So Joe Biden dodged most of the difficult questions during 46 hours in Israel and 3 hours in the Palestinian territories. His main stopping point was Saudi Arabia.

In return for a public and private humiliation of the American President, the Saudis will pump oil. This should help to lower pump prices in the USA and elsewhere. Thus, Biden’s incumbency will be protected. Yeah.

Meanwhile, the German economy comes under threat, as it is dependent on energy from Russia. Italy is in political crisis. Even Britain – not in the EU – is suffering from high inflation and an economic options that lack potency. The Euro is crumbling and the greenback is seen as a saviour, of sorts.

So where does this leave the economic planners in Jerusalem?

You could argue that none of this matters. With still around 100 days of electioneering, there will be little new policy direction in that time, and probably for weeks afterwards as well. And yet:

According to Bank of Israel data for 2020 and 2021, half of all imports to Israel came from Europe while Israeli exports to the continent were relatively low. The reverse was true for the United States; exports from Israel to the United States were very high and imports were low.

Weak euro could strengthen Israeli economy, experts say (ynetnews.com)

To dummy this down: Israel’s annual inflation rate is around 4.4% and climbing sharply. If the country buys from places where it ‘costs less’ against the shekel, then it will import less inflation! Potentially good news for those in power who are looking to sway electorates.

Israel will not be waiting for the Saudis to commit to ties, officially, with Israel. The desert Kingdom has rarely rushed to do anything, However, neither will the country let itself be governed by Biden’s own pressing internal agenda. Fortunately, Israel’s economic remains healthy and balanced.