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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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The post As foreign investors warn over Israel’s future, ratings firm accused of anti-Israel bias says it’s not worried — for now appeared first on Jewish Telegraphic Agency.
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What if Donald Trump puts his name on the US Holocaust Memorial Museum?
What if I told you that this morning, I found the following Truth Social post on my newsfeed?
“THE TRUMP US HOLOCAUST MEMORIAL MUSEUM HONORS will be broadcast tonight, on CBS, and Stream on Paramount+. Tune in at 8 P.M. EST! At the request of the Board, and just about everybody else in America, I am hosting the event. Tell me what you think of my “Master of Ceremony” abilities. If really good, would you like me to leave the Presidency in order to make “hosting” a full time job? We will be honoring true GREATS in the History of the Holocaust, from the Elders of Zion and the NSDAP to John Birchers and Groypers. THANK YOU FOR YOUR ATTENTION.”
If you said this post wasn’t real, you would be right. If you said that I tweaked a recent Truth Social post, swapping the US Holocaust Memorial Museum for the former John F. Kennedy Memorial Center for the Performing Arts, you would be right about that too.
But if you said that this post was unthinkable, my response would be “Think again.”
The phrase “Thinking the unthinkable” was all the rage in the late 1950s and early 1960s. It was an era darkened by the threat of mushroom clouds, the theatrics of Peter Sellers in Stanley Kubrick’s film Dr. Strangelove, and the theories of Herman Kahn, whose notion of the Doomsday Machine features in Kubrick’s masterpiece. Kahn coined the term “unthinkable,” insisting that while “nuclear war may seem highly unlikely, indeed unthinkable, to many people — it is not impossible.”
To this very day, the threat of a nuclear holocaust remains all too real and thinkable. But it has been sidelined by a different kind of threat, one that has buried the very concept of the unthinkable.
So many words and acts once considered unthinkable have, under the two Trump presidencies, become not just thinkable and not just doable, but also increasingly unremarkable. Is there any word or act we still consider safely and surely unthinkable? Is there anything at all that, to quote Herman Kahn, while it may seem highly unlikely, indeed unthinkable, to many people — is not impossible?
To find an answer, it helps to suggest a limiting case on our government’s effort to make all things thinkable, and thus acceptable, even normal. Consider the fake post with which I began this column — namely, that Donald Trump would one day plaster his name on the building that houses the United States Holocaust Memorial Museum. Can there be anything more unthinkable than Trump stamping his name on the USHMM, the very institution that is dedicated to reminding the world of the consequences of acting on the unthinkable?
In his reflections on life under totalitarian rule, The Captive Mind, Polish poet and Nobel Prize Laureate Czeslaw Milosz observed that all “concepts men live by are a product of the historic formation in which they find themselves. Fluidity and constant change are the characteristics of phenomena. And man is so plastic a being that one can even conceive of the day when a thoroughly self-respecting citizen will crawl about on all fours, sporting a tail of brightly colored feathers as a sign of conformity to the order he lives in.”
We see such plasticity on the sets of Fox News, the corridors of Congress and in the board rooms of media, legal, and tech titans where talking heads, politicians and CEOs happily crawl about with many-colored tails of feathers. This is also true in the board rooms of the Donald J. Trump and John F. Kennedy Memorial Center for the Performing Arts and the Donald J. Trump Institute of Peace. (The names of these sites must be written in full to fully grasp the absurd character of this era.)
But the United States Holocaust Memorial Museum will always be exempt from this creeping rot of the absurd, right?
Wrong.
In early May, the USHMM, which like the Donald J. Trump and John F. Kennedy Memorial Center for the Performing Arts is both privately and federally funded, announced an overhaul of its board. Nearly all its Biden-appointed members were fired, replaced by a choice assortment of Trump appointees. They include Sid Rosenberg, a conservative talk-show host who spoke at a Trump rally last year, denouncing the Democrats as “a bunch of degenerates.”
Another Trump appointee, Martin Oliner, published an op-ed in The Jerusalem Post earlier this year in which he called for the forcible removal from Gaza of Palestinians, whom he described as “fundamentally evil.” In another piece, titled “Make the Holocaust Memorial Council Great Again,” he warned that the USHMM was not meeting its “important role.”
Equally troubling was this fall’s temporary closing until next February of the museum exhibit dedicated to America’s wartime response to the Holocaust. The ostensible reason was to “upgrade the exhibit,” an Orwellian phrase that some staffers fear means the blurring the historical record, one that includes the disinterest of the White House, the fecklessness of most Jewish leaders, and the polite, yet potent antisemitism at the State Department.
In his landmark work The Abandonment of the Jews, the historian David Wyman offers a similar conclusion on the American public’s response to the Holocaust: “Few American non-Jews recognized that the plight of the European Jews was their plight too. Most were either unaware, did not care, or saw the European Jewish catastrophe as a Jewish problem, one for Jews to deal with. That explains, in part, why the United States did so little to help.”
Is it possible that because too many of us remain unaware of or indifferent to the Trump administration’s abandonment of the unthinkable, we have invited the catastrophe now enveloping our nation? A catastrophe that already announces itself in the mass and often violent arrests and deportations of men and women because of their skin color? In the lawless killing of civilians in international waters? In the unconstitutional deployment of the National Guard in our cities? For those who do not yet have an answer, it is worth giving the matter a bit of thought — even if you find those thoughts unthinkable.
The post What if Donald Trump puts his name on the US Holocaust Memorial Museum? appeared first on The Forward.
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Israel becomes first country to recognize Somaliland, drawing condemnation from Egypt, Turkey and Somalia
Israel became the first country to formally recognize Somaliland, a self-declared sovereign state in the Horn of Africa, in a decision that was immediately condemned by Somalia and other nations.
“The Prime Minister announced today the official recognition of the Republic of Somaliland as an independent and sovereign state,” wrote Prime Minister Benjamin Netanyahu’s office in a post on X. “The State of Israel plans to immediately expand its relations with the Republic of Somaliland through extensive cooperation in the fields of agriculture, health, technology, and economy.”
Somaliland’s president welcomed the announcement from Netanyahu in a post on X, adding that he affirmed the region’s “readiness to join the Abraham Accords,” the normalization agreements between Israel and a handful of Arab states that was brokered during President Donald Trump’s first term.
Somaliland proclaimed independence from Somalia in 1991 during the country’s civil war, but has failed to receive recognition from the international community in part due to Somalia’s opposition to its secession. Somalia officially rejects ties with Israel, and has consistently refused to recognize the state of Israel since 1960. Somalia and Somaliland are overwhelmingly Muslim.
“The ministers affirmed their total rejection and condemnation of Israel’s recognition of the Somaliland region, stressing their full support for the unity, sovereignty and territorial integrity of Somalia,” Egypt’s foreign ministry said in a statement following a phone call between Egypt’s foreign minister and his Somali, Turkish and Djiboutian counterparts, according to Reuters.
In November, the Israeli think tank Institute for National Security Studies argued in a report that recognizing Somaliland could be in Israel’s strategic interest.
“Somaliland’s territory could serve as a forward base for multiple missions: intelligence monitoring of the Houthis and their armament efforts; logistical support for Yemen’s legitimate government in its war against them; and a platform for direct operations against the Houthis,” the report read.
It is unclear if the United States will follow suit. In August, Texas Republican Sen. Ted Cruz wrote to Trump urging him to recognize Somaliland.
“Somaliland has emerged as a critical security and diplomatic partner for the United States, helping America advance our national security interests in the Horn of Africa and beyond,” wrote Cruz.
This article originally appeared on JTA.org.
The post Israel becomes first country to recognize Somaliland, drawing condemnation from Egypt, Turkey and Somalia appeared first on The Forward.
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‘Jesus is a Palestinian,’ claims a Times Square billboard. Um, not quite
“Merry Christmas,” proclaims a billboard in Times Square: “Jesus is Palestinian.”
Countless people will walk by the display or see it on social media, and many will believe it.
So, let’s go through why that statement is such a mistake, once again.
Jesus was a Jew. He was born to Jewish parents, was circumcised under Jewish law — traditionally, on Jan. 1, which is how that day became known as the Feast of the Circumcision — and lived as a Jew. He taught from the Hebrew Scriptures. He worshiped in the Jerusalem Temple. He observed Jewish festivals. He debated Jewish law with other Jews using Jewish modes of argument.
Go back to the Gospels in the New Testament — specifically Luke 4:16: “He went to Nazareth, where he had been brought up, and on the Sabbath day he went into the synagogue, as was his custom.” Or, John 4:9, in which a Samaritan woman asks Jesus: “How is it that you, a Jew, ask a drink of me, a woman of Samaria?”
Cross-reference other ancient sources. Josephus, a first-century Jewish historian, refers to Jesus as a Jewish figure executed in Judea. No serious historical study of Jesus elides this basic truth: Jesus was a Jew.
Yet many efforts through history have sought to sever Jesus from his Judaism — often, if not always, in an attempt to denigrate Jews.
In the second century, the theologian Marcion sought to completely sever Christianity from Judaism. For him, the God of Israel was inferior and the God of the Christians was morally superior. Jesus, therefore, belonged to a different moral universe. The early Church condemned Marcionism precisely because it erased Jesus’s Jewish roots, and ultimately dismissed the idea as a heresy that needed to be rejected.
In the twentieth century, Nazi theologians attempted to portray Jesus as Aryan and anti-Jewish, which Susannah Heschel documents in her book The Aryan Jesus: Christian Theologians and the Bible in Nazi Germany.
But it’s not just because of his religion that Jesus shouldn’t be considered Palestinian.
“Why not?” you might ask. “Didn’t he live in Palestine?”
The short answer is: Not yet.
When Jesus lived, the land of Israel was called Judea. It was under Roman rule, and it fell under several administrative districts: Judea, Galilee, and Samaria.
So, what is the source of the name “Palestine” for that area? It comes from the ancient people known as the Philistines, a perennial enemy of the Israelites. After the Romans crushed Jewish independence, they deliberately renamed the province in an effort to sever Jewish historical ties to the land, as well as to humiliate them by naming the land after their ancient foes.
To call Jesus “Palestinian” is therefore anachronistic.
Yet even so, the idea of Jesus as Palestinian appears in some strands of Palestinian liberation theology. Those strands tend to envision the Palestinian people as Jesus on the cross — crucified by Israel and the Jews, in an image that recalls the longstanding and deeply misguided allegation that “the Jews killed Jesus.”
This language appears repeatedly in the writings and sermons of Naim Ateek, the influential founder of the Jerusalem-based Christian organization Sabeel. In his 2001 Easter message, he wrote “as we approach Holy Week and Easter, the suffering of Jesus Christ at the hands of evil political and religious powers two thousand years ago is lived out again in Palestine,” adding that “Jesus is the powerless Palestinian humiliated at a checkpoint, the woman trying to get through to the hospital for treatment, the young man whose dignity is trampled, the young student who cannot get to the university to study, the unemployed father who needs to find bread to feed his family; the list is tragically getting longer, and Jesus is there in their midst suffering with them.”
Yes, of course, Palestinians have suffered and continue to suffer. But illustrations of that suffering should not include the pretense that Jesus was Palestinian. It suggests that Palestinians need to be seen as akin to Jesus to deserve safety and dignity, when in fact they deserve safety and dignity simply because they are human. And casting Israel and the Jews as crucifiers only resurrects medieval theology and hatreds; it adds nothing to the hopes for justice for Palestinians.
Mainstream Christianity has rejected this foul mythology. We have recently celebrated the sixtieth anniversary of the Christian world’s most vociferous denial of that ancient hatred. In 1965, Vatican II’s Nostra Aetate explicitly rejected the charge that Jews are responsible for Jesus’s death. The World Council of Churches issued similar warnings about reviving Passion-based antisemitism — the revival of the ancient accusation that Jewish leaders were responsible for the crucifixion of Jesus, and that Jews bear that guilt eternally.
History matters. Theology matters. And words matter — especially when they carry two thousand years of blood-soaked memory.
The post ‘Jesus is a Palestinian,’ claims a Times Square billboard. Um, not quite appeared first on The Forward.
