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Monday, January 3, 2011

Israel Takes Gas

My experience during my visit to Israel was that I was in the very heart of the world filled with people of passion and creativity.

The chance that members of the inventive scientific community in this amazing country will invent an alternative to oil is excellent. Hopefully this massive gas find will not reduce the burning need to find an alternative solution which surely must come.

In 40 years when oil is no longer necessary to sustain life, what will be remembered is that a promise regarding royalties was broken by the State. The whole premise of Israel bonds is that the promise to pay has never been broken. What do the promises of the State of Israel mean now. Even if the State backs off, the damage has been done.

This reminds me of Texans telling me that their word was their bond when I worked there between 1978 and 1984. All those firm handshakes turned to mush when the recession hit in 1984.

What a pity that this great country known for keeping its promises has slipped when the world was watching.

Might as well confiscate the wells and take everything. What a foolish short term view!

Who is going to want to buy your bonds now?

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