Economist Slams Netanyahu's Plan to Counter Sanctions
Translated & summarized from i24NEWS by baba
Professor Yaron Zelekha strongly criticized Prime Minister Benjamin Netanyahu's proposal to counter potential economic sanctions by utilizing cryptocurrency and blockchain technology. Zelekha called the plan "absurd" and a "disgrace," urging Netanyahu to focus on domestic economic issues like the cost of living. Netanyahu had suggested Israel prepare for banking sanctions by developing an "alternative economy," potentially using blockchain solutions similar to those used by Russia or Iran.
The story in 6 lines · by baba
- Economist Yaron Zelekha called PM Netanyahu's sanctions plan "absurd" and a "disgrace."
- Zelekha urged Netanyahu to address current cost of living issues instead of virtual plans.
- Netanyahu suggested Israel prepare for banking sanctions using an "alternative economy."
- The Prime Minister's plan involves utilizing cryptocurrency and blockchain technology.
- Zelekha believes Netanyahu lacks understanding of the economic situation.
- The proposed blockchain economy could impact international money transfers.
Professor Yaron Zelekha fiercely criticized Prime Minister Benjamin Netanyahu's recent remarks regarding potential economic sanctions against Israel and the use of cryptocurrency. In an interview on "Maydonat Hamesh" (Five O'Clock Edition), Zelekha called Netanyahu's statements "one of the greatest absurdities" he had ever heard, urging the Prime Minister to address current issues like the rising cost of living instead of resorting to "irrelevant virtual plans."
Zelekha described Netanyahu's approach as a "disgrace" that demonstrates a lack of understanding of the situation, drawing a parallel between the Prime Minister's handling of supermarket prices and his proposed strategy for sanctions. He suggested that Netanyahu would "abandon us" in preparing for sanctions just as he had allegedly abandoned Israelis regarding price increases.
Netanyahu had previously stated in an interview with the economic channel that Israel should prepare for banking sanctions and develop an "alternative economy," acknowledging that disconnection from the global banking system is a plausible scenario. Such a disconnection would have dramatic consequences for Israel's economy, which relies heavily on foreign trade, investment, and its thriving high-tech sector.
Instead of directly countering potential sanctions, Netanyahu proposed an unexpected strategy: bypassing them using methods similar to those employed by countries like Russia, Venezuela, or Iran. This could involve receiving salaries in digital wallets, making payments with them, and conducting international money transfers via blockchain technology rather than traditional commercial banks. The exact implications of this blockchain-based economy remain unclear.
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