Last week, I wrote about the Israeli economy that it is:

…. continuing to press ahead. Unfortunately, in parallel, there is growing evidence that the rich are getting richer. Those less well off may still be doing better, but are also being left further behind.

The post drew a lot of private comments and a few on Facebook. And it is a theme that I feel very strongly about. The government is unable in part and seemingly unwilling to act. For example, yet again, we read in today’s newspapers how the price of housing has risen a further 8% since the beginning of the year. (The government controls the price of land and  it benefits from large levels of taxation from property transactions).

Sever Plocker is one of Israel’s leading financial journalists. Writing in his regular Friday column in Hebrew, he discussed the annual IMF conference, which took place earlier this month. Yes, he readily noted, Israeli banks were praised for their stability and caution, especially in light of the Deutsche Bank crisis threatening Europe . But……

Plocker went on to stress the thoughts of the IMF’s managing director, Christine Lagarde:

(Globalisation) needs to be slightly different. It cannot be that push for trade as we have seen it historically. The inclusiveness, the determination to make it work for all, and to pay attention to those that are at risk of being left out, whether it is as a result of technology, digital economy, or international trade by modification of supply chains, that factor has to be taken into account.

So, what does it mean for the IMF? It means that if we want to include, if we want to address the inequality issues, we need to have a strong international safety net so that countries that feel at risk, because of policies determined elsewhere, have the tools, have the financing instrument to actually respond.

As Plocker concluded, this is as close as you will find to the language of humility at such an event. In effect it is a public declaration that the strong have failed to look after the weak. And if something does not change soon, we will all suffer.

I wonder if Israel’s politicians and economic mandarins in their villas are tuned in to this message .