Fischer 'got it' first

What plagues Israel's economy is not so different than the major challenges currently facing G7 nations.

April 24, 2011 02:53
3 minute read.
The Jerusalem Post

Stanley Fischer 311. (photo credit: Bloomberg)


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The G7 are finance ministers from seven well-heeled economies (not in all cases the largest) who meet several times a year to thrash out the hottest issues challenging the world’s leading marketplaces. At their recent gathering in Washington they homed in on travails all too familiar to us Israelis – foreign currency speculation.

Though our small economy by no means qualifies for G7 membership, it appears that what plagues us isn’t diametrically different from what besets others. We all witness increasingly speculative foreign currency trading which imposes artificial values on targeted currencies, largely unrelated to actual performance and/or risks of the economies which field said currencies. In other words, currency values are separated from the economic realities they purportedly represent.


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