Israeli Prime Minister Benjamin Netanyahu said Monday that Israel might have to become more “autarkic,” building productive capacity domestically due to the threat of future trade sanctions, especially by Europe.
Netanyahu blamed the influx of Muslim immigrants to Europe, which he said were fueling an extremist minority that is radically opposed to Israel. He also noted the role of TikTok and other social media platforms, funded by Qatar and China, that he said are poisoning public opinion against Israel in the West.
The Times of Israel reported:
“Israel is in a sort of isolation,” Netanyahu acknowledged, at a conference of the Finance Ministry’s accountant general in Jerusalem.
“We will increasingly need to adapt to an economy with autarkic characteristics,” he continued, calling the term for economic self-sufficiency, closed off from global trade, “the word I most hate.”
“I am a believer in the free market, but we may find ourselves in a situation where our arms industries are blocked. We will need to develop arms industries here — not only research and development, but also the ability to produce what we need,” he said.
“Autarky” refers to a closed economy that is self-sufficient. It is an economic strategy that rarely works.
Netanyahu is the architect of the country’s economic transformation, having pushed for reforms to Israel’s old socialist model during his tenure as finance minister in Ariel Sharon’s government two decades ago.
The Tel Aviv Stock Exchange — which has been at record highs, especially since the 12-Day War with Iran — dropped sharply after Netanyahu’s remarks, though it recovered somewhat before the close of trading.
Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of Breitbart News Sunday on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET (4 p.m. to 7 p.m. PT). He is the author of The Zionist Conspiracy Wants You, now available on Amazon. He is a winner of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter at @joelpollak.
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