I have not hidden my dismay. The Prime Minister of Israel, Bibi Netanyahu, has come close to blowing much of Israel’s economic progress of the past decade or so. By Wednesday night this week, he seems to have woken up and concocted some emergency measures to plug a large government fiscal deficit.

The move has earned the praise of international economist, Stanley Fischer, who is also Governor of the Bank of Israel. That said, it is generally accepted that the proverbial plug is not big enough.

In fact, it was Bibi’s own spin that gives away the plot. In attempting to justify higher taxes and budget cuts, he mentioned how he was intending to introduce free education from the age of three. Add in a few new missile systems needed because of the Iranian and Syrian crises, and you have a series of large monetary promises that cannot be met by a token rise in tax on cigarettes.

Bibi’s meandering policy making has already seen the currency devalued against the dollar and sterling by 4% and 3% respectively during July 2012. Overseas investors are known to be withdrawing positions from the Tel Aviv Stock Exchange. Unemployment is back at 7% and rising.

The Prime Minister may not be able to control the dynamics of the Syrian and Iranian regimes, nor even the bizarre financial planning modes of Greece or Spain. However, he has been elected to lead, responsibly, in Israel, and it is time for him to do when it comes to the economy.