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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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Synagogue targeted by picketers inspires Ann Arbor ordinance to protect houses of worship
Ann Arbor, Michigan has become the latest city to pass legislation aimed at protecting houses of worship from protests, echoing similar policies passed by New York and proposed by California earlier this year.
But while New York and California introduced such legislation in response to occasional anti-Israel protests outside synagogues, Ann Arbor has been home to the persistent and brazen protest of a Holocaust denier who shows up to picket the same congregation every week on Shabbat.
While synagogue leaders are moved by the city council’s gesture, they don’t expect the protests to end anytime soon.
“The significance of the resolution is that a city council in a highly progressive city had the bravery to call out the antisemitism of Jew haters,” said Rabbi Nadav Caine, the spiritual leader of Ann Arbor’s Beth Israel Congregation. And that’s no small thing.
For the past 23 years, a small group of protesters have gathered outside Beth Israel on Shabbat carrying signs with hateful slogans like “Jewish Power Corrupts,” “No More Holocaust Movies” and “Antisemitism is earned, never given.”
Partly in response to those decades of hateful demonstrations, the Ann Arbor City Council on Monday unanimously passed a resolution directing the city manager to develop a plan for protecting houses of worship during protests, which can include protest-free buffer zones.
Jerry Sorokin, executive director of Beth Israel, expressed gratitude for the city council’s sentiment — though he also believes the measures “won’t make any real difference.”
The protesters carry “incredibly offensive” signs, Sorokin said. But they also stay off synagogue property and don’t interfere with congregants trying to enter, he said, making it unlikely that a security perimeter would affect their demonstrations.
“They’ve found out exactly what the limits of their legal rights are in terms of what they can say, where they can say it, and how they can interact with the public, and they push it right to the limit without going over,” Sorokin said.
A court agreed. In 2019, a congregant and local Holocaust survivor lost a lawsuit against the Beth Israel protesters and the city of Ann Arbor, with a court concluding that the protesters were engaging in protected speech.
Buffer zones across the country
The measure in Ann Arbor reflects a broader national debate about balancing protesters’ free speech rights with worshippers’ ability to safely access religious services, as New York and California have also moved to enact buffer zones outside houses of worship.
In May, demonstrators outside Park East Synagogue in Manhattan chanted “We don’t want no Zionists here” and “There is only one solution, intifada revolution,” outside an event promoting real estate sales in Israel and the West Bank. New York lawmakers approved a 50-foot security buffer around houses of worship proposed by Gov. Kathy Hochul. Meanwhile, New York City Mayor Zohran Mamdani allowed a bill that requires the New York City Police to develop a plan for managing protests at houses of worship.
In Los Angeles, protesters targeting Wilshire Boulevard Temple for hosting speakers affiliated with the Israeli defense contractor Elbit Systems prompted California lawmakers to introduce a buffer-zone bill that would make it a crime to approach a person within 100 feet of a synagogue in order to hand out a leaflet, hold a sign, or “engage in oral protest.” First-time offenders would face up to six months in jail.
At the federal level, U.S. Rep. Tom Suozzi of New York introduced the SACRED Act, which would make it a federal crime to intimidate, obstruct or harass people within 100 feet of a house of worship.
But those proposals all face the same constitutional constraint: They can regulate how protests are conducted, but not the viewpoints being expressed. There’s no legal remedy to the offensive messages painted on placards and yelled at passing drivers, Sorokin said.
“I think what the city council did is laudable, and it is reassuring to us that they’re showing support for freedom of worship and for access to synagogues, churches, and mosques,” he said. “But I don’t think it’s going to change what goes on outside our building every Saturday.”
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In the world of Jewish translators, she was known as a mentor, a friend and a literary giant
Barbara Harshav, widely considered one of the most important translators of Jewish literature of our time, passed away June 24 at age 85. She translated from French, German, Hebrew, and Yiddish — and won acclaim from scholars and fellow translators for her range and high standards. Her curiosity and willingness to tackle difficult material were legendary.
“Few people would be able to and feel comfortable translating from French and German alongside Hebrew and Yiddish,” Shachar Pinsker, professor of Judaic Studies and Middle East Studies at The University of Michigan, wrote in an email.
She translated giants, including Shmuel Yosef Agnon, winner of the Nobel Prize; Avrom Sutzkever, the towering Yiddish poet; the Israeli novelist Meir Shalev; and the beloved poet Yehuda Amichai. But she was also loved as a mentor and friend to scholars and translators of several generations.
“I knew Bobbi Harshav through reading her translations before I met her for the first time, when I helped her carry a suitcase to a room in Berkeley’s Bancroft Hotel in 2005,” Pinsker recalled. “Since then, we have seen each other in Ann Arbor, Tel Aviv, New York and Boston. It was always a thrill to meet her, speak and correspond with her, and learn from her.”
Her personality was reflected in the books she translated.
“Bobbi had a fierce sense of curiosity and independence that carried her forward. I can’t think of anyone else who would translate the Palestinian author Emile Habibi’s essay ‘Your Holocaust and our Catastrophe,’ alongside poetry by Abraham Sutzkever, Yehuda Amichai, the best of American Yiddish poetry, as well as novels, stories, and plays by Hanoch Levin, Yoram Kaniuk, Yehudit Hendel, Yehudit Kazir, and Leah Goldberg,” Pinsker wrote.
Harshav also co-translated many books with her late husband, Benjamin Harshav, including Sing Stranger: A Century of American Yiddish Poetry.
Her translations included some of the most challenging books in recent Jewish literature, like Agnon’s fiction. Made up of layers upon layers, with allusions to Jewish texts everywhere, it is notoriously challenging, if not impossible, to translate.
“Bobbi took on the heroic task of translating S.Y. Agnon’s Tmol Shilshom (“Only Yesterday”), which many considered untranslatable, and although she was aware of the limitations of Agnon in English, she proved them wrong,” Pinsker recalled.
“Perhaps the main thing about this translation is that Bobbi captured Agnon’s sense of irony, because of her own smart and wicked sense of humor.”
On social media, scholars mourned this loss.
“I just read her translation of The Loves of Judith. It’s a stunning and masterful translation of a book that plays with languages, gender, timelines and so much,” Shayna Weiss, Senior Associate Director of the Schusterman Center for Israel Studies at Brandeis, wrote. “What a loss.”
Weiss, in an email, shared that she was reading Harshav’s translation of Shalev’s book because she is speaking at a film festival that is showing For the Love of a Woman, a new film based on this book.
Bobbi, as she was known, was famous inside translation circles for her warmth and kindness to other translators, including invitations to live in her home, rent-free, while translating.
She was especially encouraging to beginners.
When I was a graduate student, she emailed me out of the blue and invited me to participate in a panel at the American Literary Translators Association conference, which was meeting that year in Chicago. I knew no one there, and made a friend — the Yiddish translator Leah Zazulyer, also gone now — while waiting for Bobbi to show up.
I did not know it then, but Bobbi was a celebrity in that conference; she was a past president of the American Literary Translators Association. Later she would become the only Hebrew or Yiddish translator in history to win the PEN/ Manheim medal.
The Manheim medal is awarded every three years for lifetime achievement in literary translation. Bernard Malamud and Gay Talese donated the initial funding for the award; it received additional support from the family and friends of Ralph Manheim, the American translator of Mein Kampf, who died in 1992, and it is now named after him.
The medal recognizes translators “whose career has demonstrated a commitment to excellence through the body of their work.” Prior winners include Gregory Rabassa, translator of A Hundred Years of Solitude, which Gabriel García Márquez famously declared superior to his original, and Edith Grossman, translator of Don Quixote and author of the influential book Why Translation Matters.
Harshav published more than 40 books of translation including works of poetry, drama, fiction, philosophy, economics, sociology and history.
“I know that the Manheim Lifetime Achievement medal acknowledges the full range of Barbara’s work, including her translations from French and German, but the fact that this award casts the spotlight on Hebrew and Yiddish translation, languages that often are overlooked in the world literary economy, is just monumental,” translator, scholar, and Oxford professor Adriana X. Jacobs said when Harshav won the medal.
“In all her translations, Barbara’s voice comes across so clearly and distinctly, even as she is capturing the qualities unique to a specific writer. And what I mean is that when you read Barbara’s translations, her commitment to her choices is evident. And every time I have heard Barbara speak on translation, this has been confirmed,” Jacobs said. “She can tell you why she made one choice and not another, why she chose to translate a particular text and not another, and she always — always — stands by her work.”
Harshav’s comments on writing and translation sometimes made it to Twitter and other social media, like this snippet from her talk at Davidson College: “Style is the morality of the mind. And obscurantism is sinful.”
She came of age in a time well before AI and before translation apps. Learning a language then was slow hard work. For French and German, she focused on basics, then read newspapers and novels.
“As for Hebrew, I started studying Jewish history and realized that I had a serious handicap because I did not know Hebrew at all, not the alphabet, nothing,” she told Rainer Schulte in Translation Review in 2012.
Unlike many Hebrew translators, Harshav came to the language relatively late, at 34.
“I literally fell in love with the language. There was the exhilarating feeling of learning a new language and a new alphabet at that age. It must have repeated the original childhood sense of learning to read, when the letters suddenly make sense and a new world is opened.” She learned Yiddish last.
Scholars and translators saw something distinctive in Bobbi Harshav’s work, in all four languages she translated from. In conversation, she often talked about translation quality; her goal was always excellence.
One reason for her excellence was that she was always reading. Another reason was her attitude, toward the text, and toward herself.
“I carry books all the time because you never know when the elevator will break down, and I am reading all the time,” she told Translation Review. “It is the element of play that is very important. Humility is also important, and the text is sacred. It is also true for performance. You have to have a kind of humility. I take what I do very seriously, but I do not take myself seriously.”
You can hear all of that in her translator’s note to Tmol Shilshom, or Only Yesterday, by Agnon. “If there is some other world, where translators can discuss ‘deviations’ with authors,” she wrote,” I hope Agnon will understand.”
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AIPAC isn’t to blame for the Graham Platner scandal — no matter what social media trolls say
“Zionists are just upset anti-Israel candidates are winning,” read one Instagram comment, which got 164 likes. “Israel working over time on this one,” read another, which garnered 341. “AIPC” — presumably meaning AIPAC — “is going hard against you, but fuk em keep going,” read a third, with 458.
These comments were prompted by allegations that Graham Platner, the Democratic candidate for Senate in Maine, sexually assaulted a woman in 2021. Such insights did not exclusively come from random internet users: former Rep. Marjorie Taylor Greene posted on X, “I do find it interesting that Platner is hated by AIPAC and rape accusations show up years later from a woman who dated him.”
It’s impossible to determine how widespread a conspiracy theory that AIPAC, a pro-Israel lobbying group, is somehow behind Jenny Racicot’s credible allegations might be. But the fact that such a baseless idea is spreading at all is instructive in two ways.
First: It forces us to once again confront the fact that too much of our society tends to treat allegations of sexual violence as a team sport — only disqualifying if they attach to the side you root against. A version of this same trend was on view earlier this year, with the wildly disparate responses of pro-Israel and pro-Palestinian parties to reporting about sexual violence committed by Hamas and Israeli forces.
In fairness, the majority of the politicians who had previously endorsed Platner have retracted their support in the wake of Racicot’s allegations. But there are still people out there who would rather think that Israel and AIPAC somehow made a woman come forward than sit with the fact that these allegations were made against someone with whom they are ideologically aligned. (Racicot also told multiple people about the alleged assault years before Platner ever ran for office. I am unclear on how, exactly, AIPAC is meant to have coordinated that, although I have no doubt proponents of this theory have an explanation.)
This is what happens when we see having theoretically good principles as more important than actually being and doing good in the world.
Second, this discourse is a reminder of the importance of drawing a clear line between criticism of AIPAC and conspiracy-mongering, which can quickly edge into antisemitism.
The importance of this distinction has come up repeatedly in recent weeks, as political candidates have made criticism of AIPAC central to their campaigns.
Criticism is about what an individual or entity is actually saying or doing. Conspiracy, on the other hand, is not about what someone is actually doing. It is about suggesting someone holds too much power and control, often over events that have little to nothing to do with them, rather than examining their actual actions.
It is not antisemitic to say, for example, that AIPAC has endorsed election deniers; that it spent more $4 million dollars in 2022 campaigning against a Jewish Democrat who sponsored a “Two State Solution Act” because it deemed him insufficiently pro-Israel; or that it spent almost $14 million across just four Illinois races this year. Those are just facts. To observe that they are things that happened is not perpetuating antisemitism, but noting reality.
There is nothing realistic, on the other hand, about suggesting that AIPAC somehow made Racicot talk to the press about her experiences with Platner.
Hence a basic rule: Grounded criticism of AIPAC isn’t antisemitic, and conspiracy theories about it are.
Take the example of Brad Lander, who recently won his Congressional primary in New York City, and who told The New York Times that he felt “queasy” discussing AIPAC critically but felt it needed to be done. Lander was making an important point: the fact that antisemitic tropes can be evoked while critiquing powerful Jewish and pro-Israel institutions does not mean that that any such critique is inherently antisemitic, as some have suggested.
Yet the fact that criticism of AIPAC isn’t inherently bigoted doesn’t mean that invoking it never is. Crying “AIPAC” to deflect from blame or responsibility, as those blaming the lobby for Platner’s scandal are, is absolutely antisemitic.
The stakes of this aren’t just Jewish well-being, or the future of a particular Senate seat. When we infuse our politics with conspiracies, it doesn’t matter if they come from the left or right: The end result is a politics that’s more hateful and deluded, regardless of the source. Those who wanted Graham Platner in the Senate because they yearn for officials who will further human rights and dignity should ask themselves whether that’s the kind of politics that helps us achieve those goals.
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