Truth in Media Global Watch Bulletins

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TiM GW Bulletin 98/12-2

Dec. 3, 1998

A View from Jerusalem...

New World Order's Control of Israel's Economy

By Barry Chamish


JERUSALEM - The forces who wish to create a New World Order (NWO) based on a One World government, long ago realized that to destroy a nation's sovereignty, it was not enough to merely corrupt its diplomacy; they must also enjoy the overwhelming leverage that comes with controlling its economy. So, through the World Bank and International Monetary Fund (IMF), they have planted compliant administrators throughout the governments of the world: in Israel their current agent is the Chairman of the Bank Of Israel, Yaacov Frenkel.

Typically, the World Bank loans many billions of dollars at high interest rates to a Third World dictator to fund some hare-brained engineering scheme. Within a few years much of the money is in the tyrant's offshore bank accounts and the megalomaniacal engineering scheme is draining his country of all its resources. Unable to return the World Bank loan, the dictator's government turns to the IMF for a covering loan. The IMF agrees to indebt the country even more and keep it temporarily fed by demanding a series of "reforms" guaranteed to sink the people into pathetic misery. These "reforms" come in the form of making the economy more "efficient" by such measures as turning a working variable peasant-based agricultural economy into a one-crop producer, thus throwing most of the peasants out of work, enslaving the remainder on corporate plantations, and thoroughly wrecking the country when natural disaster or a drop in the commodities market strikes.

By controlling the nation's economy, the NWO inherits control of its independent diplomacy. In Israel, in the early 1980s, the NWO retaliated against the honorable and independent Prime Minister, Menachem Begin by shooting the inflation rate up to 450%. The men who arranged this from within the government were Bank of Israel Chairman Michael Bruno and Finance Minister Yoram Aridor. Bruno justified a series of measures by Aridor guaranteed to cause instant inflation, including the sudden and unexpected lifting of most duties on imported goods. Both men were rewarded well for their treachery: Aridor, against all natural reason, was made Israel's United Nations ambassador and Bruno retired to the good life at the IMF.

In 1991, the Shamir government was forced to appoint as Chairman of the Bank of Israel, Yaacov Frenkel, a World Bank executive based in Washington, who had not lived in the country since 1967. Once in his post, Frenkel wasted no time indebting Israel enormously by raising interest rates and encouraging the government to request $10 billion dollars in loans from American banks guaranteed by the Federal Reserve, nominally to be used to absorb a wave of Russian immigrants flooding the country. Economists later figured out that the loans were disastrous and would cost triple the principle before they were paid back.

In 1996, Frenkel's first term ended and then-Prime Minister Shimon Peres was not inclined to offer him a second chance to run the nation's finances. He changed his mind quickly when a power-delegation from the World Economic Forum arrived from Switzerland and had a few convincing words with him.

If Frenkel's NWO ties were ever in doubt, take a look at the biography of Frenkel which appeared in Haaretz Magazine of Nov. 27, 1998:

"During his third year at university, Frenkel went to work for the Histadrut."

Israel's communist national Labor Union and the primary economic blackmail tool employed by the Labor Party.

"Tel Aviv University offered him a chance to earn a doctorate at the University of Chicago and then return to Israel to set up a School of Economics."

My, wasn't that a big step forward, offering a whole school of economics to a Histadrut worker without even a PhD, let alone professorship?

"After Frenkel got his doctorate in 1970, Chicago offered him a spot as professor. In 1973, when David Rockefeller retired from Chase Manhattan, the bank decided to commemorate his life's work by endowing a professorship in international economics. A search committee set up by the bank chose the University of Chicago and Frenkel to set up the chair."

How wonderful for Frenkel! Not three years at the U of C and David Rockefeller, chairman of the Council On Foreign Relations and possibly the top man in the NWO, chooses to employ Frenkel to run his new chair.

"`It was the Mecca of the global economy,' says Frenkel. `It was a huge factory for doctoral students, catering to hundreds of students from all over the world, who now fill the most senior positions in their countries.' And so Frenkel cast his net. All over the world are former students who consider Frenkel their guru."

Thank you, Dr. Frenkel for that marvelous summation of the tactics and location of world globalism. Clearly, Frenkel is either a naive tool of the NWO, placing moles in the governments of the world, or he is already an insider willingly doing its worst work.

The following story, told by Frenkel, illustrates just what kind of circle he moves in. It took place in 1991 in Davos, Switzerland. Davos, Switzerland is headquarters of the World Economic Forum, where the NWO plots its next international economic fiascoes. Frenkel then relates how three of his fans who he met there soon took over the senior government economic posts of Czechoslovakia and ran the country based on his principles. He failed to mention that within a year Czechoslovakia had divided into two.

"In late 1986, Frenkel was asked by the International Monetary Fund to set up a framework for coordinating international economic policy. That same year the G-5 (later G-7) decided to set up a new global policy forum and added two new members. Frenkel took on the task and moved his family to an upscale suburb of Washington."

"Frenkel's stategies helped to integrate the global economy and the international coordination apparatus that he conceived became a prestigious body wielding a great deal of influence. Frenkel moved on to the post of director of research at the IMF, which then had 150 member states (there are now close to 200) and was responsible for generating forecasts and assessments of the world's economy. `In the framework of the G-7 , I became the close confidante of top policy-makers in the seven states, at the level of finance ministers, central bank governors and heads of state. In order to get my advice, they had to put complete trust in me and open all their books for me.'"

Yaacov Frenkel is no ordinary bureaucrat in wire-framed glasses. He is at the top ranks of NWO administrators and his first loyalty is to globalism, then, if at all, to Israel's economic welfare. If Prime Minister Netanyahu steps too far out of line for his NWO controllers, Frenkel can make the days of Begin's 450% inflation seem like the good old days. The Chairman of The Bank Of Israel, is possibly the most dangerous individual in the country.


Barry Chamish is an Israeli journalist. He is also author of the book about the assassination of Yitzhak Rabin, "Traitors and Carpetbaggers in the Promised Land," Hearthstone Publishing, Oklahoma City, OK.  E-mail:

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Also, check out also the TiM GW Bulletins: "Christianity Under Siege... Revisited""New World Order's Control of Israel's Economy", "Caspian Sea Oil: The Matchmaker?", "We Have No Business Bombing Anyone Except in Self-Defense", "A Year of Awakening," "Like Bosnia, Like Lebanon"

Or Djurdjevic's WASHINGTON TIMES columns: "Christianity Under Siege: Toward a One World Religion" and "The Three Musketeers"