Israeli Economy Slows in First Quarter as Exports Plummet
(bloomberg.com) The Israeli economy slowed far more sharply than expected in the first quarter as exports plunged, prompting calls for government investment to boost growth.
Gross domestic product expanded at an annualized rate of 0.8 percent in the January-March period compared with a revised 3.1 percent in the previous three months, the Central Bureau of Statistics said Monday. Exports, excluding diamonds and startups, sank 12.9 percent. The median estimate in a Bloomberg survey had been for 2.6 percent growth.
“Exports are going through a very difficult period and the impact on GDP was worse than expected,” Alex Zabezhinsky, chief economist at Meitav DS Investments Ltd., said by phone, citing Israeli makers of pharmaceuticals and electronic components as the hardest hit. “This is going to continue to affect growth all year.”
The Bank of Israel has been reluctant to use unconventional tools, such as the negative rates adopted by other central banks, to stimulate the economy after 20 months of annualized price drops and tepid growth. The new data should propel government policy makers to act more aggressively to stave off a recession, said Shraga Brosh, president of the Manufacturers Association of Israel.
‘Dangerous Direction’ “The Israel economy has been moving in a dangerous direction for a long time,” Brosh said in an e-mail. The government, he said, must take steps to “promote industrial growth and exports, improve productivity and create new jobs in the private sector.” Sluggish global demand and the strength of the shekel have hurt overseas sales, which account for about a third of the $300 billion economy. Harel Insurance Investments & Financial Services Ltd., one of the country’s largest insurers, lowered its 2016 growth forecast last week to 2.7 percent from 3 percent. Zabezhinsky says growth will probably be about 2 percent. The fourth-quarter figure was revised downward from an earlier estimate of 3.8 percent released a month ago. Because private consumption rose 4 percent and capital investments went up 17.3 percent, the numbers “are not weak enough for the BOI to use the interest rate tool,” said Rafi Gozlan, chief economist at Israel Brokerage & Investments Ltd. “Yet we believe that due to the downward trend in exports, the low inflation and the strong shekel, the BOI will increase its volumes in the forex market.” The central bank’s benchmark rate has been 0.1 percent for more than a year.
Market Reaction The shekel weakened 0.8 percent to 3.8149 per dollar, the lowest level since April 6 at 6:17 p.m. in Tel Aviv. The Tel Aviv benchmark index of stocks closed down 0.1 percent. Beyond the decline in exports, economic indicators are strengthening, said Ori Greenfeld, chief economist at Psagot Investment House, pointing to growth in consumption and investment.
“It’s not as bad as it looks,” he said. “The bottom line is that even if we don’t see exports rebounding, we may see yearly growth holding strong.”
Sales of Israeli goods are plagued by several industry-specific problems, Zabezhinsky at Meitav said. Intel Corp., which has large production facilities in Israel, is suffering from the global slowdown in the personal computer sector, he said. Pharmaceutical companies, an important Israeli export industry, are in a “negative momentum” and may cut investments, he said.
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Local reporter exposes George Soros’ plans for a “new world order.”
(Fargo, ND) Earlier this week, a local news anchor from Fargo, North Dakota aired a segment on a group of billionaire “globalists” bent on destroying the individual sovereignty of nations. In a revealing story as shocking for its content as its appearance on local news, Chris Berg reported that powerful globalists have conspired together under the guise of a “nonprofit” foundation with the intent to bribe small U.S. cities in to accepting “refugee resettlement” supporting “Sanctuary cities“, and also to promote broader immigration acceptance, and to further propagate political cultural integration policies .
“They want to manipulate the minds of the community and get Americans to believe mass immigration is going to be good for them, that they’re all going to benefit from the influx of more and more migrants,” said Ann Corcoran, author of the Refugee Resettlement Watch“It’s a mind game to soften up the receiving communities.”
This is just the latest example of the “mainstream media” catching up to alternative news. News media not funded by billion-dollar corporations have been writing about the globalist plan of a single american union since the end of WW2. The “alternative” media have covered the formations of the New World Order, the decline of national sovereignty, and the development of a Tri-lateral North American Union for over three decades.
The paper trail starts with 1988’s Free Trade Agreement. The FTA — unlike its various aborted predecessors over the previous 130 years — was intended to be but the first step in a process of economic and political integration that would indeed, over the long run, abolish the independence not only of the United States and Canada, but the rest of North America as well.
For the initiated, the plan goes much further: The Club of Rome concluded that a Ten Zone world, of which the North American Union is one, is necessary to form World Governance to save mankind from destroying itself.
By the 1990s, it was very clear to careful observers that what was afoot at the time in Europe was also taking place in North America. Relatively unknown by most lawmakers at the time of its passage was another initiative, which had been under way since 1986, one that was to create a trilateral trade agreement involving not only Canada and the United States, but also Mexico. This agreement, was to become the North American Free Trade Agreement (NAFTA) only a few years later. NAFTA was the real prize; the FTA was only to lay the groundwork for, and then be superseded by, NAFTA, and was only negotiated because those favoring a more comprehensive trade agreement knew that a Canada-U.S. accord would be much easier to achieve first.
With the establishment of the North American Free Trade Agreement, the process of creating continent-wide government had begun.
NAFTA was sold to Congress and the American public as a “free trade agreement.” But instead of creating conditions for free trade, NAFTA instead set up a complex bureaucracy tasked with managing and controlling North American trade and with adjudicating trade disputes. In other words, NAFTA was not a “free trade” but rather a “managed trade” agreement, in complete conformity with the credo of global socialists that the free market could be not be trusted, and that all merchant activity must be closely monitored and managed by entitled benevolent bureaucrats who can work better than market forces to determine how much of a given good to produce, at what price, and up to what standards.
Moreover, NAFTA, by imposing such a managed trade regime across international boundaries, was not merely an “accord” but also a first layer of western globalist international governance where none had existed before.
When NAFTA came into the spotlight in 1994 it was billed as a sort of an expanded FTA, but in reality, NAFTA was North America’s first foray into transnational government camouflaged as a “free trade agreement,” of the sort that Europeans had been building on the other side of the Atlantic since about the 1950s.
George Soros played an instrumental role in encouraging the middle eastern wars, and the resulting wave of refugees that flowed into Europe. It seems now, just like as before, Soros created the problem in order to offer his “solutions” and not surprisingly, these solutions involve more globalism , less sovereignty, less self-government, and less liberty.
In 1995 The Council on Foreign Relations launched the Independent Task Force intended to help shape the public debate on critical foreign policy issues. This task force was headed by former CIA head David H. Petraeus, KKR Global Institute, and Robert B. Zoellick, and Goldman Sachs. Watch this video, of the retired general and the Task force admitting to destroying American Sovereignty by design and what the world will be like “after America”
In a 2004 article for Foreign Affairs entitled “North America’s Second Decade,” Robert A. Pastor, Professor and Founding Director of the Center for North American Studies (also a member of the Council on Foreign Relations) admitted that NAFTA was “merely the first draft of an economic constitution for North America” while decrying the monumental setback to continental integration entailed by the 9/11 attacks.
“Following 9/11, the United States virtually sealed its borders and returned to its traditional unilateralism” Pastor lamented, “In a more enlightened future security fears would serve as a catalyst for deeper integration.”Acknowledging the obstacle of Mexico’s underdevelopment relative to her two northern neighbors, Pastor then advocated for the establishment of a “North American Investment Fund” to funnel hundreds of billions of taxpayer dollars from Canada and the United States to Mexico. Stiff cultural resistance in all three countries to submersion in a North American Community would be overcome by the establishment of “Centers for North American Studies” to “help people in all three countries to understand the problems and the potential of an integrated North America — and to think of themselves as North Americans.”
In 1999 Herb Grubel wrote a paper for the Canadian think tank The Fraser Institute called The Case for the Amero. The idea was further encouraged by the successful launch of the euro, the prospect of official “dollarization” in Argentina and Mexico, and the relatively poor performance of the Canadian economy, particularly in 1998, and the depreciation of the Canadian dollar during the previous 25 years made the plan seem more legitimate. Under the proposed plan, a single North American central bank would print notes and coins of the currency (tentatively called the “amero” ) said to have “amero” symbols on one side and national emblems on the other to preserve important symbols of national identity. Grubel went on to say that
“cultural sovereignty and political independence would not be affected by monetary union..The conversion of existing currencies into the amero will take place at rates that leave unchanged each country’s real income, wealth, and international competitiveness at the time of conversion. When the United States joined other international organizations like the IMF, the World Bank, the World Trade Organization, and the North American Free Trade Agreement, the expected economic and political gains appeared to offset the surrender of some national sovereignty. In this tradition, the United States may well find it worthwhile to join the proposed monetary union.” – Herb Grubel The Case for the Amero
From such policy recommendations emerged, in 2005, “Building a North American Community,” a policy statement promulgated dirrectly by the Council on Foreign Relations in which they said-
“North America is vulnerable on several fronts: the region faces terrorist and criminal security threats, increased economic competition from abroad, and uneven economic development at home. In response to these challenges, a tri-national, Independent Task Force on the Future of North America has developed a road-map to promote North American security and advance the well-being of citizens of all three countries.”
It too was sponsored by nonprofit think tanks from all three nations. Created in 2004 in a post-9/11, post-NAFTA world, it advocates called for closer economic and security cooperation among the three nations.
A similar, but more official, group was called the “Security and Prosperity Partnership of North America“, formed in 2005 by Vicente Fox, George W. Bush, and Paul Martin, who met for dialog to discuss essentially these same purposes, and was active though GW’s presidency finally ending in 2009.
In June of 2006, CNN anchor Lou Dobbs described the SPP, on the air, as an agreement (which it wasn’t) to actually form the North American Union without the consent of Congress (which it didn’t).
…The Bush administration is pushing ahead with a plan to create a North American Union with Canada and Mexico. You haven’t heard about that? Well, that’s because Congress hasn’t been consulted, nor the American people. – CNN anchor Lou Dobbs
It’s a multi-pronged approach, the globalists repeat the same mantra all over the world: immigration reform and citizenship for the illegals. First, there was the NAFTA treaty, which was introduced by the Skull and Bones, Bilderberg attending George H.W. Bush. Since he couldn’t get it done, they dumped Bush in favor of Clinton who used every bit of his political capital to push it through a Democrat controlled Congress. Upon the election of the second Skull and Bones member George W. Bush, the plan was sealed and the SPP was official. For those who aren’t keeping up the SPP is the vehicle for the destruction that Petraeus talks about in the above video.
Even though it officially ended in 2009, unofficially it continues to be the model for groups like the Soros, Murdoch, and Bloomberg-founded and Goldman Sachs-funded Partnership for a New American Economy.
George Soros, in denouncing European officials trying to control the human tsunami coming across their borders, recently declared, “Our plan treats the protection of refugees as the objective and national borders as the obstacle.”
In essence, then, these engineered refugee crises are created and used to advance “global governance” or what the insiders refer to as the “New World Order.” As part of that, even the idea of nationhood is under fire — everybody is just part of “humankind,” as Sutherland put it, and as such, people must be governed by the “Parliament of Humanity,” as UN Secretary-General Ban Ki-moon referred to the Bilderberg directors club known as the UN last year.
The New York Times, an establishment mouthpiece that dutifully promoted the globalist wars that sparked the refugee crisis and the subsequent flooding of the West with the victims of those wars declares candidly that Immigrants are Good for the U.S. Economy, and any would-be supporters of a North American Union have also gone on record promoting such an organization by name. A few, such as Pastor, have been careful to draw semantic distinctions between “union” and “community,” but, as the Europeans can attest, weasel words mean far less than intent. Of that there can be no mistake: North America’s elites covet regional government no less than do their European counterparts. After all, elites on both sides of the Atlantic ardently support that embryonic global government foundation.
The European Union was brought about on a continent that had seen two world wars in less than a half century, was partitioned off by the Cold War for another four and a half decades, and was suffering from economic instability and difficulty in managing its diverse currencies. North America has no comparable international conflict, but the looming threat of world war, and the constant globalist media propaganda campaign hyping terrorism and Russian aggression is designed to spark an armed confrontation between the large global powers.
Trade among the United States, Canada, and Mexico is brisk. The threat of external terrorism provides some pretext, but nothing on the scale that Nazism or World War II did in Europe. Nothing less than an epochal socioeconomic meltdown is likely to furnish the political prerequisites for dissolving the borders between the United States and her northern and southern neighbors. But in the meantime, expect the George Soros, Robert Pastors, and Michael Bloomberg’s of the world to continue laying the groundwork for eventual North American economic and political union, while simultaneously pushing Transatlantic and Trans-Pacific mergers via the Transatlantic Trade and Investment Partnership (TTIP) and Trans-Pacific Partnership (TPP).
There is a conspiracy to do away with the greatest nation that ever was, America. Actually, it is not really a conspiracy – it is openly advocated by some of the most powerful men in the world, like George Soros, who is funding both John Kasich and Hillary Clinton. With eyes wide shut, the Press manipulates America and most of her people have been duped, lulled into a stupor, bewitched or have simply chosen to ignore the truth. There are of course many more “proofs” of this conspiracy, like the interview of Henry Kissinger with Charlie Rose a few years ago, wherein Kissinger opined that “unless the world adopts a One World Governance, the world will descend into chaos.” but in light of job security, and the common attention span, it is likely best that we save some for later.
In the meantime we here at WeAreChange.org and the rest of the alternative news community will be here covering the tough stories, on the font lines of the information war, sacrificing our careers and risking our lives to bring you the truth about the world around you. Real Journalism can only survive with your help, support independent and alternative news to keep the Truth alive! Signing off, thank you sincerely – @Danny F. Quest.
Part of The above article is part of a special report “How the Free Trade Agenda Is Knocking Down America.” This report warns that the free trade agenda is a dangerous and deceptive bait and switch. The intent is not to create genuine free trade but to transfer economic and political power to regional arrangements on the road to global governance. Because of what is at stake, we encourage you to read the entire special report (click here for the PDF) and to become involved.
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The Lax Kw’alaams Band, a Canadian first nations people living in a remote part of British Columbia, turned down an offer amounting to $267,000 per person to allow a natural gas pipeline and processing facility to be built on their lands.
Malaysian energy giant Petronas and its partners had offered the 3,600-member band a total of $960 million to allow construction of its $30-billion-dollar Pacific NorthWest LNG terminal and Prince Rupert gas pipeline to proceed. (more…)
Two days ago there was some rejoicing and much surprise when the “Warren-faction” of Senate liberals turned against Obama, and failed to vote for a fast-track approval of the TPP. That surprise lasted for about 48 hours when moments ago, in a 65-33 vote, the Senate finally advanced a measure allowing Obama to expedite approval of trade agreements, a bill with bipartisan support in that chamber which however according to Bloomberg may run into strong opposition from House Democrats.
The vote followed separate votes sought by Democrats to pass proposals curbing currency manipulation and boosting imports from sub-Saharan Africa. The Senate plans to consider amendments to the fast-track trade proposal next week. (more…)
Oil drillers will begin collapsing under the weight of lower crude prices during the second quarter and energy explorers who employ them will shortly follow, according to Conway Mackenzie Inc., the largest U.S. restructuring firm.
Companies that drill wells and manage fields on behalf of oil producers will be the first to fall after the benchmark American crude, West Texas Intermediate, lost 57 percent of its value in seven months, said John T. Young, whose firm led the city of Detroit through its 2013 bankruptcy. (more…)