How to Bank in Israel

Guide to Israeli Banking

Israeli banking is different from banking anyplace else, which shouldn’t surprise you. Every single country has its own laws and customs. Not only is the banking different, but like everything else in life, it changes. If someone returns after a few years abroad, there will be all sorts of changes. And even for me and my husband who haven’t moved at all for decades, the banks keep changing on us. I really got a lot out of reading Smarter Israeli Banking by Rifka Lebowitz.

Smarter Israeli Banking, A Book Review

Smarter Israeli Banking by Rifka Lebowitz is a very helpful book. My husband and I made aliyah in simpler times when we had fewer choices and internet banking was in the distant science fiction. Even doing banking by phone wasn’t something anyone could imagine, since a high proportion of Israelis didn’t have phones at home. We’ve been in Israel for just under half a century, and the changes in daily life, including banking, are sometimes incomprehensible.

So, yes, even I who rarely finds Israeli “anglos” more veteran to the country than myself learned a lot reading Lebowitz’s book. First of all, I want you to know that Smarter Israeli Banking is a very easy and pleasant to read book. I must admit that I was a bit terrified when I received it and was sure that it would make me feel stupid and remind me of those forms that get me dizzy, confused and stupid-feeling.

I’m glad to have discovered in Smarter Israeli Banking that it won’t cost me more to go to just any cash machine, as long as it’s from a bank. The private company ones do charge a bit more. So many times I’ve walked and searched to find one from my bank. It’s a great relief to have learned that I had been mistaken.

There are so many great and necessary tips in Smarter Israeli Banking. For an example, read the page above about how to protect your check payments.
I agree and find it inexplicable that the English language internet sites for the banks are so bad. As a former EFL teacher here, I can’t understand why it’s so. A couple of summers ago I went looking for the new bank branch we had been transferred to take care of some “bank business.” I was sure I needed to do it in person. I had gotten the address from the English site. There was no bank at that address. After almost passing out from dehydration I called the bank and discovered two things:
  1. the site had the wrong address
  2. I could take care of it all on the phone

Continue reading…

From Israel Blogger, here.

If We Must Have Tyrants, We Prefer the Jewish Kind

Importance of the US to Israel’s National Security is Overstated!

The following headline and opening line got my blood boiling:

How Long Could Israel Survive Without America?
The importance of the United States to Israel’s national security cannot be overstated.

As far as I’m concerned such a thing is the demise of the independent State of Israel, G-d forbid.

The State of Israel owes nothing to the USA. We had our greatest victories before American President Johnson began the present relationship with Israel. The truth is that because Israel began listening to the USA, we were almost destroyed in the 1973 Yom Kippur War. But in typical “victim dependent” behavior successive Israeli governments keep on trying to be America’s “best friend.” In the process, we are not only damaging our military industry and economy, but we confide in American officials and have lost the confidence to fight on our own and do what’s best for us.

Things will only get better if we go cold turkey off of American buy in America  Shopping Coupons.

The State of Israel must wisen up and act as an independent country or the Americans will just keep tightening the noose until we are finished.

From Israel Blogger, here.

‘FDA’ Stands for Federal Death Administration

The World Is Up to Its Eyeballs in Debt

The War On Savers And The 200 Rulers Of Global Finance

There has been an economic coup d’état in America and most of the world. We are now ruled by about 200 unelected central bankers, monetary apparatchiks and their minions and megaphones on Wall Street and other financial centers.

Unlike Senator Joseph McCarthy, I actually do have a list of their names. They need to be exposed, denounced, ridiculed, rebuked and removed.

The first 30 includes Janet Yellen, William Dudley, the other governors of the Fed and its senior staff. The next 10 includes Jan Hatzius, chief economist of Goldman Sachs, and his counterparts at the other major Wall Street banking houses.

Then there is the dreadful Draghi and the 25-member governing council of the ECB and still more senior staff. Ditto for the BOJ, BOE, Bank of Canada, Reserve Bank of Australia and even the People’s Printing Press of China. Also, throw in Christine Lagarde and the principals of the IMF and some scribblers at think tanks like Brookings. The names are all on Google!

Have you ever heard of Lael Brainard? She’s one of them at the Fed and very typical. That is, she’s never held an honest capitalist job in her life; she’s been a policy apparatchik at the Treasury, Brookings, and the Fed ever since moving out of her college dorm room.

Now she’s doing her bit to prosecute the war on savers. She wants to keep them lashed to the zero bound—-that is, in penury and humiliation—–because of the madness happening to the Red Ponzi in China. Its potential repercussions, apparently, don’t sit so well with her:

Brainard expressed concern that stresses in emerging markets including China and slow growth in developed economies could spill over to the U.S.

“This translates into weaker exports, business investment, and manufacturing in the United States, slower progress on hitting the inflation target, and financial tightening through the exchange rate and rising risk spreads on financial assets,” she said, according to the Journal, which said she made the comments on Monday.

In the name of a crude Keynesian economic model that is an insult to even the slow-witted, Brainard and her ilk are conducting a rogue regime of financial repression, manipulation and unspeakable injustice that will destroy both political democracy and capitalist prosperity as we have known it. They are driving the economic lot of the planet into a black hole of deflation, mal-distribution, and financial entropy.

The evil of it is vivified by an old man standing at any one of Starbucks’ 24,000 barista counters on any given morning. He can afford one cappuccino. He pays for it with the entire daily return from his savings account where he prudently stores his wealth.

After a working lifetime of thrift and frugality, his certificates of deposit now total $250,000. Yes, the interest at 30 bps on a quarter million dollar nest egg buys a daily double shot of espresso and cup of milk foam.

What kind of crank economics contends that brutally punishing two of the great, historically-proven economic virtues——-thrift and prudence—-is the key to economic growth and true wealth creation?

In this age of relentless consumption and 140 character tweets, what kind of insult to common sense argues that human nature is prone to save too much, defer gratification too long, shop too sparingly and consume too little?

Forget all of their mathematical economics and DSGE model regressions. Our 200 unelected rulers are enthralled to a dogma of debt that is so primitive that it’s just plain dumb.

By purchasing existing debt with digital credit conjured from the “send” key on central bank computers, they make room for more and more of it. And they do so without the inconvenience of deferred consumption or an upward climb of interest rates owing to an imbalance of borrowings versus savings.

Likewise, by pegging the money market rate at zero or negative, they enable even more debt creation via daisy chains of re-hypothecation. That is, the hocking of any and all financial assets that trade at virtually zero cost of carry in order to buy more of the same and then to hock more of them, still.

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From David Stockman, here.