Knesset Finance Head Praises Fischer
MK Moshe Gafni (Yahadut Hatorah), head of the Knesset’s Finance Committee, praised outgoing Bank of Israel head Stanley Fischer on Tuesday. Fischer played a large part in keeping Israel’s economy in relatively good condition despite the worldwide economic downturn, Gafni said.
“I’m sorry that he is leaving,” Gafni said. “His contribution has undoubtedly been significant. But I respect his decision.”
It turns out that Stanley Fisher wrote the new Banking Law of 2010, in which he gave himself autonomy to do all kinds of transactions, and buy foreign securities.
Here is his bio: apparently he was Bernanke's mentor - whether that has any bearing remains to be seen -; one thing is for sure, he is a NWO man through and through, at least has been until his role as Central Banker of the State of Israel:
Thanks to Cynthia!
Here is a copy of the law which he himself created:
The Bank of Israel Law
The Law states that the Bank's main objective is to maintain price stability. The autonomy of the Bank of Israel derives from the Law, and is expressed in the Bank's freedom in choosing its actions and in exercising its powers. Monetary policy and decisions on actions required to achieve the Bank's objectives are determined by a Monetary Committee, and mechanisms have been established for public and internal control to ensure that the Bank's autonomy is accompanied by accountability and transparency with regard to the executive branch, the legislature and the public. A Supervisory Council has been established, whose duties are to supervise the orderly and efficient management of the Bank. (See below for further details on the Monetary Committee and The Council.)
The following are the main points of the Law (numbers of sections correspond to the section numbers in the Law).
- Objectives of the Bank
- Autonomy of the Bank
- Management and decision making
From the Bank of Israel:
The Governor of the Bank of Israel, Stanley Fischer, today informed the Prime Minister, Mr. Benjamin Netanyahu, of his intention to step down on June 30, 2013, after more than eight years as Governor.
The Governor noted that in addition to the goal of advancing the Israeli economy, one of his primary goals he had set himself was passing a new Bank of Israel law. That was done in May 2010. Since then, the Bank has operated successfully within the framework of the new law, especially through the work with the Monetary Committee and the Supervisory Council.
The Governor said that in the coming months he will continue to deal fully with all matters pertaining to the Bank.
Prof . Fischer added that he is extremely grateful for the opportunity he has been granted by the Government of Israel to fulfill the task of Governor, especially during a challenging period that included the global economic crisis, a complex geo-political reality, and domestic social issues.
The Governor thanks the Prime Minister, the Minister of Finance, the Chairman of the Finance Committee of the Knesset, the Members of the Monetary Policy Committee, the Supervisory Council and the management and staff of the Bank of Israel for the privilege of working with them during his term as Governor.
The Governor will hold a press conference tomorrow, Wednesday, January 30th, at 11:00 AM, at the Bank of Israel.
This is what had been written on March 1, 2012:
The Bank of Israel today began investing a small part of its $77 billion in foreign currency reserves in US stocks. The central bank's latest Markets Division report states that the new Bank of Israel Law (5770-2010) allows the Bank of Israel to make equity investments, and that it began to do so today.
The Bank of Israel will invest $1-1.5 billion in US stocks, 2% of its portfolio. The report adds that the Bank of Israel has been investing in public bodies in developed countries since 2010.
The Bank of Israel said that the investments in US stocks would be made through UBS AG (NYSE; SWX: UBS) and BlackRock Inc. (NYSE: BLK) The Bank of Israel's Markets Division, which specializes in bond investments, will not be handling the equity investments. It added that the traders will have very limited discretion, and that they may only quote leading indices, in order to reduce the risk.
"We have almost no exposure to countries with big problems. We constantly examine where we invest the foreign currency reserves, and I can promise you that you can relax," Governor of the Bank of Israel Prof. Stanley Fischer said at a closed conference in mid-January.
"The Bank of Israel does not disclose the currency composition of its portfolio, especially not the composition of its equity portfolio," says the Bank of Israel. At the January conference, Fischer said, "Imagine if we were to begin publishing where you invest, so when you stop buying the bonds of a particular country, and this is published, we'll get complaints. That is why we do not publish." He added, "We have an external committee that conducts the examinations. You can assume that we're aware to the fact that there are problems in certain countries."
And this is what Bloomberg's reporter wrote:
Israel to Begin Investing Reserves in U.S Equities Today
The investment, which in the initial phase will amount to 2 percent of the $77 billion reserves, or about $1.5 billion, will be made through UBS AG and BlackRock Inc. (BLK), Bank of Israel spokesman Yossi Saadon said in a telephone interview today. At a later stage, the investment is expected to increase to 10 percent of the reserves.
A small number of central banks have started investing part of their reserves in equities. About 9 percent of the foreign- exchange reserves of Switzerland’s central bank were invested in shares at the end of the third quarter, the Swiss bank said on its website.
The investment will be made in equity index trackers and will include between 1,500 to 2,000 shares, among them stocks like Apple Inc. (AAPL), Saadon said.
The central bank decided to add equities to its investment portfolio in order to diversify, reduce risk and give better performance, Barry Topf, senior adviser to Governor Stanley Fischer, said in a Dec. 1 interview.
So we can relax???
Take AAPL, one of Stanley Fisher's investments via index funds, for example - did he sell on time, or is he still holding? How prudent is it to invest in the stock market considering today's great financial instability?
Another question we need to ask is: DOES ISRAEL HOLD GOLD? It is very important for Israel to hold gold, as this is the only real currency besides silver. Most intelligent central banks have been purchasing gold, not the United States however, which relies on the greenback, a sure recipe for bankruptcy. The Euro is strengthening against the USD thanks to European central banks' cautious and smart purchase of gold. Israel acts like the little sister of America, but I think it is time, here too, that we assert our independence and start to rely on real assets such as precious metals and other commodities. Thank G-d we are going towards energy independence, which is also a form of currency and wealth - witness Saudi Arabia. Still, Israel's central bank should not rely on fiat money and debt for its stability.
They won't tell you why there was such a wide deficit - 39 billion NIS -in the budget for 2012 , but I would bet a lot of it has to do with poor investments. Does Israel hold worthless Spanish, Greek or Italian sovereign bonds? The report states that the Bank of Israel invested in "PUBLIC BODIES IN DEVELOPED COUNTRIES". We know where some of those went. What other investments did Stanley Fisher recommend and/or make? Is he the reason for the deficit? What is really going on? Is he jumping ship before the ship sinks? We should demand transparency and accountability, and not rely on such fig leaves as reduced tax collection, etc., as explanations for the deficit.
The report also states that the plan is to invest 10% of the foreign currency reserves. Have those purchases already been made? 10% amounts to 7.7 billion USD, or around 26 billion NIS. The current budget shortfall amounts to 39 billion NIS. Is there a relationship there? Did they purchase more investments that went south? And what about their enormous holdings of USD to support the dollar? Did they lose on the exchange rate?
Another item we need to consider is the massive transfers of wealth from Israel to Gaza and the PA; witness the massive transfer of water to the PA and Jordan while Israelis are choking under the burden of huge water bills. We have to DEMAND equitable water bills and a stop to this ridiculous and criminal transfer of national wealth to our enemies.
Who will replace Stanley Fisher? We have to insist on an honest man or woman without any ties to the NWO. Use Iceland as a model. They are thriving since they decided to go solo, and tell the IMF etc. "thanks, but no thanks".
A.See Part II here:
So "we can relax"...? Part II: The cat IS out of the bag!
And Part III here:
B. Here are the likely candidates. What do we know about them?