Columbus, OH – The state of Ohio bought a one-day record of $61 million in Israel Bonds.
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The largest single government purchase of Israel Bonds, which took place Monday, makes Ohio the largest holder of Israel Bonds with $165 million, the Cleveland Jewish News reported.
State Treasurer Josh Mandel told the newspaper that the purchase in part was in response to the Boycott, Divestment and Sanctions, or BDS movement, against Israel.
“First and foremost, we are making this investment because it’s a good investment for the taxpayers of Ohio,” said Mandel, who is Jewish. “Second, we are making this investment in an effort to combat the bigotry of the BDS movement. Third, we are making this investment to stand with the only country in the Middle East that shares American values.”
In December, the Ohio Legislature passed a law prohibiting the state from contracting with companies that engage in boycotts of Israel. The measure also included language that increased from 1 percent to 2 percent the amount of funds the state treasurer or country treasurers may invest in foreign bonds meeting specified criteria, including Israel Bonds.
Ohio treasurers have been investing in Israel Bonds since 1993, according to the newspaper.
Mandel, who has served as state treasurer since 2011, announced in December that he would run a second time for the Senate.
So how much do the bonds pay?
Should an American state gov’t invest in foreign assets when their own state per capita GDP ranks #26 in the US?
Should an American State gov’t invest in a foreign gov’t rather than creating jobs for people in Ohio, a state whose employment growth trails other states?
As of last year, Ohio had not yet recovered economically from the Great Recession of 2008.
How will the people of Ohio feel about their State gov’t investing in a foreign country when their own people are suffering economically?
(My statistics are from Economy, Ohio Facts 2016).
As Jews, we are instructed by the Torah to seek the welfare of the city to which G-d has exiled us, for in it welfare will be our welfare. (Jeremiah 29:7)
As Jews we should be concerned that a Jewish State Treasurer is taking assets from a US state gov’t and investing them in Israel. I do not see how this can do anything other than promote anti Semitism.