Ehrlich Says U.S. Jews Have Financial Reserve Equal to Arab Oil, Money

Israeli Finance Minister Simcha Ehrlich has urged American Jews to “mobilize the tremendous reserves of Jewish financial strength which are no less significant than the reserves of Arab oil and money.” He made that appeal at a luncheon given in his honor here by the Board of Governors of the Greater New York Committee for State of Israel Bonds.

Responding to a question on the importance of Arab oil to Mideast peace prospects, Ehrlich observed that “the energy crisis will not prevent the coming of peace. The Arabs took advantage of the situation following the Yom Kippur War to raise the price of oil. If the free world were more energetic, we would never have reached the energy crisis,” he said.

Ehrlich continued: “We must mobilize the tremendous reserves of Jewish financial strength which are no less significant than the reserves of Arab oil and money. One of the most meaningful ways of celebrating the 30th anniversary of Israel’s independence would be a specific campaign to make every Jew a partner in Israel through Israel Bonds.”

DESCRIBES ISRAELI EFFORTS

Ehrlich stressed that Israel is doing its part to solve its economic difficulties and promote direct investments. “We have reduced the budget by some seven billion Pounds by reducing subsidies, freezing civil service and cutting defense spending,” he said. “Nevertheless, continued sacrifices will be demanded of the Israeli public. The tax burden on our citizens will remain the heaviest in the world. The standard of living of the average Israeli family will not rise in the near future. The young and the not so young will have to continue serving years in the regular army and long months in the reserves.”

Nevertheless, Ehrlich said, “We shall need the help of friendly countries and especially the continued substantial help of the U.S. government. As for the role of the Jewish people, I am sure that Bonds, besides providing a return in satisfaction, pride and safety of principal and interest, also nurture your and your family’s Jewish awareness and sense of belonging and partnership in the building of the Jewish homeland,” he said.