News of the horrible terrorist attack in Israel caught all of us off-guard, and understandably so. After all, we were in the midst of celebrating a holiday, only to be shocked by news of the brutal, ruthless events unfolding in Israel.
As this is being written the situation is changing by the minute. Precise developments are unavailable, but the following appears to be accurate:
At least 800 Israelis were murdered and thousands more were wounded. It’s been reported that the terrorists are holding many hostages, which may limit Israel’s ability to respond as forcefully as it would like to. One can only imagine the hell the indescribable horror those people are living through. May Hashem have mercy and protect all of them.
There are indications that the situation is even more concerning than what is being reported. Terrorists from Syria and other groups may join the fighting, and if they do, that would open a second front. The border with Lebanon is also worrisome. And Israeli towns and cities in other areas also may be drawn into the conflict; even if they aren’t, Israel has to prepare for that possibility, which means they’ll have to allocate soldiers and materiel in those areas in case that happens.
The US reportedly is rushing equipment to Israel, an indication the fighting could expand and/or last for an extended time.
Very Different
This war is very different than those Israel fought in the past. The Yom Kippur War saw early Arab victories along its borders with Egypt and Syria, and the loss of many soldiers and a great deal of equipment. But back then the population was united – they all supported the State and there was a feeling of brotherhood. Unfortunately, that isn’t true in the current situation. It’s impossible to predict whether Israel’s extreme left will support a massive response to Hamas’ attack or what their reaction would be.
If anyone needed more proof of the magnitude of the Hamas attack, they need only look at Israel’s response. This is the only time since the Yom Kippur War that Israel has declared war. Israel’s Defense Minister Yoav Gallant has ordered a “complete siege” of Gaza, which includes cutting off all electricity, food, fuel, and possibly even water to Gaza.
Gallant said, “We are fighting barbarians and will respond accordingly.” He may have been referring to reports of people “who saw images” of Israeli troops caught in the attack that have been beheaded. Certainly, he had in mind the ruthless attack on “soft” targets – men, women, and children attending parties and posing no threat to anyone.
Former President Donald Trump said that he predicted Hamas’ terror attacks on Israel back on Sept. 11. “I predicted war in Israel immediately after it was announced that Joe Biden gave the $6 billion to Iran,” Trump said at a campaign rally in Iowa. “I stand proudly with our friend and ally Israel and will do it again.”
Presidential candidate Nikki Haley, a very strong supporter of Israel, continued to express her support. Haley blasted Secretary of State Antony Blinken’s statement that the Biden administration lacked evidence of Iran’s direct involvement in the Israel-Hamas conflict. “It was irresponsible for Secretary Blinken to say that the $6 billion doesn’t weigh in here…Let’s be honest with the American people and understand that Hamas knows and Iran knows they’re moving money around as we speak because they know $6 billion is going to be released. That’s the reality.”
And Wall Street Wonders
Ramifications from Hamas’ attack will be felt all around the world, and Wall Street is no exception. What impact could an attack thousands of miles from the US have on the global economy? Plenty, including interest rates, inflation, the price of oil, shipping, and much more. Incidentally, there are many publicly-traded Israeli companies have already felt a shock. Others may do so in the coming days.
Shortly before Sukkos, Jamie Dimon, CEO of JP Morgan, urged investors to prepare for even higher rates. He said they should prepare for a worst-case scenario, which would happen if benchmark rates increase to 7% and at the same time the economy suffers from stagflation – high inflation accompanied by rising unemployment and a lack of growth. “We urge our clients to be prepared for that kind of stress,” Dimon said, adding that “a hard landing remains a risk for the US economy.” Even before the current fighting, he left open the possibility of interest rates having to go much higher to effectively combat inflation.
City Prepping is a well-researched prep site that encourages its readers to prepare for all potential disruptions of food, water, electricity, and everything else they depend on. In a cautiously-worded statement, they raised the possibility of oil skyrocketing to $150/barrel, and possibly much higher, because of the ongoing fighting in the Middle East. Needless to say, oil that high would play havoc with the economy, the market and investors’ personal budgets.
Before the latest fighting, Warren Buffett sounded the alarm about a possible sharp recession and huge market selloff. So did Michael (the “Big Short”) Burry, who invested most of his assets in vehicles that would increase if the market drops sharply. Robert Kiyosaki also expects the bears to run on Wall Street.
A Gadol’s Advice
HaRav Shternbuch, who has been called the Posek Hador, said the following to his talmidim about when the first day of Rosh HaShanah falls on Shabbos and the shofar is not blown. Quoting from the Chasam Sofer, he said:
“In a year that the shofar is not blown on the first day of Rosh HaShanah, we need the z’chus of Shabbos in order to protect Am Yisrael instead of the shofar…The Ba’al Aruch L’Ner calculated a scary matter that in the years that Rosh HaShanah falls out on Shabbos, Klal Yisrael had either a very good year, like the year that the Cheit Ha’egel was forgiven and the Mishkan was established and they entered Eretz Yisrael, or chas v’shalom the opposite, like the two Churbanos Beis Hamikdash, Rishon vSheini, which occurred in years when Rosh HaShanah fell out on Shabbos.”
And he continues: “The Aruch L’Ner explained that due to the fact that during these years, there is no tekiyas shofar and we need the z’chus Shabbos in place of the shofar, the matter is dependent on Klal Yisrael, for in the years they were shomer Shabbos properly, the Shabbos vouched for Yisrael. But if chas v’chalilah they weren’t shomer Shabbos properly, they weren’t zocheh to this and the accusers weren’t silenced…In accordance with the words of the Aruch L’Ner that the year that Rosh HaShanah falls out on Shabbos is a very dangerous year.”
HaRav Shternbuch concluded: “Therefore this year it is appropriate to accept a kabbalah tovah on Rosh HaShanah in a matter related to kavod Shabbos, such as learning hilchos Shabbos throughout the year on a regular basis or to dedicate more time to learning Torah on Shabbos or to be mezakeh harabim in inspiring others to learn hilchos Shabbos and to become proficient in them. This will help that the kedushas haShabbos will protect us and quiet the accusers.” Other gedolim have expressed the same thoughts.
Meanwhile, as the fighting rages, it’s unclear how many of Israel’s very poor and those newly added to this list will manage in the coming weeks. Nor is it clear how yeshivas and other worthy institutions will be able to meet their budgets. Hopefully, readers will keep them in mind.
In these turbulent times, it has become clear, now more than ever, that the only One we can rely on is Hashem.
Sources: cityprepping.com; investing.com; livemint.com; matzav.com; yahoofinance.com; zerohedge.com
Gerald Harris is a financial and feature writer. Gerald can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.
