Netanyahu Buys Time but at What Cost?
Also, Israeli debt is in high demand, and a powerful picture of the past and future circulates on social media.
The Council of Torah Sages convening last night. (Shuki Leader)
It’s Thursday, January 8, and the Council of Torah Sages has convened to release their decision on the proposed Haredi draft bill. Their answer? Still a secret—but not an outright no—marking another close call and a temporary victory for Benjamin Netanyahu.
Now, why does this matter?
The Council of Torah Sages isn’t the Elders of Zion, but it does control seven seats in the Knesset—those of the Ashkenazi Haredi United Torah Judaism party.
Right now, the new Haredi draft bill is making its way through the Foreign Affairs and Defense Committee. Already dubbed the “evasion bill” by the opposition, it’s far more favorable to the Haredim—both in terms of evasion sanctions and enlistment quotas—than the previous proposals.
Still, there is a real question over whether the bill will pass. At least three Likud lawmakers are opposed, so the law wouldn’t survive without Degel HaTorah’s support. Within the party, some factions, specifically the Hassidic faction of Gur, are determined to bring down the coalition—so approval from the Sages, despite the favorable conditions, wasn’t guaranteed.
But this all begs the question—why is this a victory for Netanyahu?
After all, around three-quarters of Likud voters support sanctioning Haredi draft dodgers, along with 85 percent of the overall Jewish population. The three Likud abstainers—though sure to face Bibi’s wrath—seem closer to the party’s mood than he his. So, passing the so-called “evasion bill” doesn’t exactly boost his electoral chances.
The only clear benefit is transactional: he passes the draft bill, the Haredi parties pass the yearly budget, government collapse is averted, and elections remain in October rather than being called early in March.
So, is Bibi really trading his stance on a critical issue just for a few extra months in office? I doubt it. However power-hungry people like to paint him, Netanyahu is far from foolish. There has to be something more waiting at the end of this than an extra six months in the prime minister’s chair.
The question is—what?
It could be another strike on Iran. It could be a sweeping diplomatic victory—maybe Indonesia joining the Abraham Accords, or something new from Trump. Whatever it is, it will have to outweigh the political cost he’s about to pay on the Haredi issue.
Whether his gamble pays off remains to be seen.
This week, Israel raised $9 billion in a new bond issue at the lowest spread since before the war. But that’s not all. The offering was four times oversubscribed, with total orders reaching about $36 billion from some 300 investors across more than 30 countries.
What caused this explosion of interest?
It seems investors saw them as undervalued. With the recent lull in fighting—and growing confidence that, despite higher defense spending, Israel’s fiscal outlook remains stable—global markets were eager to buy in.
You might remember in 2024 when the credit agencies were being pessimistic. Fitch downgraded Israel from A+ to A and tacked on a negative outlook for Israel’s future. A month later, Moody’s knocked Israel down two notches, from A2 to Baa1, with a similar gloomy prediction. And while S&P didn’t change Israel’s credit ranking, it too shifted its outlook to negative.
It was a serious blow to public morale at the time.
But given the resounding success of the bonds, it might be time to change the outlook. S&P got the message last November, upgrading Israel’s rating from negative to neutral. Moody’s and Fitch haven’t made the move yet.
Their loss. If the past two years have taught us anything, it’s this—always bet on Israel.
If you’d put $1,000 into the TA-125 on Oct. 8, 2023, you’d be sitting on about $2,400 today. Despite two years of war, the Israeli stock market has surged more than 140 percent.
I wouldn’t consult the Bible for investment advice, but God did say to Abraham: “I will bless those who bless you... and all peoples on earth will be blessed through you.”
I think a modern translation might read: “I will give returns to those who invest in you... and all the peoples of the earth will be made filthy rich through you.”
Disclaimer: This article does not constitute financial advice
A Holocaust survivor standing beside his grandson at his swearing-in ceremony at the Western Wall.
Last night, a very special soldier swearing-in ceremony took place at the Western Wall. Among the families stood a Holocaust survivor watching his Haredi grandson join the IDF.
The grandson joined Hetz (Arrow), a special Haredi unit within the Paratroopers Brigade. In the picture, widely circulated in Israel, the grandfather—an Auschwitz survivor—is standing beside his newly sworn-in grandson, smiling, the tattooed numbers on his arm displayed proudly.
This is far from the first Auschwitz descendant to serve in the IDF—not even the millionth. But 81 years after the Holocaust, as the number of survivors dwindles, the image of those tattooed numbers beside a new recruit remains deeply powerful.
And this moment carries something else too: the grandson comes from a part of Israel that, for years, stood apart from the army. Perhaps in another 80, this soldier will stand beside his own grandson—joining an army that truly represents all of Israel.
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“The Council of Torah Sages isn’t the Elders of Zion….” No, it’s not—it’s more like the Sages of Chelm.