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Wednesday, September 01, 2010

WJC Session with Bank of Israel governor Stanley Fischer

Bank of Israel Governor Stanley Fischer addressed the WJC. Having heard Yuval Steinitz (Finance Minister) a month ago, you will forgive me if I go light on this one.

Fischer claims we're among the least indebted people in the Western world. That's because we can't get credit.

He says the recession has not been bad here because the economy was in such good shape before it started. But we still have 6.2% unemployment, which is not as bad as the US but not really great. I don't see the where the economy is in such good shape. Sorry.

US budget deficit 13% of GDP in 2009; ours was 5%.

But this economy's strength is a vibrant and nimble private sector.

Our unemployment rate is low because rather than lay people off employers cut the work week and salaries - at least in the private sector. (That's true).


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