Four questions

After almost seven months of  institutionalised anarchy — during which the previous government fell apart, tried to reassemble itself, failed, crumbled, called elections, which took three months, produced no clear result, the non-victor spent weeks constructing a contradictory coalition, Labour flipped and flopped its way in, ministries were multiplied and then divided up, the government was installed, the Cabinet managed […]

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Where you stand

Following on directly from the previous column, which discussed the rally underway in the markets and what it might portend in terms of the wider picture, it is both logical and desirable to relate to the general economic outlook. Is there any improvement — and if there is, does it indicate that the recession is over, or nearly over, or […]

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Where do we go from here? The alternative scenario

In sharp contradistinction to the mainstream, the alternative scenario has as its starting-point the fact that the Israeli economy, and the pre-state Mandatory economy before it, has a long-established pattern of counter-cyclical behaviour vis-à-vis the global economy. I stress the words ‘fact’ and ‘established’, because they are crucial. To support them, let me briefly summarise the economic history of the […]

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The Relief Rally

In mid-February, in an article entitled ‘The Next Leg Down”, this column suggested that the equity markets were embarking on another selling wave which would carry them to new lows – i.e. to lower levels than those seen at the climax of the previous waves, in October and November. It further suggested that the levels reached in the then-imminent leg […]

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