Edelstein undermined Israel’s rule of law

Before last week, Yuli Edelstein would have been remembered as an Israeli statesman, a Soviet Prisoner of Zion and an Israeli hero.

But this week, he decided to undermine the rule of law in Israel and knowingly harm Israel’s democratic character.

As five Supreme Court justices wrote on Monday: “The continued refusal to allow a vote in the Knesset plenum to elect a new speaker undermines the foundations of the democratic process.”

Edelstein would argue that his refusal to allow a vote to choose his successor was essentially an attempt to stall for time so a national-unity government could be established, something that most Israelis would like to see.

He would also say that his decision to quit the post on Wednesday – a resignation that goes into effect only after 48 hours – was a way to try to avoid defying the court’s ruling.

But that is sugarcoating what really happened this week. Edelstein knowingly defied the Supreme Court and

not halt without evidence of a peaking in new coronavirus cases.

On Tuesday, Paul Gruenwald, S&P Global Ratings chief economist, said measures to contain the coronavirus have “pushed the global economy into recession” and emphasized the need for governments to lay the groundwork for economic recovery. The focus of policymakers and the public, Gruenwald said, has rightly shifted to fiscal policy.

“What is noticeable about these specific stock index rises is the fact that the stocks experiencing the sharpest gains are the ones that experienced the sharpest falls,” said Eyal Debi, head of the analysis desk at Leumi Capital Markets.

“We do not think that this is a trend shift, but something more pointed. So long as there is no decline in the infection rate or other optimistic news from the frontline of the fight against the virus, stock markets will find it difficult to maintain the positive trend over time.”

While investors may be hoping for a V-shaped recovery, Debi said, continuing economic restrictions and lockdowns will likely see a U-shaped recovery instead.

Reuters contributed to this report. •