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Panic in Israel over US dollar...

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Anonymous Coward
User ID: 331956
7/14/2008 2:46 AM
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Panic in Israel over US dollar...

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Panic in Israel over US dollar...

"Investors, frightened by the rapidly deteriorating financial situation in the United States..."

Bank of Israel Announcement Slams Down Shekel

by Hillel Fendel

(IsraelNN.com) 7/10/08 The Bank of Israel put the brakes on the shekel's upward climb, announcing its intention to purchase $100 million a day. The shekel reacted with a sharp plunge against the dollar.

With the dollar dropping on Wednesday to a 12-year-low rate of 3.23 shekels, Bank of Israel and its chief, Stanley Fischer, announced on Thursday an unprecedented plan to begin purchasing dollars at the rate of 100 million per day. The bank had been buying a quarter of this amount, 25 million of the greenbacks, each business day for over three months, when the dollar was in the midst of its plunge from 3.85 shekels at the beginning of the year.

"We are increasing our daily purchases," a senior Bank of Israel official said, "and we will test how this will affect the exchange rate."

In fact, the rate jumped immediately after the announcement by about 10 agorot. The dollar had been trading at 3.21 shekels, and the official representative rate was announced around 3:30 PM at 3.314 shekels to the dollar. It continued to climb, jumping five more agorot within two hours, closing at 3.38 on Friday, and showed only slight signs of slowing down.

Analysts cautioned, however, against judging the decision based on only two days' worth of exchange rate changes.

The Bank's decision means that Israel's dollar reserves will climb from $28 billion to somewhere between $35-40 billion. Fischer has received praise for his activist approach, though fears have been expressed that it might lead to increased inflation.

The low dollar has been deadly to exporters, who receive dollars that are worth less and less each day for their merchandise.

The Bank of Israel has raised interest rates by a half-percent over the past two months, in an attempt to forestall inflation. Inflation over the past 12 months has reached 5.4%, compared with the Bank of Israel's target level of 1-3%.

[link to www.israelnationalnews.com]

Panic Grips Tel Aviv Stock Market

(IsraelNN.com) 7/13/08 Investors, frightened by the rapidly deteriorating financial situation in the United States, dumped stocks Sunday and drove down indices two to four percent. Teva Pharmaceuticals sank by more than six percent following problems with one of its leading generic drugs and lawsuits.

Financial observers fear that the market may drop even further if the situation in the United States continues to worsen. Several banks have been declared insolvent, and there is growing concern of a domino effect on the entire economy, with serious repercussions on world markets.

[link to www.israelnationalnews.com]

Rota
User ID: 466732
7/14/2008 2:53 AM

Re: Panic in Israel over US dollar...	Quote
Well.....I always said that the wealth of many people even zionists are in the dollar. Just why thay started letting their people loot this country always confused me. Its like they are committing suicide.

Anonymous Coward
User ID: 467204
7/14/2008 3:23 AM

Re: Panic in Israel over US dollar...	Quote
once the cash to Israel stops and theres no way to maintain the defense the invasion of Israel will start they're already moving their aircraft to Iraq

FAR
User ID: 412806
7/14/2008 3:25 AM

Re: Panic in Israel over US dollar...

Quote

Old news?

Read - for thy sustainer is the most bountiful one, who has taught the use of the pen, taught man what he did not know!
Nay verily man becomes grossly overweening, whenever he believes himself to be self-sufficient: for behold unto thy sustainer all must return.
Quran 96:3-8
__________
"Investors must look at this situation as a portfolio opportunity. If you have some extra land (condo developers and house flippers, listen closely), grow a vegetable garden, if you are ambitious, raise some sheep and cows, they will come in handy".
__________
How we got here: [link to www.hundredyearlie.com]
__________
Plasma aliens: [link to www.plasmametaphysics.com]
__________
Were your ancestors pedophiles? [link to www.youtube.com]
__________
[link to www.terrorism-illuminati.com]

Anonymous Coward
User ID: 467677
7/14/2008 3:32 AM

Re: Panic in Israel over US dollar...	Quote
So does that mean the Israeli's are gambling on the dollar going up again?

Anonymous Coward
User ID: 467204
7/14/2008 3:32 AM

Re: Panic in Israel over US dollar...	Quote
Old news? Quoting: FAR [link to www.fluoridealert.org]

Anonymous Coward
User ID: 467775
7/14/2008 3:34 AM

Re: Panic in Israel over US dollar...	Quote
money isnt important if rockets are pointed at you .

Anonymous Coward
User ID: 467677
7/14/2008 3:45 AM

Re: Panic in Israel over US dollar...	Quote
money isnt important if rockets are pointed at you . Quoting: Anonymous Coward 467775 You'd be surprised . In ww2 my grandmother bribed a nazi prison commandant to let my grandfather out of the prison before all the inmates got executed.

Anonymous Coward
User ID: 460134
7/14/2008 3:57 AM

Re: Panic in Israel over US dollar...	Quote
money isnt important if rockets are pointed at you . You'd be surprised . In ww2 my grandmother bribed a nazi prison commandant to let my grandfather out of the prison before all the inmates got executed. Quoting: Anonymous Coward 467677 was he a guard or a prisoner?

Anonymous Coward
User ID: 467677
7/14/2008 4:09 AM

Re: Panic in Israel over US dollar...

Quote

money isnt important if rockets are pointed at you .

You'd be surprised . In ww2 my grandmother bribed a nazi prison commandant to let my grandfather out of the prison before all the inmates got executed.

was he a guard or a prisoner?

Quoting: Anonymous Coward 460134

prisoner, the Russians were arriving soon and the Germans were just shooting all detainees. I mean in Poland you dont have to have done anything wrong to find yourself in a Nazi prison

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