03 April 2008

America's Willing Servant

I think the US government simply took over Israel and uses it as it pleases...

Bank of Israel bought $600 million to prop up Dollar

The Bank of Israel said Wednesday that it purchased a total of $600million on the foreign exchange market over a 2-day period last month, in order to prop up the plunging U.S. Dollar against the New Israeli Shekel.

Following the purchases on March 13-14, the central bank announced that Israel's foreign currency reserves totaled $29.415 billion - an increase of $930 million.

The move surprised almost everyone in the financial markets....

...
The Bank of Israel also announced plans to buy $10 billion over the next two years, in daily installments of $25 million. The bank has already acquired $100 million under that scheme.

Speaking at a hastily convened news conference several days after the foreign currency acquisition, Fischer said a sharp plunge in the dollar's value had prompted him to take action....
What are we going to do with all these worthless dollars and why ruin our own burgeoning economy to save those who are forcing the expulsion of Jews and the creation of a terror state in Eretz Yisrael?

3 comments:

Avi said...

King Herod rules over us at the behest of Rome again. Amazing how history repeats itself! Hopefully, our story will have a happier ending.

Akiva said...

This is a bit of a misunderstanding. Rather, the Israeli manufacturers are now losing their Volvo's as their excessive profits (that keep most of their employees in functional poverty) is based on a cheap but skilled Israeli labor force which is working for pocket change by international currency standards.

(In other words, an Israeli is doing a US level job for 30% of the US level cost.)

With the change in the dollar-shekel ratio, that 30% cost moved to 55% cost.

So, the manufacturers have demanded that the Israeli Treasury destroy the value of the shekel to attempt to keep the old ratio, on which depends their ridiculous profit margins, their volvo, and family vacation to Switzerland for Pesach.

Devorah Chayah said...

I'm sure that's true, but Stanley Fischer, former officer of the World Bank, the IMF and Citigroup, who received his PhD from MIT, who was named head of the Bank of Israel before he even made aliyah (the latter being a mere formality), who was magnanimously allowed to retain his US citizenship despite becoming an official of a foreign government, most certainly does not answer to the Israeli riffraff.