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May 23, 1975 - Image 5

Resource type:
Text
Publication:
The Detroit Jewish News, 1975-05-23

Disclaimer: Computer generated plain text may have errors. Read more about this.

He that imagines he hath
knowledge enough hath
none.

GEORGE
OHRENSTEIN

JEWELERS Ltd.

• Certified Horologist
• Graduate Gemologist

• Goldsmiths • Precision
Watches • Precious Stones

HARVARD ROW
SHOPPING CENTER

Lahser & 11 Mile-141. 353-3146

See AD on Page 40

Now at Both

SURWIN'S

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• NORTHLAND
• EASTLAND

amit

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(SPECIAL GROUPS)

Every Suit
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Famous Label






Lavish Fur-Trims
2 Pc. Ensembles
3 Pc. Pant Suits
4 Pc. Weekenders

HERE'S HOW THIS
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$165 SUITS,

now

now

now

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now

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$185 SUITS,
$123
$225 SUITS,
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Son:), — we cannot advertise
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— 4 CREDIT PLANS —

• BankAmericard
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k-

OPEN NIGHTS
and SUNDAYS

L

THE DETROIT JEWISH NEWS

Friday, May 23, 1975 5

Israel Expects Rugged Economy Despite EEC, U.S. Accords

JERUSALEM, (JTA) —
Prior to leaving the U.S.
Israelis face record unem- after signing a trade agree-
ployment, much higher ment, Israeli Finance Minis-
taxes and a lower level of ter Yehoshua Rabinowitz
consumption under a five- said Israel's economic prob-
year economic stabilization lems are as critical now as
plan now being completed in the days "of our War of
by the Treasury for the pe- Independence."
riod 1975-79.
He said the joint state-
The newspaper Yediot ment he signed with U.S.
Achronot which disclosed Treasury Secretary William
the existence of the plan, Simon, and the agreement
said the Treasury envi- Israel reached with the Eu-
sioned the next two years as ropean Economic Commu-
"critical years" for Israel's nity were important to Is-
economy with a record rael, both politically and
120,000 people out of work.
economically.
*
*
The measures called for,
according to the five-year
plan, include an increased Arabs Angered
rate of taxation up to 42 per- by EEC Pact
cent of the gross national
BRUSSELS (JTA) — A
product, compared to 28
percent at present, the delegation from the Euro-
pean - Economic Community
newspaper said.
(EEC) left for Cairo last
The Israel Pound, which week for discussions with
was devalued last year, will Arab leaders in an effort to
. be subject to an immediate calm Arab anger over the Is-
further devaluation by 15 rael-EEC trade accord.
The EEC delegation will
percent to be followed by re-
peated changes in the for- hold discussions mainly
eign currency exchange rate with the Arab League Sec-
to adapt to changes on the retary General Mahmoud
Riad.
world market.
Arab leaders have ex-
Yediot Achronot said the
pressed dissatisfaction with
plan also envisaged a re-
the Israel-EEC agreement,
duction of capital imports,
and many have asked for
a reduced rate of economic
the suspension of current
growth and a racial de-
talks preparing the Euro-
crease in private consump-
Arab dialogue which was
tion which will be frozen
scheduled to begin in Cairo
for a period of five years.
June 10.

Far-Left Radicals, Third World
Units Join Anti-Israel - Rallies

NEW YORK — The Anti-
Defamation League of Bnai
Brith revealed that far left
extremists and Third World
organizations are collabo-
rating with the Palestine In-
formation Committee, a
Palestine Liberation Organ-
ization front group in a na-
tionwide series of anti-Is-
rael propaganda rallies
billed as "International
Days of Solidarity With
Palestine."
According to John L.
Goldwater, chairman of
ADL's fact-finding_ commit-
tee, the groups endorsing
and participating in the
Arab campaign include the
Socialist Workers Party and
its youth group, the Young
Socialist Alliance; the Revo-
lutionary Student Brigade,
a Maoist youth group; the
West Side Marxist Center;
the Puerto Rican Socialist
Party; the Congress of Afri-
can People; the Iranian
Student Association; Viet-
nam Veterans Against the
War; the Guardian newspa-
per, and the Liberation
News Service, the latter two
of New York City.
Goldwater said the "so-
lidarity" program of the
Arabs and their far left and
Third World collaborators
calls for support of the
"national rights" of Palesti-
nians and support of Arab
terrorists in Israeli and Jor-
danian prisons. In the latter
case, the groups demand
that Jordan free terrorists
who want to "fight Zion-
ism," a euphemism for kill-
ing Jews and Israelis, Gold-
water declared.

He said May 15 had been

specifically designated as
a day of solidarity with
Arab Palestinians at a
meeting in Havana, Cuba,
two months ago, of the Bu-
reau of the Conference of
Non-Aligned Countries.
This he said, is a perma-
nent bloc of UN member
countries from the Third
World, Arab lands and
some Communist states.

Goldwater added that at
the same conference a reso-
lution was adopted calling
for "broader measures" to
be taken against Israel.
These included ousting Is-
rael from the UN and sanc-
tions against the Jewish
state, he said.

"It is noteworthy that this
alignment of Arabs with the
far left follows closely the
recent meeting in Washing-
ton at which representatives
of Arab embassies joined
forces with known anti-
Semites and right wing
extremists at a dinner spon-
sored by a group called Citi-
zens for American Sur-
vival," he said.

"This clearly reveals the
propensity of Arab groups
to associate with anti-demo-
cratic extremist and anti-
Jewish elements of the far
left and the far right."

ORT Overseas

GENEVA — The Organi-
zation for Rehabilitation
through Training is con-
ducting 18 projects in 11
countries in Asia, Africa
and Latin America.

"But," he added, "I must
caution you against assum-
ing that this agreement will
solve all our economic prob-
lems.

Rabinowitz stated that
"Israel's main economic
problem is its balance of
payments." He said that
from 1972 through 1974 the
balance of payments dete-
riorated drastically, in-
creasing the deficit from
$1 billion to $3.5 billion. It
was caused by an increase
in expenditures for de-
fense, oil and basic foods.

Rabinowitz said that Is-
rael's foreign debt increased

from $4 billion at the end of
1972 to $6 billion at the be-
ginning of 1975 and that it
was expected to reach $8 bil-

lion by the end of this
year."This," he stated, "is
by far the highest debt per
capita in the world."

_A

—9ru.
in ewe ter
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