Press conference, Bank of Israel Governor Amir Yaron interest rate increase/Bank of Israel
When the attacks against the Bank of Israel reached a peak that threatens its independence, and when Netanyahu fantasizes about elections on time, the memory of the "whale speech" delivered by Haim Ramon rises.
For the young readers, we will remind you that this is a speech by the former minister of health in the Rabin government that he gave at the Histadrut conference 30 years ago.
He attacked the fossilized institution of the Histadrut for its opposition to a state health law and said: "You attack the law and want to commit suicide like a whale that has lost its sense of direction. I push you into the water with my meager strength and you don't want to. You insist on committing suicide."
Since then the Histadrut has completely corrected its ways and undergone a transformation.
Today it is not a body identified as a labor organization or politically identified with any party (certainly not labor).
Chairman Arnon Bar David is fighting the cost of living, helping the families of the abductees and this week reached a climax when he called on Netanyahu on Shabbat Tarbut at the excellent Dafna Lial to take responsibility and call immediate elections.
Bar David did not plan the attack in advance and therefore Netanyahu was again surprised. He considers Bar David a friend. The reason that the reaction "is shameful that the chairman of the Histadrut chose in the midst of the war to engage in petty politics", was given by the Likud and not by Netanyahu himself who is afraid of him.
What is forgotten about the Histadrut chairman's words at that event was the criticism leveled by Finance Minister Bezalel Smotrich who, according to him, prepared "a neither serious nor wise budget.
Unnecessary offices and coalition funds should have been abolished."
Yaron and Smotrich at a work meeting.
The shocked governor turned to Smotrich and asked for his intervention, but he did not respond/ Finance Spokesperson
It was expected that the criticism would be voiced by the governor of the Bank of Israel, who according to the law is both the economic advisor to the government and the compass and conscience of the state.
He does recommend the right economic measures, but not with the same drama or threatening language as Haim Ramon or Arnon Bar David.
Prof. Amir also refrained from attacking Smotrich or the government head-on, because after all the Minister of Finance worked to extend his appointment for another five years.
The governor was one of the few who stood up and explained the strength of the economy in a good way despite the downgrading of Moody's credit rating, which is a difficult task.
But the governor gives up the petty politics because it is known on the domestic and international front that the governor is the real and responsible senior finance minister.
Only thanks to him and despite Smotrich failing in the war on the cost of living, the December 2023 index and the January 2024 index were zero.
In the middle of the week, the governor took time off from all his activities and accepted the invitation of Arel Margalit, chairman of the JVP Foundation, to participate in Kibbutz Mahaniim at a gathering that marked the return of high-tech to the stricken northern region.
Margalit established a foodtech center in Kiryat Shmona two years ago. It was expected that one of the government ministers or the finance minister would also participate in the event. He should have provided the hope and the promises to the high-tech industry operators instead.
But Smotrich, the amateur who deals in petty politics and divisive budgets, has a different order of priorities than Kiryat Shmona. Due to his survival, Netanyahu listens to him and Lev Gabir much more than to the governor's recommendations.
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Bar David
Surprised Netanyahu/Uri Sela
Soon the credit rating companies S&P and Fitch will decide whether to follow Moody's and reduce the credit rating.
And here, just as the international rating companies are considering their steps, the Knesset this week sent a threat to change the Bank of Israel law if it does not take into account competition considerations in its decisions.
"If you continue to ignore the Knesset as we have done so far, we will create bills that will neutralize you and not let up," as a mafia executive threatened the Bank of Israel MK Ohad Tal from the religious Zionists - a member of Smotrich's party. MK Tal is not the only one.
The Chairman of the Finance Committee, Moshe Gafni, also enjoys from time to time bashing the Governor.
The shocked Governor turned to the Minister of Finance this week and asked for his backing and protection of the Bank of Israel's independence. Smotrich did not utter a word.
It is not clear why the politicians in their stupidity treat the Governor as the enemy of the nation. We lack nothing Enemies? Harming the independence of the Bank of Israel is the last thing we need on the way to total victory. Why destroy one of the last symbols still functioning?
And this brings me back to Ramon's whale speech. The governor, like Ramon, is trying to save Netanyahu and Smotrich from themselves and pushes them back into the water with all his might , but they insist on committing suicide. The 2024 budget has not yet been approved and the government ministries were charged this week with cutting NIS 67 billion due to exceeding the deficit.
Tel fan.
Threatened the Bank of Israel like a senior member of the mafia/Knesset spokesmen, Noam Moshkowitz, Knesset spokesmen
Not that it will actually happen, but it shows the contempt for the basic laws.
The growth figures in the fourth quarter, which jumped to minus 19.4%, are alarming.
In order to grow again, growth engines are needed and these are hard to find in the yeshiva budgets.
Just as Ramon warned the suicidal Histadrut, Netanyahu and Smotrich are leading us to mass suicide.
The economy is full but the real danger is when it comes to "life itself".
The price will be paid not only by the evacuees in the north and south, the families of the abductees and the reservists, but by all of us.
The Prime Minister startled last week when he declared that the Knesset elections will be held on their date, that is, in October 2026. And who knows, maybe the 64 coalition will decide to postpone them to a new date.
Actually why not?
After all, until then we will still be at war.
So good luck to all of us.
More on the same topic:
Amir Yaron
Bank of Israel Governor
Bank of Israel
Bezalel Smotrich
Benjamin Netanyahu
coalition
deficit
War of Iron Swords
Gaza war
Credit Rating