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Israeli Economy Eats Its Spinach

That’s why it’s doing well, says ex-Clinton adviser

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In case you haven’t heard, the Israeli economy is—contrary to all expectations—doing pretty well these days, despite the recession dragging on in the United States and in Europe. It’s doing so well, in fact, that Bank of Israel chief Stanley Fischer decided last week to raise interest rates to counteract rising inflation. Why? Well, William Galston, a former Clinton advisor who is now a fellow at the Brookings Institution, thinks it’s because the Israeli government decided to spend its stimulus shekels (well, dollars, really) on private-sector R&D programs and infrastructure projects instead of on feel-good programs designed to prop up consumer spending, like the Obama administration’s cash-for-clunkers initiative or the Bush administration’s tax rebate checks from a couple of years ago. “While Israel, besieged throughout its existence, builds its future, the United States, with every advantage in the world, devours its seed-corn,” Galston writes in The New Republic. “Does our government have the guts to feed us some spinach before dessert?”

What Israel Can Teach Us About Rebuilding An Economy [TNR]
Earlier: Israel’s ‘Tech Miracle’ Explained

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as the regular normal citizen of Israel i can add that if people in Russia and USA still feel the influence of crises- in Isreal its all much better, we feel like this hard period is over.

Michael W says:

I believe many Israelis were worried in the early 2009 and by now most of them could breathe relief.

Perhaps Israel can be expecting an economic boom after the crisis has abated.

Apple now has Rhapsody as an app, which is a great start, but it is currently hampered by the inability to store locally on your iPod, and has a dismal 64kbps bit rate. If this changes, then it will somewhat negate this advantage for the Zune, but the 10 songs per month will still be a big plus in Zune Pass’ favor.

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Israeli Economy Eats Its Spinach

That’s why it’s doing well, says ex-Clinton adviser

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