Zev Sher, economic minister of Israel in the United States, today warned American businessmen against the myth that “heavy Arab investments in the United States economy would not be dangerous.” Sher said that the Arabs will not save the world with their money because it is linked with politics Israel will suffer because of the combined political and economic pressures and must become strong enough to resist, Sher said. He spoke at an economic symposium during the third day of the conference of the Israel Histadrut Foundation.
Turning to Israel’s internal economic problems, Sher said “There is no crisis but there are five major areas of concern: financing the heavy defense expenditures, improving the balance of payments and stopping the drain on foreign currency reserves, curbing inflation, absorbing immigrants and improving social services for the entire population, and returning to a fast growth of the economy.”
Estimating that 50,000 to 60,000 immigrants will arrive in Israel in 1975, Sher stated that $1 billion would be needed to provide them with homes, jobs and education.
Rabbi Leon Kronish, chairman of the Foundation’s board of directors, called on every Jewish family to “adopt Israel as another child.” Rather than spending $5000 for an extra car for their children, Rabbi Kronish suggested “we should make this money available for the education of children in Eilat and Dimona and Tivon, and for homes for young married couples and army veterans.” The Histadrut Foundation is engaged in raising $5 million for 1000 mortgage units of $5000 each for this purpose.
NO FAITH IN KISSINGER
Simon Weber, editor of the Jewish Daily Forward, at a Yiddish-speaking session of the conference last night, said that he had no faith in Secretary of State Henry A. Kissinger. “The Arabs and the Russians do not want peace in the Middle East,” he said. “There may not be war but there will be no peace. Lately, Mr. Kissinger said he would not knowingly betray Israel, but knowingly or not the results of his efforts would be the same. He does not know where he is going.”
Noting that the Arabs are spending $260 million annually on propaganda, Weber declared that this is affecting some politicians and the media in the United States, although the Gallup Poll shows that 52 percent of Americans are pro-Israel.
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