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In 1985, the Knesset amended the Bank of Israel Law, prohibiting it from printing money for government loans, ones needed earlier for development to finance immigrant absorption, industrialization, full employment, and budget deficits.
It was part of a neoliberal takeover, entrenching a massive power transference from various government agencies to the Finance Ministry and national Bank, much like America's financialization de-industrialized the country, shifted power to Wall Street, let criminal bankers commit massive fraud, plunder the Treasury, steal the wealth of millions, and pull off what Catherine Austin Fitts calls a financial coup d'etat.
So today they own the country, plan to suck the last ounce of worth from it, turn America into Guatemala, and leave millions without jobs, a safety net, homes, savings or futures.
Washington and Tel Aviv collusion produced Israel's 1985 shift with two declared goals:
-- reducing budget deficits to near balance; and
-- dampen inflationary pressures by cutting wages, prices, credit, the currency's value, public benefits, pensions, and in the process curb union power and establish a secondary, exploitable, temporary worker market.
Also in 1985, the Arrangements Law passed as an emergency Economic Stabilization Plan measure. It sidestepped the normal legislative process, became a permanent budget adjunct, and kept Knesset members from debating its fallout and corruption of economic democracy for Israeli Jews.
The result has been a race to the bottom, especially since the 1990s, by privatizing everything, curbing welfare and social benefits, and shifting wealth to the top, like in America under ideologically extreme technocrats making economic policy in Washington, at the Fed, and in Wall Street board rooms with the aim of destroying the middle class and turning workers into serfs with no rights, no benefits, and barely enough to survive.
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