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Wednesday 9 September 2009

The right to form a trade union - the Jet Airways Strike


  

The right to form a trade union - the Jet Airways Strike

 

 By Girish Menon
 

One of the main issues that has got sidetracked in the Jet Airways versus its own pilots controversy is whether pilots of Jet Airways have a right to form a trade union.
 
In the Hindustan Times of date, Mr. Naresh Goyal the Jet Airways chief likened his pilots' actions to terrorists "who are holding the country, the passengers and the airline hostage". Surely Mr. Goyal, forming a trade union and insisting on collective bargaining are not akin to the acts of a terrorist!
 
This Jet Airways confrontation will be a litmus test for corporate India's campaign to water down the labour laws of the land and to ensure that workers have no collective bargaining rights in a 'globalised' world. Jet Airways have been surreptitiously shedding staff in many other departments during 2009, despite Mr. Goyal's tears of retribution during Diwali 2008, after his airline with one fell swoop made hundreds of cabin crew redundant.
 
Airline pilots in India are probably the only group of individuals who have the might to confront the unbridled corporate and governmental reach of the Jet airways management. These pilots, scions of political bigwigs, have the economic wherewithal to sitout a lock out as well as the political network to counter the political machinations of Naresh Goyal.
 
The result of this battle will define the future of industrial relations in 'modern and globalised' India. If Naresh Goyal wins, then it will be difficult for any economically weaker section of employees to obtain the right to form a trade union and if necessary to go on strike. If the pilots win, then it will only be a minor reprieve for this well off section of workers. What will follow will be a furore in the Indian media, led by the pink newspapers, to improve the Indian labour markets so that Indian companies can get a 'global edge' (read weakening of labour laws).
 
You have been warned. Workers of India, you have nothing to gain except more working hours and less rights to industrial action.
-------
 
 


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Chilling with Sachin Tendulkar - Secret of batting


 

After two decades playing international cricket, how has he so ruthlessly accumulated these runs?

 

"The secret to batting is to stay still and just react to what the bowler has done," he says, making it all sound simple. "You have to be still both in your mind and physically. It is so important that your mind is not full of a lot of thoughts because your reaction time is not going to be good. You have to keep your mind blank.

 

"The toughest thing is to clear your mind. The mind always wants to be in the past or the future; it rarely wants to be in the present. My best batting comes when my mind is in the present, but it doesn't happen naturally. You have to take yourself there. I am not able to get in that zone as often as I would like, but when you are there you don't see anything except the bowler and the ball. You have to allow your instincts to take over. Trust me, your instincts are 99% right, but you know, the older I get the more I realise how important your breathing is to good batting. By that I mean, if you focus on breathing and relaxing, you can force yourself into a comfortable place to bat."



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Cycleway may spell end of a school bus

stephen.exley@cambridge-news.co.uk

VILLAGERS are set to benefit from a new cycleway and footpath - but they could lose out on their free school bus as a result.

The improved off-road path would run between Milton and Impington to the south of Butt Lane and Milton Road, offering a safer route for pedestrians and cyclists as part of the £7.2 million Cycle Cambridge package of improvements.

But Milton parents with students who attend Impington Village College fear losing the free bus provided by Cambridgeshire County Council if the route is deemed a safe route.

Girish Menon, of Cherry Close, whose son Om, 11, attends the school, said: "I think this is an outrage. We need to ensure Milton students have a safe journey to school.

"The effect this scheme will have on the council's green policies are laughable. I can see many Milton parents using their cars to drop off their children at school.

"Instead of three or four buses now operating, we may have 100 cars ferrying students to Impington during rush hour."

Jane Coston, a Milton parish councillor, has been handing out leaflets to highlight that the council's consultation process ends on Thursday. Speaking in a personal capacity, she said: "More than 200 children travel by bus and I am concerned for them. It could be taken away and that would be awful."

Students who live less than three miles from school qualify for free travel if the route is not deemed safe for a child accompanied by an adult.

The council plans are for a 2.5-metre wide walkway/cycleway and it believes it would attract students, workers and leisure users.

Mike Davies, programme manager for Cycle Cambridge, said: "If approval to build the route is given by councillors, once it is built it will be assessed for its suitability for children."

He said the process was "lengthy but democratic."

A consultation event about the plans takes place tomorrow (Wednesday, 09 September) at 3pm-6pm at Milton's community centre in Coles Road.

Alternatively, visit www.cambridgeshire.gov.uk/transport/projects/south by Thursday.




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Tuesday 8 September 2009

Om's best cricket season so far as a bowler


 

Bowling Statistics - 2009 for all Granta teams


Name Overs Maidens Runs Wkts Best Bowling 5WH Econ S-R Ave Bowled (%) Caught (%) LBW (%) Stumped (%) %Team Wkts
Om Menon  23 3 81 16 4/3 0 3.52 8.63 5.06 6 (37.5) 5 (31.25) 1 (6.25) 4 (25) 31.37
Matthew Cooksey  31.3 5 103 16 6/17 2 3.27 11.81 6.44 3 (18.75) 10 (62.5) 2 (12.5) 1 (6.25) 48.48
Sam Inglis  99.4 23 243 28 4/15 0 2.44 21.36 8.68 13 (46.43) 12 (42.86) 1 (3.57) 0 23.93
James Brooklyn  133.1 55 422 41 7/15 3 3.17 19.48 10.29 21 (51.22) 15 (36.59) 2 (4.88) 2 (4.88) 29.71
Hussain Biplob  35 2 105 10 3/22 0 3 21 10.5 5 (50) 5 (50) 0 0 24.39
Duncan Howells  112 27 369 28 5/14 1 3.29 24 13.18 7 (25) 18 (64.29) 3 (10.71) 0 22.76
John Naylor  46.5 5 136 10 3/14 0 2.91 28.08 13.6 5 (50) 2 (20) 2 (20) 0 17.24
Neil Mckeown  51 9 222 15 5/41 1 4.35 20.4 14.8 8 (53.33) 5 (33.33) 2 (13.33) 0 26.32
Mark Coteman  58.4 4 223 15 3/32 0 3.8 23.48 14.87 6 (40) 4 (26.67) 3 (20) 0 15.96
Matthew Winter  67.5 13 205 13 3/25 0 3.02 31.29 15.77 5 (38.46) 7 (53.85) 1 (7.69) 0 15.66
Joe Heather  75.2 17 259 16 5/55 1 3.44 28.24 16.19 6 (37.5) 6 (37.5) 4 (25) 0 30.77
Lewys Hill  248.5 41 747 46 5/40 1 3 32.45 16.24 12 (26.09) 21 (45.65) 9 (19.57) 4 (8.7) 24.08
Jack Upton  50.4 8 195 12 4/33 0 3.85 25.35 16.25 3 (25) 8 (66.67) 1 (8.33) 0 15.79
Jamie Jones  53.2 14 163 10 5/27 1 3.06 31.98 16.3 6 (60) 4 (40) 0 0 15.15
Tom Elmslie  72.2 4 349 21 5/23 1 4.82 20.69 16.62 5 (23.81) 5 (23.81) 1 (4.76) 3 (14.29) 22.58
Paul Scott  66 7 204 12 3/29 0 3.09 33 17 8 (66.67) 3 (25) 0 1 (8.33) 16.9
Joseph White  118.3 25 364 20 4/35 0 3.07 35.55 18.2 7 (35) 9 (45) 3 (15) 1 (5) 17.24
Thomas Faulkener  54 8 225 12 3/25 0 4.17 27 18.75 3 (25) 7 (58.33) 1 (8.33) 1 (8.33) 17.65
Sean Park  117.2 14 444 22 5/19 2 3.79 31.99 20.18 0 16 (72.73) 5 (22.73) 1 (4.55) 18.49
Jason Coleman  277.4 54 853 42 5/17 1 3.07 39.67 20.31 10 (23.81) 20 (47.62) 12 (28.57) 0 19.35
Jonathan carpenter  113 26 355 16 4/49 0 3.14 42.38 22.19 7 (43.75) 8 (50) 1 (6.25) 0 13.22
Mark Nunn  83.2 10 282 12 4/19 0 3.39 41.65 23.5 6 (50) 6 (50) 0 0 13.19
Alex Fullarton  79.1 6 329 14 4/17 0 4.15 33.94 23.5 0 11 (78.57) 1 (7.14) 2 (14.29) 14.29
Freddie Clamp  79.3 8 307 13 5/61 1 3.86 36.69 23.62 4 (30.77) 5 (38.46) 3 (23.08) 1 (7.69) 26.53
Rajan Singh  149.3 24 636 26 4/32 0 4.25 34.5 24.46 16 (61.54) 10 (38.46) 0 0 15.2
Craig Park  166 26 566 23 3/22 0 3.41 43.3 24.61 6 (26.09) 11 (47.83) 6 (26.09) 0 11.5
Matthew Friedlander  83 13 326 13 4/43 0 3.93 38.31 25.08 3 (23.08) 10 (76.92) 0 0 14.29
Jonathan Atkinson  66 2 345 13 4/46 0 5.23 30.46 26.54 1 (7.69) 9 (69.23) 0 3 (23.08) 14.13
Tim O'Connell  111.5 19 425 15 4/25 0 3.8 44.72 28.33 1 (6.67) 11 (73.33) 2 (13.33) 1 (6.67) 13.51
John Kay  80 7 410 11 4/73 0 5.13 43.64 37.27 5 (45.45) 3 (27.27) 2 (18.18) 1 (9.09) 13.58
 

Bowling Statistics - Granta Under 11a/ 2009 summer


Name Overs Maidens Runs Wkts Best Bowling 5WH Econ S-R Ave Bowled (%) Caught (%) LBW (%) Stumped (%) %Team Wkts
Om Menon  23 3 81 16 4/3 0 3.52 8.63 5.06 6 (37.5) 5 (31.25) 1 (6.25) 4 (25) 31.37
Mihir Chandraker  23 4 72 7 3/13 0 3.13 19.71 10.29 4 (57.14) 0 0 3 (42.86) 20.59
Jonah Omitowoju  11 1 44 4 2/6 0 4 16.5 11 2 (50) 2 (50) 0 0 18.18
Thomas Cox  24 7 51 4 2/10 0 2.13 36 12.75 2 (50) 1 (25) 1 (25) 0 7.84
Ben Taylor  13 3 37 4 2/10 0 2.85 19.5 9.25 2 (50) 2 (50) 0 0 7.84
Hugh Barker  3 0 14 3 2/13 0 4.67 6 4.67 3 (100) 0 0 0 17.65
Michael Cowdrey  5 0 16 2 2/12 0 3.2 15 8 0 1 (50) 0 1 (50) 11.11
Blaise Mann  25 4 95 2 1/3 0 3.8 75 47.5 2 (100) 0 0 0 3.77
Charlie Lewis  7 1 13 2 2/3 0 1.86 21 6.5 1 (50) 1 (50) 0 0 8
Robert Marmion  9.5 0 44 2 1/2 0 4.49 29.4 22 1 (50) 0 1 (50) 0 16.67
Lewis Evans  10 0 34 1 1/11 0 3.4 60 34 0 1 (100) 0 0 2.78
Blaise Mann  2 1 2 1 1/2 0 1 12 2 1 (100) 0 0 0 12.5
Robbie Sewell  2 0 13 0 0/13 0 6.5 0 () 0 () 0 () 0 () 0
Edward Hyde  2 0 7 0 0/7 0 3.5 0 () 0 () 0 () 0 () 0
Theo Pow  9 5 16 0 0/0 0 1.78 0 () 0 () 0 () 0 () 0


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A Letter To 'The Economist'

25 August 2009

To the Editor
The Economist

Dear Sir,

This is with regard to the review of my book Listening to Grasshoppers that appeared in The Economist. If this letter is long, ironically it is because the factual errors in the review are so many. In an attempt to highlight my "flawed reporting and incorrect analysis" the reviewer makes some extraordinary errors and leaps of logic:

1. "Ms Roy cites a massacre of perhaps 2,000 Muslims in Gujarat in 2002, in which the state's Hindu-nationalist government was allegedly complicit. Almost no senior official or Hinduist agitator has been prosecuted over the atrocity. And Narendra Modi, Gujarat's chief minister then and now, is currently vying to take over the leadership of the main opposition Bharatiya Janata Party, and one day India. Many of the country's industrialists would approve of that; even Ratan Tata, the gentlemanly head of the vast Tata Group which prides itself on its ethical dealings, has praised Mr Modi's business-friendly policies. Nothing annoys Ms Roy more."

Mr Tata did not merely praise Modi's business policies, he endorsed him warmly and publicly as a future candidate for prime minister. In India the said Mr Modi is still being investigated for his role in the 2002 pogrom. In his successful election campaigns after the pogrom, Modi brazenly cultivated communal hatred. He is a member of the RSS (Rashtriya Swayam Sevak Sangh), an organization that is proud of its fascist origins and counts both Hitler and Mussolini as its heroes. In addition to the massacres about 150,000 Muslims were driven from their homes during the carnage. Even today, under Mr Modi's administration, most continue to live in ghettos, socially and economically boycotted in a brutal system of communal apartheid, while the killers continue to live as free, respectable citizens. Incidentally, after considering the available information, the US government has denied Mr Modi a visa. A handicap, wouldn't you say, for a potential prime minister? Incidentally, for more on the Tata's "ethical dealings" you could google "Kalinganagar" or "Singur".

2. ". . . she is not always a reliable witness. Her claim that in Kashmir last summer protesters were as likely to call for union with Pakistan as freedom from India is probably wrong; most seemed to want to be shot of both countries."

I have never made such a claim. Nobody with an even passing acquaintance with Kashmir would (or should) say something so ridiculous. Given the intensity and violence of the fratricidal wars that Kashmiris have fought, and the thousands that have lost their lives over the Pakistan vs Freedom issue, and given that Kashmiri leadership is still unresolved about the question, it's extraordinary that the reviewer can so casually and so glibly claim to know what the majority of people of Kashmir want. My essay on Kashmir is actually titled "Azadi", which in Urdu means "Freedom". Perhaps the reviewer is unfamiliar with the language?

3. "More typically, she appears to gather her facts from newspapers (her articles strike the reader rather as 'lounge notes'), before selectively arranging and then exaggerating them to suit her own ends. For example, about 25% of India's territory is alleged to be affected by a Maoist insurgency, but that does not make it, as Ms Roy writes, 'out of government control'."

If the reviewer had cared to read the book instead of ransacking it, he/she would have come across a sentence that clarifies that several of the essays are "responses to the responses" about certain events. Given that much of my book is a critique of the disturbing role that a section of the corporate media has played in these events, is it surprising that media reports are frequently referred to? Most of the time this is in order to expose them for being false and motivated. To conclude from this that my "facts are gathered from newspapers" and that the articles are "lounge notes" is laughable.

The figure of 25 % of India's territory being under Maoist insurgency is a figure advanced by the Indian security establishment and is probably a slight exaggeration. However, it is a fact that vast swathes of India's territory are out of government control. It is for this reason that the Government has announced that in October, after the rains, there will be a military operation in states like Chhattisgarh, Orissa and Jharkhand in which ground troops will be backed up with helicopter gunships and satellite mapping. A brigade headquarters is being established in Raipur (Chhattisgarh), and 26,000 paramilitary troops (the same Rashtriya Rifles who are deployed in Kashmir, and similar to the Assam Rifles deployed in Assam, Manipur and Nagaland) are being raised for this war. This is in addition the thousands of security personnel who are already deployed in these areas. Perhaps the reviewer has never visited Dantewara , seen the burned, empty villages, or crossed the Indravati into the territory that is called "Pakistan", where police and security forces do not venture? Perhaps he/she hasn't heard of Abujmaad?

4. "Beyond India, her grasp of her subject-matter gets looser. If Ms Roy believes, as she writes, that a good portion of Africa's 'contemporary horrors' are caused by America's 'new colonial interests', she would do well to pay a visit to the continent."

My book is about India, not Africa, but yes, there is a paragraph about Africa. Here's the sentence the reviewer refers to: "The battle to control Africa's mineral wealth rages on -- scratch the surface of contemporary horrors in Africa, in Rwanda, the Congo, Nigeria, pick your country and chances are that you will be able to trace the story back to the old colonial interests of Europe and the new colonial interests of the United States." My mistake here is that I didn't mention the new colonial interests of countries like China and India as well. Does your reviewer not know about the legacy of Shell Oil in Nigeria? Or the politics that surrounds the mining of a mineral called coltan? Or of how Belgium's colonial regime structured the barriers of hatred between the Tutsis and the Hutus in Rwanda with their racist profiling and social engineering? As for the recommendation that I pay a visit to the continent . . . it's a grand idea, but how does one visit an entire continent? I have visited parts of it. Plenty of times. But the reviewer should know that it is possible to know things about places even if you haven't been to them, like historians know things about history without traveling back in time.

5. "For a more measured analysis, Ms Roy should perhaps turn to the finance ministry's recently published Economic Survey. There she would read that, 'High growth is critical to generate the revenues needed for meeting our social welfare objectives.' Ms Roy should take note."

Am I really being waved back into my seat with the finance ministry's Economic Survey? I thought everybody knew that the cut back on public spending (social welfare objectives) is almost in direct proportion to the growth rate? It's often a pre-requisite when loans from the World Bank, the ADB and the IMF are negotiated. Isn't that what structural adjustment is all about? Or is this the old Trickle Down theory being re-cycled? I've always wondered about this. Sometimes they say the Free Market provides a level playing field -- but then when questioned, they ask us to wait for Trickle Down. But things only Trickle Down slopes don't they? Anyway, there is a school of thought which believes that people actually do have rights. The right, for instance, to resist the Government taking away their land and their livelihoods, often at gunpoint, and then ordering them to wait for the leftovers (if the gentlemen leave any) to trickle down after the feast.

Regardless of our obvious ideological differences I hope you agree that errors and innuendo of this nature undermine the real debate.

With best wishes,
Arundhati Roy

The Ten Best Seduction Techniques

Sticky Eyes

When you are talking to your quarry, let your eyes stay glued to his or hers a little longer than necessary - even during silences. A gaze that lingers awakens primal, slightly disturbing feelings. It induces the same "fight or flight" chemicals that race through our veins when we feel infatuation. When you must look away, do so reluctantly. Drag your eyes away slowly. This is a particularly good technique for men to use, as women always want to feel that a man is absolutely fascinated by them.

The Visual Voyage

As you and your date are chatting, let your eyes do some traveling - but only on safe ground at first. Take a visual voyage all over his or her face, concentrating on their eyes. If he or she seems to be enjoying your expedition, take small side trips to the neck, shoulders and torso. For girls, take sneak peeks at his body - and when he sees you pretend you are a little embarrassed. This should really get his juices flowing and is a great way to get a friend to think of you sexually. For the man this technique is a little more dangerous, so be wary. If your eyes travel too far south for too long you'll be in trouble.

Expensive Dining

This is good for a gentleman who intends to pick up the bill on the first date. Make sure you take your date to an expensive restaurant with an atmosphere like the one you wish to project - be it elegant, upbeat, cool or arty. Atmosphere is important because she will transfer her feelings about the room to you. It may be superficial, but women tend to judge a man on the first place he takes them.

Dress to Impress

Even when seeking only a casual liaison, do not go out dressed like an unmade bed. Dress as though you were auditioning to be his or her husband or wife. Men must make sure they are coordinated and dress affluently: women love good quality clothes on men. Women need to dress alluringly but not in a cheap way. He is going to mentally undress you anyway, so there is no need for that short skirt. However, you might want to try a slightly more revealing second layer of clothes so that you can, at the right moment, take off that jacket and reveal some wonderful cleavage.

Give First Date Butterflies

When planning your first date, find out what pulls your date's strings, and then plan an arousing, emotional adventure. You don't have to go sky-diving, but a little shared danger is a proven aphrodisiac. A scary movie is an easy way to achieve this - or perhaps ice-skating, where the woman may be nervous and might have to hold on tight. Afterwards, go out for dinner or a drink to discuss your shared experience.

Co-react

To capture your quarry's heart, you need to share his or her convictions and show that you feel them deeply. Watch his or her reactions to outside stimuli, then show the same emotions - shock, disgust, humour, compassion, etc. This is particularly important for men, who are more inclined to misjudge situations. Make sure your reactions suit the mood.

Smile

A simple but crucial technique. A smile is the most effective form of body language and a great way to let somebody know that you are interested in them. As you are looking at or talking to a member of the opposite sex whom you wish to seduce, let a soft smile of acceptance frame your lips. Don't give too quick a smile: just let a slow one float over your face. This will seem much more genuine - while making your romantic intentions obvious.

How do you feel about that?

A good tip for men: pluck up some courage and, whatever your quarry is discussing, simply ask her, "How do you feel about that?" It might seem awkward at first, but woman love to talk about how they feel and will nearly always respond enthusiastically. Women, on the other hand, should wait until a relationship is on stable ground before asking a man much about his feelings - otherwise there is a danger of rocking the boat before it is launched.

Let Your Quarry Pass an 'Audition'

Men should not ask a woman out too soon, lest she think you are interested only in her looks. The ideal time to ask a woman for a date is when she has said something relevant to her personality. For example, if she says something spiritual, say that you'd love to hear more about that, perhaps over dinner. A woman values interest all the more if she feels that you appreciate her inner qualities. Women, meanwhile, can move faster, as men are less afraid of being treated as sex objects.

Have the First Laugh

Another obvious but important technique. Women: make sure you laugh at your quarry's jokes and, when in a group, be the first to laugh. It brings you closer together. Men should try and introduce cute private jokes to create a bond between the two of you. This will help to make you seem like long-time lovers rather than first-date strangers.

'How to Make Anyone Fall in Love With You: 85 Proven Techniques for Success' - £8.99, by Leil Lowndes, is published by Element

Friday 4 September 2009

Experts never learn

By Peter Schiff

There is an inexplicable, but somehow widely held, belief that stock market movements are predictive of economic conditions. As such, the present rally in US stock prices has caused many people to conclude that the recession is nearing an end.

The widespread optimism is not confined to Wall Street, as even President Barack Obama has pointed to the bubbly markets to vindicate his economic policies. However, reality is clearly at odds with these optimistic assumptions.

In the first place, stock markets have been taken by surprise throughout history. In the present cycle, neither the market nor its cheerleaders saw this recession coming, so why should anyone believe that these fonts of wisdom have suddenly become clairvoyant?

According to government statistics, the recession began in December 2007. Two months earlier, in October, the Dow Jones Industrial Average and S&P 500 both hit all-time record highs. Exactly what foresight did this run-up provide? Obviously markets were completely blind-sided by the biggest recession since the Great Depression. In fact, the main reason why the markets sold off so violently in 2008, after the severity of the recession became impossible to ignore, was that they had so completely misread the economy in the preceding years.

Furthermore, throughout most of 2008, even as the economy was contracting, academic economists and stock market strategists were still confident that a recession would be avoided. If they could not even forecast a recession that had already started, how can they possibly predict when it will end? In contrast, on a Fox News appearance on December 31, 2007, I endured the gibes of optimistic co-panelists when I clearly proclaimed that a recession was underway.

Rising US stock prices, particularly following a 50% decline, mean nothing regarding the health of the US economy or the prospects for a recovery. In fact, relative to the meteoric rise of foreign stock markets over the past six months, US stocks are standing still. If anything, it is the strength in overseas markets that is dragging US stocks along for the ride.

In late 2008 and early 2009, the "experts" proclaimed that a strengthening US dollar and the relative outperformance of US stocks during the worldwide market sell-off meant that the US would lead the global recovery. At the time, they argued that since we were the first economy to go into recession, we would be the first to come out. They claimed that as bad as things were domestically, they were even worse internationally, and that the bold and "stimulative" actions of our policymakers would lead to a far better outcome here than the much more "timid" responses pursued by other leading industrial economies.

At the time, I dismissed these claims as nonsensical. The data are once again proving my case. The brief period of relative outperformance by US stocks in late 2008 has come to an end, and, after rising for most of last year, the dollar has resumed its long-term descent. If the US economy really were improving, the dollar would be strengthening - not weakening.

The economic data would also show greater improvement at home than abroad. Instead, foreign stocks have resumed the meteoric rise that has characterized their past decade. The rebound in global stocks reflects the global economic train decoupling from the American caboose, which the "experts" said was impossible.

Though the worst of the global financial crisis may have passed, the real impact of the much more fundamental US economic crisis has yet to be fully felt. For America, genuine recovery will not begin until current government policies are mitigated. Most urgently, we need a Federal Reserve chairman willing to administer the tough love that our economy so badly needs. That fact that Ben Bernanke remains so popular both on Wall Street and Capitol Hill is indicative of just how badly he has handled his job.

Contrast Bernanke's popularity to the contempt that many had for Fed chairman Paul Volcker in the early days of Ronald Reagan's first term. There were numerous bills and congressional resolutions demanding his impeachment, and even conservative congressman Jack Kemp called for Volcker to resign.

Had it not been for the unconditional support of a very popular president, efforts to oust Volcker likely would have succeeded. Though he was widely vilified initially, he eventually won near unanimous praise for his courageous economic stewardship, which eventually broke the back of inflation, restored confidence in the dollar and set the stage for a vibrant recovery. Conversely, Bernanke's reputation will be shattered as history reveals the full extent of his incompetence and cowardice.

As Congress and the president consider the best policies to right our economic ship, it is my hope that they will pursue a strategy first developed by Seinfeld character George Costanza. After wisely recognizing that every instinct he had had up unto that point had ended in failure, George decided that to be successful, he had to do the exact opposite of whatever his instincts told him. I suggest our policymakers give this approach a try.

Peter Schiff is president of Euro Pacific Capital and author of The Little Book of Bull Moves in Bear Markets.