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As foreign investors warn over Israel’s future, ratings firm accused of anti-Israel bias says it’s not worried — for now
(JTA) — As much of the financial world increasingly eyes political developments in Israel with concern, a company that specializes in assessing investments based on social responsibility criteria made a special announcement Wednesday in which it declared Israel “a low-risk country.”
That designation is both a signal to investors that they are unlikely to get entangled in human rights abuses or other scandals if they put their money in Israel, and a reassurance intended for pro-Israel advocates who have accused the company of bias against Israel.
The announcement from the multibillion-dollar Chicago-based financial research firm Morningstar is the latest entry in a debate about how companies around the world should regard the Israeli-Palestinian conflict. One side says that Israel should be treated as regular Western democracy and the other says that Israel’s treatment of the Palestinians should put the country in the class of authoritarian regimes.
But another debate about Israel’s investment worthiness has emerged in recent months following the election of a new Israeli government led by Benjamin Netanyahu, whose slim parliamentary majority relies on the support of parties with far-right platforms.
Netanyahu, who is on trial for corruption, has vowed to overhaul Israel’s judicial system and rein in the independence of the courts. Many financial analysts consider a weakened judiciary a red flag for investors.
Sarah Wirth, a spokesperson for Morningstar, said that its analysis designating Israel a low-risk country does not yet account for recent developments in Israel.
“Some of the changes developing in Israel may impact their Country Risk Rating once we incorporate them into our analysis,” Wirth wrote in an email to the Jewish Telegraphic Agency in reference to the judicial reform plan.
The latest warning about Israel’s place in the global economy emerged Friday with the leak of an internal report written by JPMorgan, one of the largest banks in the world.
The report compared Israel to Poland, which passed a similar judicial reform in 2016 and saw a downgrade to its credit rating, which was a major blow because national credit ratings can either attract or drive away investments from abroad.
JPMorgan analysts wrote that Israel’s credit rating still “stands comfortably in the investment grade bucket” but that Netanyahu’s plan could cause it to go down.
The report adds to a warning by another Wall Street giant, Goldman Sachs, which said last week that the Israeli shekel could be affected by “growing concern over domestic political developments.”
“The five most recent elections over the past three-year period have had typically limited read-through to financial markets,” Goldman Sachs economist Tadas Gedminas wrote in a report. “This is not to say that the current situation could not have a more meaningful impact this time around, and we will closely monitor ongoing developments.”
Netanyahu has rejected criticism of his judicial plan by saying that the proposed reforms are being misrepresented by his critics and that they would merely bring Israel’s courts in line with courts in other Western countries. The plan would limit the ability of the Supreme Court to rule laws and government actions as unconstitutional, give the government control over the appointments of new judges and end the independence of the position of legal advisor across various government offices, among other measures.
Netanyahu has also said that regardless of the warnings by analysts, international investors are excited about Israel and eager to acquire equity in Israeli companies. His latest pronouncement came from France where he said he met with 60 local business leaders.
“What they’re saying about investors running away is nonsense,” Netanyahu said. “We want to increase our investments in Israel.”
Some of Israel’s own business leaders are concerned enough about the country’s direction that they are choosing to decamp. The CEO of tech company Verbit, which was valued at $2 billion in 2021, announced Tuesday that he would leave the country to avoid paying millions in taxes as a protest of the judicial overhaul plan.
“Over the past few years, I’ve paid tens of millions of dollars in taxes and my company has paid hundreds of millions in taxes,” Verbit CEO Tom Livne said on Israel’s Channel 12. He encouraged others in Israel’s vaunted tech sector to do the same.
Livne’s announcement comes about a week after two Israeli tech firms, including one that was valued at $3.7 billion in 2021, said they would withdraw assets from Israel for the same reason.
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Cultural boycotts of Israel just reached peak absurdity
Nadav Lapid is a filmmaker whose work has become increasingly ferocious in its indictment of Israeli society, nationalism and moral self-deception. His latest film, Yes, is not a plea for Israeli innocence, but rather a savage, obscene, self-implicating reckoning with a country in which language, music, sex and grief have all been drafted into the service of monstrous affirmation.
That he was pushed out of a prestigious international film festival in the name of opposing Israeli state violence is not a victory for moral clarity. It is “an intellectual failure,” to quote an open letter that was published in Le Monde on June 9.
Here’s the backstory: Lapid, a dissident Israeli director based in France, was asked to serve on the jury of the international film festival FID Marseille. After his appointment was announced, the festival’s director, Tsveta Dobreva, started to receive phone calls objecting to the presence of an Israeli director on the film festival jury.
Dobreva initially stood by her decision, yet as pressure intensified, the festival and Lapid mutually agreed that he would give up the jury role. Instead, the festival envisioned a more limited role for Lapid in Marseille, in which he would present his first feature, Policeman (2011), followed by a public discussion. However, even this compromise continued to raise the hackles of those who felt that the mere presence of an Israeli filmmaker at FID Marseille was unacceptable.
After a dozen directors threatened to pull their films from the festival over his participation, Lapid exited — not, it seems, out of a desire to capitulate to his opponents, but rather because he felt insulted that so many in the global filmmaking community felt that his presence in Marseille was an instance of “artwashing” designed to deny, obscure or deflect from the crimes of the Israeli government and the IDF.
How does the presence of a dissident filmmaker make him the representative of the very state he critiques? One can argue about and with Lapid’s films. One can validly choose to love them, attack them or reject them. But first one has to watch them.
That point rests at the heart of the Le Monde letter defending Lapid, collectively signed by 10 prominent actors and directors including Natalie Portman and Jacques Audiard. The case against him is that for a blanket cultural boycott of Israeli artists, fueled by the fact that Yes received support from the Israel Film Fund.
What critics may miss: The Israel Film Fund operates independently of Israel’s government, albeit with taxpayer funding, and has supported films sharply critical of Israeli policy — including last year’s The Sea, an antiwar film about a Palestinian boy that won five Ophir awards, Israel’s equivalent to the Oscars. (After The Sea’s award night victory, Israel’s Culture Minister threatened funding cuts to the ceremony.) Le Monde even reported that the Israel Film Fund stepped in to provide 10% of Lapid’s budget for Yes after the European Union declined to support what they judged to be an anti-Israel project.
Lapid himself has not dismissed the boycott debate. He has called it serious, and has long supported political sanctions against the Israeli state. Nor does he appear to think of the filmmakers who oppose him as enemies. He has suggested that their actions come from powerlessness, anger and immense frustration at political inaction over Gaza.
But he understands that political frustrations can lead to censorship with far-reaching implications.“For a year, it was my film Yes that was being attacked,” he told Le Monde earlier this week. “And then, suddenly, my mere presence became unacceptable. I asked myself: What exactly do they want? That I stop making films? Should I leave France? How far will this go?”
Those are troubling questions. Answering them incorrectly — as Lapid’s critics have — risks turning film festivals into places to virtue signal and perform outrage, rather than opportunities to sit with art that fosters critical thinking and discrimination.
The most recent editions of the Berlin Film Festival illustrate that risk. Berlin has always been a deeply political festival, beginning with its Cold War origins. Since the Hamas attack of Oct. 7, 2023, the festival has been convulsed by furious debates set off by Israel’s war in Gaza, and amplified by the German government’s iron-clad support for the Jewish state.
Accusatory speeches, open letters and political threats have frequently upstaged the actors and filmmakers on the red carpet. The festival has become political in the way that a rally is political. Instead of the films themselves provoking complicated political conversations, the focus has increasingly been on the inability of the Berlinale — one of Germany’s foremost cultural institutions — to issue a robust defense of freedom of expression while respecting Germany’s historic responsibility to Israel.
Marseille risked a similar mistake. Dobreva, the festival director, warned that the boycott threats over Lapid prevented the festival from programming freely and serving as a place of free thinking. She is absolutely right. A film festival should be able to screen Palestinian films, condemn state violence, interrogate potential moral compromises in film funding and still hold clarity about the fact that an individual artist’s value cannot be reduced to the birthplace listed on his passport.
The collective Palestine Will Save Cinema, which agitated against Lapid’s presence at Marseille, argued that placing Palestinian and Israeli narratives side by side risked turning the devastation of Gaza into a tidy exercise in balance, as if symmetrical programming could smooth away asymmetrical suffering.
That argument is guilty of its own kind of cultural flattening. Lapid’s films have been arguments with and against the country that formed him. In Synonyms (2019), an existential tragicomedy that is Lapid’s most incisive investigation into Israeli and Jewish identity, a young man moves to Paris after completing his military service. There, he tries — and ultimately fails — to transform himself into a Frenchman by repudiating the Hebrew language and severing ties with his family.
In Ahed’s Knee (2021) an Israeli filmmaker is incensed after being asked to choose from a list of approved discussion topics for a Q&A about his work at a community library. The filmmaker’s protest against government censorship swells into a scorching, self-destructive tirade against Israeli culture, with righteous anger warping into paranoia and cruelty.
When I interviewed Lapid about Ahed’s Knee in Cannes, where the film won the jury prize, the director told me that making the film had allowed him to think through a number of tough yet vital questions: “What does it mean to be good in a bad place? And what does being right matter when it detaches you from your most human instincts?”
He added that sick societies present people with bad choices, where “the normal option doesn’t exist.” Yes is the most extreme form he has given to that idea. In Munich, he said the film is vulgar, noisy and brutal because the “collective soul” it depicts is vulgar, noisy and brutal — and because he, too, is “part of the sickness.”
Rejecting false equivalences is not the same thing as reducing every Israeli artist to an emissary of state violence. Film festivals exist, in part, to teach us to see such distinctions. To exclude an artist of Lapid’s stature, temperament and talent is to admit that we no longer trust art, or ourselves, to withstand complexity and contradiction.
Lapid’s case reveals this category error with special force.
The post Cultural boycotts of Israel just reached peak absurdity appeared first on The Forward.
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The Jewish friendship that let David Hockney experience ‘dangerous perfection’
Think of the British painter David Hockney, who died Thursday at 88, and you think of color. 1967’s “A Bigger Splash,” almost certainly his most famous work, is a study in blue so profound that it’s nearly synesthetic: The pool is such a saturated cool that you can feel the water lap your feet, and the sky so rich with California sunlight that your shoulders burn. When Hockney turned more toward landscapes in later years, trees came in every color of the rainbow — here a pink trunk, there a purple — and roads were streaked salmon and teal.
Which makes it stranger that one of the works of his that I find most evocative has no color at all. It’s a 1975 pen and ink drawing of the American Jewish artist R.B. Kitaj, one of Hockney’s dearest friends, sitting on a bench outside an art school in Vienna.
Kitaj, head propped in his hand, looks out toward the left side of the page. His face is the lone area of detail in a scene thrown together with brisk, expressive lines. There is a sense of place around him, but that place is in the act of disappearing. As the scene spreads to the right and lower edges of the page — the areas that would fall outside Kitaj’s line of sight — it ceases to exist. Kitaj’s bench is slatted, rounded and real, but the bench abutting it is depicted in a few brief strokes. The buildings and street are sketched with light attention within what seems to be Kitaj’s periphery line, and are nonexistent beyond it.
The picture is a study of a man in deep focus. Hockney draws Kitaj’s head — and by inference, everything within it — as real and lifelike. But beyond the scope of Kitaj’s vision — the material the world presents him, possibly to be made into art — Hockney shows his surroundings as being valuable only as perspective lines, helping to situate the subject in space.
To be caught thinking is a vulnerable experience. To have someone restore your sense of your own physical self is a shock. By sketching Kitaj in his moment of remove, Hockney gave a renowned and somewhat glamorous friendship a sense of life. And he gave a sense of life, too, to the thing that made his own art so attractive: the impression of a rare and gorgeous intensity of vision, one that could draw a viewer’s attention so completely that it seemed what was on the canvas was the only real thing on earth.
In his drawing of Kitaj, the line is blurred between his subject’s concentration and his own. Is it really that Kitaj is so immersed in the act of seeing — or that Hockney is, his gaze so rapt upon his friend as to make him able to capture, briefly, what it was like to see through Kitaj’s eyes?
From the first days of their friendship at the Royal College of Art, Hockney and Kitaj existed on two planes for one another: human and artistic. As each worked to find the right way to reflect their own humanity in their art, their concepts of both themselves and their work influenced one another. “I was painting about my Jews and my books and Hockney was just coming out of the closet, so I said paint that,” Kitaj once said. And another time: “He switched to his gay culture as I began on my Jewish culture in its first forms.”
When Kitaj married the painter Sandra Fisher in 1983 — after Hockney introduced them in the 1970s — Hockney was his best man. “Those orthodox Rabbis had never seen such a gang under the chuppa,” Hockney told 032c magazine in 2025. At that moment, he said, “life for me had reached a dangerous perfection.”
A “dangerous perfection.” What did that mean? I see a glimpse of the answer in Hockney’s drawing of Kitaj — a sense of connection so complete as to threaten the boundaries of selfhood. At Kitaj’s wedding, Hockney experienced that threat as a kind of transcendence: Look, how wonderful being alive among other people can be. The experience captured in his drawing of Kitaj is different, but related. It’s that of a kind of looking, and seeing, that briefly gives total knowledge.
That kind of completeness is one of the aims of friendship, and also of art. There will be much to miss about Hockney, an artist who was easy to love. But the rare experience of absolute immersion that his best work gave its viewers may have made, out of all he accomplished, the biggest splash.
The post The Jewish friendship that let David Hockney experience ‘dangerous perfection’ appeared first on The Forward.
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Aristotle, Jewish ethics and the vexing case of Graham Platner
In last Tuesday’s Democratic Senate primary in Maine, nearly three quarters of voters decided that Graham Platner — Iraq War veteran, oysterman, Reddit misogynist and SS tattoo bearer — was their best hope to defeat the Republican incumbent, Susan Collins, come November. While the result was wildly cheered by his supporters, other Democrats and independents were left deeply uneasy.
There are good reasons, philosophical no less than political, for this disquiet. For some Democrats, the winning approach to the election is not necessarily one that leads to victory, but instead one that leads from virtue.
Much attention has been given to the political issues raised by Platner’s candidacy. His embrace of economic populism and excoriation of our country’s oligarchy, his denunciation of forever wars and defense of the common man were and remain compelling stances. That Platner speaks his own mind, and does so simply but rarely simplistically, rather than from a script bolted together by handlers, is clearly a plus as well.
But the matter of his character also raises a serious ethical issue not just for Platner, but also for those who voted for him this spring and plan to do so again this fall. It is less a matter of achieving a good result, than of affirming the good itself.
Moral philosophy comes in three flavors: consequentialism, deontology, and virtue ethics. For reasons of space, let’s focus on the first and last. As the name suggests, consequentialism focuses not on the means but instead on the ends. But this does not mean, as some think, that any end can justify any means. Instead, philosophical consequentialists argue that acts must be judged by a simple measure: seeking the greatest good at the least moral cost.
For a hypothetical example, say I have a student who is floundering in one of my classes. They are doing their best, but for various reasons their best will probably not help them avoid a failing grade. Afraid to disappoint or depress the student, I allow them to continue in the class. Consequently, the student sinks rather than swims by semester’s end. Or, instead, I can sit down with the student earlier in the semester and suggest that they withdraw today and try again a later day when they are better prepared. The result is the least cruel and most good: some suffering in the short term rather than greater suffering in the long run.
Yet, consequentialism can be complicated. Consider the election of John Fetterman to the Senate in 2022. Faced by the prospect of voting for the Republican candidate, Democrats and independents gave Fetterman the winning margin despite a stroke he suffered during the campaign, one that raised serious questions about his capacity to hold the office. For reasons that are hard to parse, Fetterman has since broken with his fellow Democrats on several vital issues.
Rather than realizing the greater good, some Pennsylvania voters may now realize their reasoning was misplaced.
This brings us to virtue ethics, which is now enjoying a second wind among moral philosophers. Inspired by Aristotle’s Nicomachean Ethics, virtue ethicists are less concerned with actions than they are with character. As the philosopher Todd May writes in his book The Decent Life, the key question for consequentialists (and deontologists) is “How should I act?” But for those who promote virtue ethics, the question is “How should I live?”
By this, they mean what Aristotle seems to have meant: how can we live a happy or flourishing life? The answer is by living that life in accord with virtue.
Simply put, virtues are those traits of character — think bravery and constancy, sagacity and generosity—crucial to human flourishing. And to flourish as humans requires a deep disposition to see and feel, choose and respond to the world and others in ways that align with those virtues. In the words of the late Alasdair MacIntyre, the philosopher who reintroduced virtue ethics to modern readers, “The exercise of the virtues is itself a crucial component of the good life for man.”
Inevitably, just as with the other ethical theories, there are problems with virtue ethics. But there are also advantages, principally that it seeks to build character rather than build a calculus of the highest good. This brings us back to Graham Platner. What is at issue with his campaign is not just the character of the candidate, but the character of the nation we wish to realize. The unavoidable question is not whether the ends justifies the means, but whether the means justifies the end—in this case, a nation dedicated not to winning a Senate majority, but to one dedicated to reversing the waning of virtue. Even if this means giving Susan Collins 6 more years.
Modern Jewish thinkers find ties between pagan and Jewish ethics. Yonatan Brafman, who teaches at the Jewish Theological Seminary, points to fascinating parallels between the writings of Aristotle and the medieval philosopher Moses Maimonides. The latter, Brafman suggests, sought various ways to encourage the practice of generosity. “Fulfilling the commandment of matanot le-’evyonim (gifts to the poor) and even prioritizing it over other commandments both expresses and fosters the virtue of generosity,” Brafman writes. “Moreover, in Maimonides’ view, this virtue is central to human flourishing. Generosity enables an individual to achieve divine joy.”
Of course, the exercise of generosity should apply to Platner, a man who insists that he has changed. Come November, we will learn whether this is true for our nation. As for Platner, who insists he has changed, it may take much longer for all of us to know.
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