Photo credit: Nahla Saleh Hussein FB page
Israeli bonds are inherently political. That seems to be the way the cities, counties, and Ohio State politicians view them: an investment that delivers political capital.
According to an Arkansas Times article, "Since the Development Corporation for Israel’s inception in 1951, the Israeli bonds have not only served as financial instruments but also as a gesture of support for the state of Israel. This is, in fact, part of Israel Bonds’ marketing strategy.
The report further states, "Advertisements for Israel Bonds include language like “Stand with Israel” and “Building tomorrow, together.” Representatives from Israel Bonds develop relationships with financial officers in local and state governments in the U.S., encouraging them to purchase Israeli bonds with public funds. These officials then go on to proudly publicize the investments as proof of their support for Israel."
Since October 2023, Israel bonds have raised over $5 billion in the United States, largely from local governments and public employee pension funds across the country. Along with Ohio, investors include Texas, New York, California, Louisiana, Mississippi, Oklahoma, and South Carolina.
Israel Bonds raise this money not only by plying financial decision-makers in person, but also by putting out politically and emotionally loaded advertising pitches pegged to current events. After Israel launched a war against Iran last month, Israel Bonds sent an email to state officials saying, “Operation Rising Lion continues with precision and strength. Even in the face of retaliation, Israel stands tall. Now is the time to match that strength with action. An investment in Israel Bonds is more than financial—it’s a declaration of solidarity and support. Israel is strong. Play a part in that strength.” On February 13, Israel Bonds sent a message to state officials with the subject line, “Will you be Israel’s valentine?”
Why Not Reinvest?
Investing in Israel may be popular among American politicians but the recent setbacks to the country’s credit rating make it a tougher sell from a purely financial standpoint. The bond market brims with other offerings that aren’t as politically charged that have higher credit ratings and that are liquid. So why Israeli Bonds?
The Republicans who control state government in Ohio have a deep political and ideological affinity for Israel. Ohio politicians regularly make trips to Israel that are paid for by AIPAC the pro-Israeli lobby, meet with Israeli officials, and offer statements of support for Israel. The State Legislatures have passed bills that target the nonviolent Boycott, Sanctions, and Divestment (BSD) movement. Right after the October 7, 2023 attacks, every Ohio state office holder condemned the attacks and supported Israel's right to defend itself and prayed for the safety of Israeli citizens. However, none of those caring officials have the decency or the courage of calling for a ceasefire or condemning the Israeli genocide in Gaza that has killed over 60,000 people, including over 20,000 children during the last 23 months. Why should politicians express that affinity with taxpayers’ money?
Franklin Country should not be supporting Israel under Israel's current Crime Minister who is indicted by ICC for war crimes and crimes against humanity. Jane Doe should stop using our money to prop up Israel. Instead of investing $28 million of our hard-earned tax dollars in Israeli Bonds, the money should be used at home to help:
- 12,000 people experiencing homelessness in Ohio.
- 589 homeless veterans
- Thousands of Ohioans who otherwise will die every year from lack of access to health care because they can't afford it.
- Provide assistance to 280,000 kids in Ohio who were affected by cut in school lunch program for children because our tax dollars were loaned to Israel.
Every Franklin County resident should tell Franklin County Treasure Cheryl Brook Sullivan and tell her, " No more Israeli Bonds!"
And our taxes should not be used to kill children in Palestine.
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Mahmoud El-Yousseph is a Palestinian freelance writer and retired U.S. AirForce veteran. He writes on U.S. foreign policy, Middle East affairs, and justice. Email: elyousseph6@yahoo.com
