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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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Kurdish-led SDF Say Five Members Killed During Attack by Islamic State in Syria
Islamic State slogans painted along the walls of the tunnel was used by Islamic State militants as an underground training camp in the hillside overlooking Mosul, Iraq, March 4, 2017. Photo: via Reuters Connect.
The Kurdish-led Syrian Democratic Forces said on Sunday that five of its members had been killed during an attack by Islamic State militants on a checkpoint in eastern Syria’s Deir el-Zor on July 31.
The SDF was the main fighting force allied to the United States in Syria during fighting that defeated Islamic State in 2019 after the group declared a caliphate across swathes of Syria and Iraq.
The Islamic State has been trying to stage a comeback in the Middle East, the West and Asia. Deir el-Zor city was captured by Islamic State in 2014, but the Syrian army retook it in 2017.
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Armed Groups Attack Security Force Personnel in Syria’s Sweida, Killing One, State TV Reports
People ride a motorcycle past a burned-out military vehicle, following deadly clashes between Druze fighters, Sunni Bedouin tribes, and government forces, in Syria’s predominantly Druze city of Sweida, Syria, July 25, 2025. Photo: REUTERS/Khalil Ashawi
Armed groups attacked personnel from Syria’s internal security forces in Sweida, killing one member and wounding others, and fired shells at several villages in the violence-hit southern province, state-run Ekhbariya TV reported on Sunday.
The report cited a security source as saying the armed groups had violated the ceasefire agreed in the predominantly Druze region, where factional bloodshed killed hundreds of people last month.
Violence in Sweida erupted on July 13 between tribal fighters and Druze factions. Government forces were sent to quell the fighting, but the bloodshed worsened, and Israel carried out strikes on Syrian troops in the name of the Druze.
The Druze are a minority offshoot of Islam with followers in Syria, Lebanon and Israel. Sweida province is predominantly Druze but is also home to Sunni tribes, and the communities have had long-standing tensions over land and other resources.
A US-brokered truce ended the fighting, which had raged in Sweida city and surrounding towns for nearly a week. Syria said it would investigate the clashes, setting up a committee to investigate the attacks.
The Sweida bloodshed last month was a major test for interim President Ahmed al-Sharaa, after a wave of sectarian violence in March that killed hundreds of Alawite citizens in the coastal region.
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Netanyahu Urges Red Cross to Aid Gaza Hostages
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference, in Jerusalem, May 21, 2025. Photo: REUTERS/Ronen Zvulun/Pool
Israeli Prime Minister Benjamin Netanyahu said on Sunday he spoke with the International Red Cross’s regional head, Julien Lerisson, and requested his involvement in providing food and medical care to hostages held in Gaza.