A recent column in a community newspaper on Josh follows:
Congrats, to Josh Mandel for further instilling the AIPAC’er ideology in Ohio government. Now, Ohio municipal and school administrators will quit complaining about the cessation of state funding. The cessation of local funding has created surpluses in the Ohio treasury. Consequently, Josh Mandel has increased transfers of Ohio money to Israel. The 2013 transfers amount to $26,000,000; the 2014 transfers exceed $48,000,000. Ohio holds $109,000,000 of Israeli bonds which have a significant default risk. Ohio administrators should now be placated, with the knowledge that their lost revenue has gone to Israel, our allied ethnocracy.
In an August 8th Washington Times advertisement for Israeli bonds, Josh Mandel adroitly explains why Ohio is holding the $109,000,000 of Israeli bonds. Cynics may question why Josh is promoting investment in Israel, instead of investment in Ohio. For Josh, that question is unfair, since it goes to the essence of his AIPAC ideology.
Mandel’s decision to benefit Israel instead of Ohio, was a knee jerk decision. To benefit Israel overshadows all other considerations. Josh is unable to consider– that Investing $109,000,000 of Ohio’s money, in Ohio, would grow Ohio’s economy.
In the Washington Times ad, Mandel boasts that Ohio holds more Israeli bonds than any other state, that the bonds are earning a comparable interest rate and that it is good for Ohio. The Israeli bonds do generate income; for example, it is about 1/5th of the dividend rate of P&G. Plus P&G stock appreciates in value; the bonds do not appreciate. There is no market for the bonds. The bonds cannot be redeemed. AIPAC is entrenched in Ohio, these Israeli bonds will be rolled-over, time and again. The bond purchases will increase.
Israeli bonds may have AAA ratings, but keep in mind that the rating firms were wrong before. Iceland and Ireland central banks tanked because of the AAA ratings of mortgage backed securities.
Mandel and his AIPAC cohorts believe that Israeli full faith & credit will prevent default. Yet, in contradiction, their hasbara asserts that Israel is a small country surrounded by enemies that are committed to the destruction of the Jewish state, and that nukes may be traded with Iran (not at the table, of course, but in the skies). Assuming the contradiction is even partially true, it is clear that Israeli bonds carry a significant default risk.
But if there is peace, does the default risk diminish? Not really. American and universal principles require that compensation be paid for Arab real estate, factories, and businesses that were expropriated, or that the properties be returned. Payment of compensation has been a part of comprehensive peace plans. The resultant liability could easily exceed the sum of Israeli assets. The repayment would take priority. In such harsh times, plausibly a rabbinical ruling could issue, that God’s will is to not repay the bonds. Or Ohio may simply forgive the $109,000,000 bond liability.
In conclusion Ohio’s $109,000,000 Israeli bond holding will continue to increase, will earn token interest, and the principal will never be repaid. If your loyalties lie with Ohio, write your state representative urging a repeal of foreign bond buying authority, under Ohio Revised Code 135.143(A)(10).