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December 2, 2014

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 Dec. 5, 2008 / 8 Kislev 5769

The foggy crystal ball

By Jonah Goldberg


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http://www.JewishWorldReview.com | These are humbling times for champions of the free market and American-style capitalism. The CEOs of the Big Three car companies are kneeling before Uncle Sam like Henry in the snows of Canossa. The stock market volatility these days is looking more and more like a death rattle. No one wants to check their 401(k) for fear of their face melting like that Gestapo guy in "Raiders of the Lost Ark" when he peeked inside the Ark of the Covenant.


But while we cheerleaders for economic liberty need to take our lumps and spend some time thinking about where things went wrong, it would be nice if the Chicken Littles spent a wee bit of time doing likewise.


Exhibit A: China. You can't pick up a copy of Newsweek without reading something by Fareed Zakaria about how China will only get larger and larger in our rearview mirror. Five years ago, Goldman Sachs predicted that China's GDP would overtake America's by 2041. Now it thinks that China will reach us in 2027. (Of course, with a much bigger population, China's per-capita wealth would be much lower than ours.) The National Intelligence Council's new report, "Global Trends 2025: A Transformed World," echoes these concerns.


Heck, maybe they're all right. Maybe not. The simple fact is that no one knows.


But I'd bet against it.


First of all, there's a long record of very smart people making very bad predictions. Just Google "bad predictions" and you'll see what I mean. In 1943, the chairman of IBM said, "I think there is a world market for maybe five computers." Legend has it the head of the U.S. Patent Office said in 1899, "Everything that can be invented has been invented." Neville Chamberlain prophesied "peace in our time."


And roughly two decades ago, the best and brightest were telling us that "Japan Inc." was going to overtake America any day now.


"Future historians," warned Harvard's Ezra Vogel in 1986, "may well mark the mid-1980s as the time when Japan surpassed the United States to become the world's dominant economic power." Yale's Paul Kennedy wrote a blockbuster of a book concluding that American policies should be designed to manage our decline "so that the relative erosion of the United States' position takes place slowly and smoothly." When Jacques Attali was head of the European Bank for Reconstruction and Development in 1991, he observed that America was becoming akin to "Japan's granary, like Poland was for Flanders in the seventeenth century."


Journalist James Fallows, political scientist Chalmers Johnson and economist Lester Thurow were fawned over for their supposedly incontrovertible conclusion that Japan was the future. "The Cold War is over," Johnson wrote, "and Japan won."


Then, as you may have heard, the Japanese economy went kablooey.


The Japan example not only demonstrates that smart people can be wrong and that the elite chattering classes are prone to groupthink, but it helps illuminate why they are so prone to this sort of thing.


For more than a century, countless American intellectuals and business leaders have looked enviously at how foreign countries "planned" and "managed" their economies. Woodrow Wilson and the Progressives drooled over Otto von Bismarck, and today every self-proclaimed "global strategist" gazes at China's managed capitalism like a kid with his nose pressed against a candy-store window.


Of course, China has made enormous progress since it decided that markets are a more desirable means of improving the lot of its citizens than organized mass murder. But China's fans still have an enormous blind spot.


Ask yourself this: Why are we in this financial crisis?


Any short list of reasons would include a lack of transparency in markets and regulatory rule-making; collusion between business and government; the politicization of lending practices (including the socialization of risk and the privatization of profit through giant governmental entities like Fannie Mae); and, of course, simple greed.


Does anyone honestly think China doesn't have these problems 10 times over? It has no free press, no democratic accountability and no truly independent regulators.


After every Chinese earthquake, we discover that safety inspectors couldn't be trusted to oversee the construction of schools and hospitals. And we're supposed to believe that China's corrupt model produces toxic baby formula but spic-and-span finances?


There's an honest debate about how much blame institutions like Fannie Mae and laws like the Community Reinvestment Act deserve for the financial crisis, but few honest observers dispute that they played some kind of deleterious role. Well, China's entire economy is one big Fannie Mae, its laws one big Community Reinvestment Act.


I'm willing to bet that the bill for that comes due long, long, long before China catches up with the United States of America.

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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