Stanley Fischer: A Dual U.S./Israeli Citizen and Pro-Israel Activist as Vice-Chair of the Fed
Grant Smith, writing at Antiwar.com provides an enlightening account of the nomination of Stanley Fischer as Vice-Chair of the Federal Reserve (“AIPAC’s Fed Candidate Stanley Fischer on a Warpath against Iran: Dual-citizen nominee’s lifetime benefit to Israel comes at a heavy cost to America“). When I first read that Fischer was a possibility, my only thought was something like “Can’t we find anyone who’s not Jewish to fill a post like that?” After all, the Chair of Federal Reserve has been Jewish since 1987, Janet Yellen, the present vice-chair, will likely be the next chair, and Yellen’s predecessor was Donald L. Kohn.
And one would think that appointing an Israeli citizen —and a high-level one at that (former head of the Israeli Central Bank and likely on a first-name basis with everyone who matters in Israel) — would raise all kinds of red flags about old-fashioned issues like dual loyalty.
But there is much more to the story. Fischer, it turns out, will be AIPAC”s man at the Fed. Smith notes that
as Bank of Israel governor, Stanley Fischer played a central role in coordinating the implementation of AIPAC-generated sanctions against Iran—ostensibly over its nuclear program. Stuart Levey, the head of the U.S. Treasury Department’s division for “Terrorism and Financial Intelligence,” an office created after heavy AIPAC lobbying, met often with Fischer in Israel alongside the Prime Minister, Foreign Minister and chiefs of both the Mossad and Shin Bet to explore how to “supplement” UN sanctions and end-run Russian and Chinese opposition.[v] The Levey-Fischer strategy was “to work outside the context of the Security Council to engage the private sector and let it know about the risks of doing business with Tehran” particularly against European banks that had only partially drawn back their business dealings with Iran. In 2010, Israel dispatched Fischer to meet with Chinese and Russian “counterparts” in order to financially isolate Iran.[vi]
Smith’s phrase “ostensibly over its nuclear program” is beautifully suggestive. The fact is that Israel has many reasons to want a destructive war with Iran besides the putative nuclear weapons program—its support of Hezbollah, its alliance with Syria, its hostility toward Israel, and simply the fact that it is an energy-rich, technologically sophisticated neighbor with a population of around 75 million and regional ambitions. Israel would love to crush a rising rival power in the region before it becomes too difficult. Read more




