmet by Linda Gassenheimer: Nothing pleases Dad more than a thick, juicy onion-smothered steak. Add home-Baked Potato Chips and …

June 16, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Career v. Careersism

Caroline B. Glick: Obama's losing streak and Israel

Richard Z. Chesnoff: ‘Palestinians’: Never Missing an Opportunity …

June 15, 2009

Israeli Prime Minister Binyamin Netanyahu: How Judea and Samaria can become 'Palestine'

Daniel Pipes: Where Netanyahu's speech failed

June 12, 2009

Rabbi Abraham J. Twerski: Some big thoughts about not acting so big

Caroline B. Glick: Obama's High Commissioner

June 11, 2009

Victor Davis Hanson: Our historically challenged President

Mitch Albom: Beware the True Believers

Lewis Grossberger: What we learn from the new Hitler photos

June 10, 2009

Mort Zuckerman: What Obama and his advisors won't -- or refuse to -- grasp about Israel and the Muslim world

The Kosher Gourmet by Steve Petusevsky Lotsa pasta: Tips, techniques and (amazing) taste

June 9, 2009

Anne Bayefsky: Obama's stunning offense to Israel and the Jewish people

Frank J. Gaffney, Jr.: America's first Muslim president?

June 8, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Merchant must take responsibility for careless shopper?

Mark Steyn: A superpower that feeds on mediocrity cannot survive for long on leftovers from the past

Richard Z. Chesnoff: How do you say 'kumbaya' in Arabic?

June 5, 2009

Rabbi Abraham J. Twerski: In quest of spirituality

Caroline B. Glick: Obama's Arabian dreams

Charles Krauthammer: The Settlements Myth

June 4, 2009

Paul Greenberg: The War Comes to Little Rock

The Kosher Gourmet by Judy Hevrdejs: Splash it on! Tap your inner jazz musician and improvise when stirring up a vinaigrette

June 3, 2009

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q. Should terrible teacher be exposed?

Jonathan Rosenblum: The Israel Lobby: Missing in Action

June 2, 2009

Dennis Prager: The Speech President Obama Won't Dare Give in Egypt

Frank J. Gaffney, Jr.: Pressure on Israel raises war risk

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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