The ailing US dollar continues to impact the global economy, including Israel. The dollar continues to fall against the New Israeli Shekel (NIS), dipping to under 3.40 early Tuesday morning.
Manufacturers are particularly hard hit, doing business with companies abroad. Heads of the Israel Manufacturers Association continue warning that if the current situation is not reversed, there will be layoffs and worse, with some businesses having to shut their doors.
Also feeling the crunch are residents living on US income, including retired former Americans collecting social security, and the growing number of Israelis earning their livelihood in US dollars.
Adding to concerns was last week’s fall of Bear Stearns, which has since been taken over by JC Morgan Chase.
The growing uncertainty in the United States is having a particularly heavy impact on bank stocks in Israel, dropping about 1.5 times more than other stocks in the Tel Aviv 25 and 100 indices.
Bank Hapoalim has fallen 17% in the last three trading sessions, losing NIS 3.2 billion in market cap.
(Yechiel Spira – YWN Israel)
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8 Responses
Before Moshiach comes, people will lose their money–that’s what is stated in the Talmud.
So, let’s look at the bright side. Maybe this is it!
And the Great Depression?
2 we weren’t zoiche
7 years of arab rule is also what’s on the list before Mashiach comes. September 11 was 2001, 7 years ago. and if Obama(Mohammad) becomes the president then the arabs will rule the world and were really set.
Start doing Teshuvah TODAY so that we can go along with MAshiach Tzidkeinu!
whem moshiach comes there will be great prosperity.
it is less then 3.40 it”s 3.37
the yungerleit are suffring terribly especialy the ones being supported by their parents u lose 20 dollar on every $100 since last year
on every $1000 u lose more than $100 bucks.
maybe there will be a time when we go to Israel to collect money for the poor people in America.
#4… pikuach nefesh comes before dying al kidush hashem….
In fact not everyone is zoiche to die al kidush hashem… so 7 years of arab rule is not something i’m going to let happen if I have a say.