Israel’s Minister of Finance, Bezalel Smotrich, is convinced that the proposed reforms of the judiciary will strengthen the Israeli economy.

Smotrich has no known significant experience in running finances. His recent trip to America was boycotted by most top financiers and all government officials. He has also called for an Arab town to be destroyed.

The good news is that Smotrich has finally pushed through one policy change. A tax on sugar-rich soft drinks from this coming week will be lowered! And last week, nearly six months after his coalition won the general election, he presented his budget to the Kenesset, presumedly based on revenues that are going to keep flowing in as a result of the proposed reforms.

Well, maybe.

You see, it is not that the concept of Israel’s Start-Up Nation has ground to a halt. However, the reports of overseas investment into the country are simply very thin. Negligible may be an exaggeration, but they are very difficult to pick out and see.

And as most of the big bucks in the past decade has come from the USA, Netanyahu’s spat with the White House is unlikely to help matters.

In fact, the White House shunning of Israel’s PM was the core of what seems to have been a really bad week for Netanyahu. If we go back 8 days, he celebrated last Friday night and the incoming of the Jewish Sabbath in London at a restaurant that can hardly be described as kosher. He and his wife were caught on camera, smiling away. And then: –

• On Saturday night, his own Minister of Defense, Yoav Gallant, called for a halt in the reform legislation. This proposal was made publicly and came as Netanyahu was returning from Britain.
• Netanyahu then sacked his former close ally. This move brought tens of thousands of demonstrators onto the streets, more or less spontaneously.
• Netanyahu has now backed down, at least temporarily. The reform was pulled. Talks aimed at compromise have started, although few have expressed optimism.
• There is now a creeping fear in Netanyahu’s Likud party that they do not have the votes to carry the legislation.
• On Thursday, it emerged that Netanyahu’s legal team are considering mediation in the several proceedings against their client. What is interesting here is that the man has always denied all the charges against him.
• And finally, Yair Netanyahu, the PM’s son, was ordered to pay 40,000 shekel and legal costs to a former opposition politician, who had filed a claim against him.

The Passover holiday season is closing in. The shekel is still showing signs of weakness. The ultraorthodox Haredi parties are showing signs of backing away from full support of Netanyahu. As I write, over 200,000 people throughout the country are protesting – for the 13th week in a row – against the reforms.

And Smotrich has yet to inform the citizens why these reforms will be so wonderful for the shekel in their pockets!

Have a good week. And maybe Smotrich and Netanyahu will do so as well.