Out Patient

fed policy

Jerusalem Post March 20 In a sense, it’s all more of the same. In a world in which financial markets no longer function as a mechanism for price discovery, by enabling the free interplay of willing buyers and willing sellers of financial instruments, the prices displayed in these dysfunctional markets no longer represent ‘value’ in any traditional meaning of that […]

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Games of Throwns

lance armstrong

Jerusalem Post March 13 Everybody used to love Lance Armstrong. After all, the man who recovered from cancer to win the Tour de France — the world’s premier cycling event — a mind-boggling seven successive times from 1999 to 2005, had met all the criteria for being a superhero, so it was only right and proper that he was regarded […]

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Deflation Arrives

deflation

Hamodia March 13 For something supposed to have been made impossible in the modern world, deflation has been doing pretty well recently. This economic ‘disease’, which many economists regard as more dangerous than inflation, has been endemic in Japan for some fifteen years, but now it seems to be spreading round the world, especially to Europe. In order to understand […]

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Not What They Seem

Jerusalem Post March 6 The essence of the Purim story is that things are often — usually — not what they seem. That is the rationale normally given for the custom of dressing up, to make that very point. However, this idea is rarely extracted from the abstract and applied to real-life situations in the here-and-now, although it can and […]

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Debt Slavery

Hamodia March 6 “The borrower is the servant to the lender” is a well-known verse from Mishle (Proverbs), cited frequently in the Gemara and later rabbinic literature — as often in a moral context as a halachic one. Although lending — ideally without any charge, let alone formal interest — is strongly encouraged in Jewish thought and practice, borrowing is […]

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