THE -DETROIT JEWISH -NEWS
- - Friday; November- 9, 1981 ,
Cabinet OKs Major Reforms to Fix Ailing Economy
(Continued from Page 1)
Monday will require job-
seekers to accept any em-
ployment offered within a
60 kilometer (37 mile)
radius of their homes, or
lose unemployment pay
benefits.
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• 11
IN4111
KEREN KAYEME TN LE ISRAEL
_ Academic economists by
and large remain skeptical
that these projected meas-
ures are sufficient to deal
with the grave economic
crisis. There is also a crisis
of confidence. A public
opinion poll by the PORI
firm showed the 80 percent
of Israelis believe the gov-
ernment is unable to control
the economy. Only two per-
cent thought the situation
could be improved ulti-
mately but that would de-
pend on Cohen-Orgad's per-
formance.
The poll results were pub-
lished following disclosure
that Israel's foreign cur-
rency reserves fell by $176
million in the month of Oc-
tober alone. From July to
October, the drop was $420
million and reserves now
stand well below the $3 bil-
lion "red line."
Cohen-Orgad acted to
curb that trend when the
Treasury banned the free
sale and purchase of
foreign currency last
week. Only bona fide
travelers and
businessmen are now
permitted to purchase
Dollars legally, but in
limited
relatively
amounts. The black mar-
The finance minister also
met with representatives of
the Manufacturers Associa-
tion several days ago. He
told the industrialists that
his immediate aim is to
stem the stock market de-
cline and his longer term
goal is to narrow 'Israel's
vast balance of payments
gap.
Independent economic
observers are pointing out
that the government has
poured some $400 million
into the stock market so far
to bolster sagging bank
shares. Last Wednesday, for
example, $32 million was
spent for that purpose ac-
cording to official figures.
But there are no signs that
institutional buyers are
prepared to purchase the
government guaranteed
shares which would allow
the Treasury to end its
costly subsidies.
Experts have estimated
that at least $3 billion have
been lost in the trading of
bank shares and other
securities on the stock ex-
change this past month.
"This 'is money people
thought they had," one
analyst observed, "and now
they don't have it. It is like a
massive hemorrhage. In the
end the patient faints," he
said.
He said the fainting
would be a wave of bank-
ruptcies of under-
tions, also built of stone. In capitalized businesses
most of them were found across the entire spec-
purposely-placed pieces of trum of the economy.
pottery.
Meanwhile, credit is be-
The site itself is also men-
tioned in Chapter Eight of
the Book of Joshua, where
its construction on Mt. Eval
is chronicled.
According to Prof. Ben-
jamin Mazar, a leading Is-
raeli archaeologist, the area
is a ritual site of extreme
significance and isunique of
its kind. Prof. Mazar fol-
lowed the ongoing excava-
tions in great detail, and
during the digging made
several visits to the site.
ket is flourishing, how-
ever, and newspapers are
publishing hints on how
to circumvent the hastily
issued regulations.
The official exchange rate
for the Shekel • is 87 to $1,
but the black market rate is
92.
The rush on the Dollar,
which had subsided after
the Shekel was devalued by
23 percent early last month,
began anew* last weekend.
The heavy buying of Dollars
was seen as a demonstra-
tion of mistrust in the gov-
ernment's monetary
policies.
A question being asked is
where Israeli investors will
turn now that they can no
longer buy Dollars. The
most logical investment
would appear to be index-
linked government bonds or
shares traded on the stock-
exchange.
But one economic
commentator, Yitzhak
Taub, said, "It could be
that lack of confidence
(in the government) will
be justified and that
those who keep their
foreign currency under a
floor tile will be proved
right. Others will lose."
coming tighter than ever.
The commercial banks an-
nounced last week that
interest will be raised by 25
percent. This will mean
rates of 192 percent charged
on loans and authorized
overdrafts. Since the figure
is compounded quarterly,
the rate of interest will soar
close to 400 percent. -
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JEFFREY S. GOLDENBERG, D.D.S.
ZALMAN KONIKOW, D.D.S.
Biblical Site Uncovered
by Haifa U. Archeologists
HAIFA — An archeologi-
cal excavation sponsored by
the University of Haifa may
have uncovered the altar
which the people of Israel
were commanded to build
by Moses and the elders of
Israel (Deut. 27).
The northern Shomron
site, located on the north-
east ridge of Mt. Eval in a
closed military area, was
discovered three years ago
as part of a six-year survey
of potential archeological
sites in the area. The survey
and the' excavations are
headed by Adam Zartel, a
member of Kibutz Ein
Shemer, and are being
sponsored by the University
of Haifa's department of
archeology.
Perched atop the moun-
tain, the area undei exam-
ination is surrounded by a
"taminus" wall. The wall —
exposed by the ar-
chaeologists — was care-
fully constructed from stone
blocks and surrounds an
enclosure measuring
three-fourths of an acre.
This enclosed space,
except for one large cen-
tral structure possessing
many unique char-
acterists, is void of Con-
struction. The structure
measures seven by nine
meters and is built of
stone blocks. It is filled
with rubble and, accord-
ing to the archeologistS. ,
this appears to have been
carried out deliberately.
On the western side of the
structure are two stone-
floored courts or yards that
include installations con-
taining either sheep bones
and ashes, or a single piece
of pottery.
Around the courts or
yards are a few dozen
square and round installa-
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Federation Cited
NEW YORK (JTA)
The Neighborhood
preservation program of the
Federation of Jewish
Philanthropies "reaches out
to many communities" and
"helps local residents con-
trol the destinies of heavily
Jewish communities in New
York, according to Daniel
Shapiro, federation
president.
Shapiro spoke at a recent
workshop sponsored by the
federation's Jewish Infor-
mation and Referral Serv-
ice.
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Gourmet Politics
WASHINGTON — The
political tendency for merg-
ing diverse ethnic strains
has spread to restaurants in
the nation's capital, the
New York Times reported
in its "Washington Talk"
section earlier this month.
According to the Times, a
Farragut Square eatery re-
cently displayed a sign ad-
vertising "kosher-style
corned beef and cabbage" as
a daily special
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