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Stanley Fischer, Former Fed Vice Chair and Bank of Israel Chief, Dies at 81
FILE PHOTO: Vice Chair of the U.S. Federal Reserve System Stanley Fischer arrives to hear Governor of the Bank of England Mark Carney delivering the Michel Camdessus Central Banking Lecture at the International Monetary Fund in Washington, U.S., September 18, 2017. Photo: REUTERS/Joshua Roberts/File Photo
Stanley Fischer, who helped shape modern economic theory during a career that included heading the Bank of Israel and serving as vice chair of the US Federal Reserve, has died at the age of 81.
The Bank of Israel said he died on Saturday night but did not give a cause of death. Fischer was born in Zambia and had dual US-Israeli citizenship.
As an academic at the Massachusetts Institute of Technology, Fischer trained many of the people who went on to be top central bankers, including former Federal Reserve Chairman Ben Bernanke as well as Mario Draghi, the former European Central Bank president.
Fischer served as chief economist at the World Bank, and first deputy managing director at the International Monetary Fund during the Asian financial crisis and was then vice chairman at Citigroup from 2002 to 2005.
During an eight-year stint as Israel’s central bank chief from 2005-2013, Fischer helped the country weather the 2008 global financial crisis with minimal economic damage, elevating Israel’s economy on the global stage, while creating a monetary policy committee to decide on interest rates like in other advanced economies.
He was vice chair of the Federal Reserve from 2014 to 2017 and served as a director at Bank Hapoalim in 2020 and 2021.
Current Bank of Israel Governor Amir Yaron praised Fischer’s contribution to the Bank of Israel and to advancing Israel’s economy as “truly significant.”
The soft-spoken Fischer – who played a role in Israel’s economic stabilization plan in 1985 during a period of hyperinflation – was chosen by then Finance Minister Benjamin Netanyahu and Prime Minister Ariel Sharon as central bank chief.
Netanyahu, now prime minister, called Fischer a “great Zionist” for leaving the United States and moving to Israel to take on the top job at Israel’s central bank.
“He was an outstanding economist. In the framework of his role as governor, he greatly contributed to the Israeli economy, especially to the return of stability during the global economic crisis,” Netanyahu said, adding that Stanley – as he was known in Israel – proudly represented Israel and its economy worldwide.
Israeli President Isaac Herzog also paid tribute.
“He played a huge role in strengthening Israel’s economy, its remarkable resilience, and its strong reputation around the world,” Herzog said. “He was a world-class professional, a man of integrity, with a heart of gold. A true lover of peace.”
The post Stanley Fischer, Former Fed Vice Chair and Bank of Israel Chief, Dies at 81 first appeared on Algemeiner.com.
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Israel Pounds Gaza City Suburbs, Vows to Press on with Offensive
Smoke rises following an Israeli strike, in Gaza City, August 24, 2025. Photo: REUTERS/Dawoud Abu Alkas
Israeli planes and tanks pounded the eastern and northern outskirts of Gaza City overnight Saturday to Sunday, destroying buildings and homes, residents said, as Israeli leaders vowed to press on with a planned offensive on the city.
Witnesses reported the sound of explosions non-stop overnight in the areas of Zeitoun and Shejaia, while tanks shelled houses and roads in the nearby Sabra neighborhood and several buildings were blown up in the northern town of Jabalia.
Fire lit the skies from the direction of the explosions, causing panic, prompting some families to stream out of the city. Others said they would prefer to die and not leave.
The Israeli military said on Sunday that its forces have returned to combat in the Jabalia area in recent days, to dismantle militant tunnels and strengthen control of the area.
It added that the operation there “enables the expansion of combat into additional areas and prevents Hamas terrorists from returning to operate in these areas.”
Israel approved a plan this month to seize control of Gaza City, describing it as the last bastion of Hamas. It is not expected to begin for a few weeks, leaving room for mediators Egypt and Qatar to try and resume ceasefire talks.
Israel’s Defense Minister Israel Katz on Sunday vowed to press on with the offensive on the city where famine has been declared, which has raised alarm abroad and objections at home. Katz has said that Gaza City will be razed unless Hamas agrees to end the war on Israel’s terms and release all hostages.
Hamas said in a statement on Sunday that Israel’s plan to take over Gaza City showed it wasn’t serious about a ceasefire.
It said a ceasefire agreement was “the only way to return the hostages,” holding Israeli Prime Minister Benjamin Netanyahu responsible for their lives.
The proposal on the table calls for a 60-day ceasefire and the release of 10 living hostages held in Gaza and of 18 bodies. In turn, Israel would release about 200 long-serving Palestinian prisoners held by Israel.
Once a temporary ceasefire begins, the proposal is for Hamas and Israel to begin negotiations on a permanent ceasefire that would include the return of the remaining hostages.
On Thursday, Netanyahu said that Israel would immediately resume negotiations for the release of all 50 hostages – of whom Israel believes around 20 are still living – and an end to the nearly two-year-old war but on terms acceptable to Israel.
‘HUNGRY AND AFRAID’
Around half of the enclave’s two million people currently live in Gaza City. A few thousand have already left, carrying their belongings on vehicles and rickshaws.
“I stopped counting the times I had to take my wife and three daughters and leave my home in Gaza City,” said Mohammad, 40, via a chat app. “No place is safe, but I can’t take the risk. If they suddenly begin the invasion, they will use heavy fire.”
Others said they will not leave, no matter what.
“We are not leaving, let them bomb us at home,” said Aya, 31, who has a family of eight, adding that they couldn’t afford to buy a tent or pay for the transportation, even if they did try to leave. “We are hungry, afraid and don’t have money.”
A global hunger monitor said on Friday that Gaza City and surrounding areas are officially suffering from famine that will likely spread. Israel has rejected the assessment and says it ignores steps it has taken since late July to increase aid.
The war began on October 7, 2023, when Hamas-led gunmen burst into southern Israel, killing some 1,200 people, mainly civilians, and taking 251 hostages.
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Iran Signals Willingness to Scale Back Uranium Enrichment to Ease Tensions
Atomic symbol and USA and Iranian flags are seen in this illustration taken, September 8, 2022. Photo: REUTERS/Dado Ruvic/Illustration/File Photo
i24 News – Iran may be prepared to significantly reduce its uranium enrichment levels in a bid to stave off renewed UN sanctions and limit the risk of further strikes by Israel and the United States, according to a report published Sunday in The Telegraph.
Citing Iranian sources, the paper said Tehran is considering lowering enrichment from 60% to 20%.
The move is reportedly being championed by Ali Larijani, the newly appointed secretary of the Supreme National Security Council, who is holding talks with regime leaders.
“Larijani is trying to convince the system to reduce the level of enrichment in order to avoid further war,” a senior Iranian official told the paper.
The proposal, however, faces stiff resistance from the Islamic Revolutionary Guard Corps, which has long opposed concessions on the nuclear program. Still, the report suggests Iran’s leadership may be open to greater flexibility, including the possibility of reviving engagement with Western powers.
Last month, i24NEWS reported exclusively that a delegation from the International Atomic Energy Agency (IAEA) is expected to travel to Iran. The team of technical experts would seek to resume monitoring of nuclear sites, inspections that have been heavily restricted in recent years.
The development comes amid mounting regional tensions and could represent a critical turning point in the long-running nuclear standoff.
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Major Brush Fire Erupts Near Jerusalem, Evacuations Underway
A view of the new Tel Aviv-Jerusalem fast train seen over the HaArazim Valley (“Valley of Cedars”) just outside of Jerusalem, Sept. 25, 2018. Photo: Yossi Zamir/Flash90.
i24 News – A large brush fire broke out Sunday in the Cedars Valley area, near Route 1 and the Motza interchange, prompting an emergency response from Jerusalem district fire services. Several water-bombing planes were dispatched, and authorities have declared a “fire emergency.”
As a precaution, residents of Mevaseret Zion are being evacuated. Access to the town from Route 1 has already been blocked, and officials are weighing a full closure of the major highway.
Fire crews from the Ha’uma station are on site working to contain the flames, while motorists in the area are urged to heed traffic updates and follow instructions from emergency services.
Eight firefighting aircraft are currently operating above the blaze in support of ground teams. The fire comes amid one of the hottest, driest summers on record, with conditions fueling a series of destructive wildfires across the country.
Officials warn the situation remains critical, as the blaze threatens a vital transportation corridor leading into Jerusalem.