Dec. 2, 2008 Melanie Phillips: The Mumbai atrocity is a wake-up call for a frighteningly unprepared world Stratfor Geopolitical Intelligence Report: Strategic Motivations for the Mumbai Attack Dec. 1, 2008 Max Freidlander, as told to Jacklyn C. Wadler: India Inkings Mark Steyn: Whodunit!? Nov. 28, 2008 Rabbi Ahron Rapps: An evil seed that didn't have to be Melanie Phillips: Carpe diem --- or can we all relax now? Nov. 26, 2008 Michael Feldberg: Meet the Orthodox Jew who laid groundwork for scientific development of ordnance that undergirds America's current world leadership Andrea Simantov: Shades of life Nov. 25, 2008 The Jewish Ethicist by Rabbi Dr. Asher Meir : Getting Emotional For Influence The Kosher Gourmet by Ethel G. Hofman : Thanksiving feast! Nov. 24, 2008 Rabbi S. Binyomin Ginsberg: 'I just Became a grandchild!' Barry Rubin: Don't flatter your enemies, protect your friends Nov. 21, 2008 Rabbi A. Henach Leibowitz: Money matters? Caroline B. Glick: Civilization walks the plank Nov. 20, 2008 Rabbi Avi Shafran: Bronfman's blindness The Kosher Gourmet By Linda Gassenheimer: Portobellos add a hearty flavor to pasta with pesto Nov, 19, 2008 The Jewish Ethicist by Rabbi Dr. Asher Meir : Spread the wealth? Jewish tradition and income equality Elliot B. Gertel: 'Mad Men': Tackling prejudices or reinforcing them? Nov, 18, 2008 Dr. Debby Schwarz Hirschhorn: The End of the Age of Reason Jonathan Tobin: Does Barack + Bibi = Disaster? Nov, 17, 2008 Rabbi Yonason Goldson: The End of the Age of Reason Diana West: Gulling Americans into making terror legit? Nov, 14, 2008 Rabbi A. Henach Leibowitz: The Power of Spiritual Inertia Caroline B. Glick: The perils ahead Nov, 13, 2008 Stratfor Intelligence Briefing: How Bush and Obama together could change the Middle East dynamic The Kosher Gourmet by JeanMarie Brownson: Sweet and savory, crispy and meltingly tender bestilla Nov, 12, 2008 The Jewish Ethicist by Rabbi Dr. Asher Meir : Tyrannical Co-Workers Michael Doyle: High Court to consider today donated monuments that may have religious messages in public parks Nov, 11, 2008 Frank J. Gaffney, Jr.: Will Obama stop government officials considering institutionalizing financial jihad? Jonathan Tobin: They Will Decide Their Own Fate Nov, 10, 2008 Rabbi Avi Shafran: $8 billion, modern-day Tower of Babel being built? Barry Rubin: A letter to the president-elect from a Middle East realist Nov, 7, 2008 Rabbi Francis Nataf: Of Children and Immortality Caroline B. Glick: Livni's Obama strategy Nov, 6, 2008 Rabbi Yonason Goldson: How I tricked a classroom of apathetic students into grasping the fallacy of moral relativism The Kosher Gourmet By Gina Kim: Tips for making the perfect soup --- includes recipes Nov, 5, 2008 The Jewish Ethicist By Rabbi Dr. Asher Meir: Destitute Debtors Bruce Weinstein: 'Religulos': Bad title,even worse movie Nov, 4, 2008 Frank J. Gaffney, Jr.: Treasury Dept. submits to Shariah law Frida Ghitis: A surprise for Obama in the Middle East Nov, 3, 2008 Jonathan Rosenblum: Who says Jews are Smart? Jonathan Tobin: Was He Wrong About Everything? March 22, 2007 J-Rhythms with Avraham Rosenblum: JWR's cutting-edge music program showcasing performers -- singers, song writers, musicians, and bands -- who learn and live the Torah lifestyle (OUR NEWEST IGODCAST !) Oct. 29, 2003 Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

Jewish World Review July 10, 2008 / 7 Tamuz 5768 Scapegoating Speculators By Walter Williams http://www.JewishWorldReview.com | Despite Congress' periodic hauling of weak-kneed oil executives before their committees to charge them with collusion and price-gouging, subsequent federal investigations turn up no evidence to support the charges. Right now oil company executives are getting a bit of a respite as Congress has turned its attention to crude oil speculators, blaming them for high oil prices and calling for tighter control over commodity futures trading. Let's look at the futures market and for simplicity use corn futures discussed in my May 28th column titled "Futures Market." While corn is different from oil, both obey the laws of supply and demand, just as humans are very different from bricks but both obey the laws of gravity. Say that today's price of corn is $7 a bushel. I have a hunch that because of Midwest flooding, higher demand due to droughts and war in other parts of the world, that in May 2009, corn will sell for $12 a bushel. I stand to make a lot of money by buying corn now for $7 a bushel, holding it, and in May 2009 selling it for $12 a bushel. If many speculators share my hunch and buy more corn now, today's price, sometimes called the spot price, is going to rise let's say to $10 a bushel. Higher prices for corn, and everything made from corn, might give rise to consumer complaints. While Congress can't stop the Midwest rain, droughts and wars in far off places, it can scapegoat speculators. Let's say that Congress outlaws the corn futures market, or makes futures trading more costly. Doing so will definitely lower the spot price of corn. The price might return to $7 a bushel, making corn consumption once again "affordable." You might exclaim, "Isn't Congress wonderful?" But what about May 2009? Suppose the Midwest floods have a significant impact on corn production; there's drought and war in far off places raising the demand for corn exports. What do you predict will be the availability and prices of corn in May 2009 after Congress has outlawed, or made futures trading more difficult? If you answer less corn and much higher prices, go to the head of the class. By outlawing or impeding futures trading in corn, Congress encouraged Americans to ignore the future. Had Congress not interfered, people would use less corn now, making more available in May 2009. Thus, one of very valuable functions performed by the speculator is the allocation of resources over time. It makes sense to take the future into account when making consumption decisions today. The futures market, by the way, is no bed of roses. My hunch about corn supply and demand conditions might be dead wrong. Its May 2009 price might be $3 a bushel and I would have to sell at a loss. Futures trading is risky business. Congressional attacks on speculation do not alter the oil market's fundamental demand and supply conditions. What would lower the long-term price of oil is for Congress to permit exploration for the estimated billions upon billions of barrels of oil domestically available, not to mention the estimated trillion-plus barrels of shale oil in Wyoming, Colorado and Utah. Some politicians pooh-pooh calls for drilling, saying it would take five or 10 years to recover the oil. I guarantee you we would begin to see a reduction in today's prices even if it took five to 10 years for us to get the first barrel. Put yourself in the place of an OPEC member knowing there would be a greater supply of U.S. oil five or 10 years, hence maybe driving oil prices lower to say $40 a barrel. What will you want to do now while oil is $130 a barrel? You would want to sell as much oil now and OPEC's collective efforts to do so would put downward pressures on current oil prices. Right now the U.S. Congress is OPEC's staunchest ally. 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. Walter Williams Archives © 2006, Creators Syndicate.

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