BEIRUT (Dispatches) -- A group of hundreds of Israeli economists issued a fresh warning on Thursday that a financial meltdown could occur more “powerfully and faster” than they had originally forecast when they penned an “emergency letter” cautioning that the far-reaching judicial shakeup being advanced by the Zionist regime could have grave implications.
“Since we published our first petition, there are many growing indications that the damage to the economy could manifest itself more powerfully and faster than we expected,” the second letter warned. “In recent weeks we are seeing the first signs of capital flight that compels the Bank of Israel to continue raising interest rates at a fast pace.
“Even if the markets eventually stabilize in the short term, experience from other countries where judicial and financial institutions were harmed, and research from recent decades, shows that we can expect long-term damage to economic growth and Israelis’ standard of living,” the experts warned.
Recent weeks have seen the shekel value drop to a three-year low, Tel Aviv’s stock exchange underperform and leading companies pulling their money from Israeli accounts.
Prime minister Benjamin Netanyahu’s hard-right coalition has prioritized the controversial proposals to transform the justice system. The proposed legal overhaul would grant the regime total control over the appointment of judges, including high court justices, and severely limit the high court’s ability to strike down legislation.
Despite mass protests and opposition from leading economic voices and former policymakers, the regime has declared itself determined to press ahead with advancing the overhaul package at full speed.
In their letter, the economists warned that the radical measures could lead to reduced investments in the local tech industry, one of the most reliable engines of economic growth.
They also invoked the risk of a “brain drain” and the relocation

from Occupied Palestine of research and development centers, as well as the danger of a reduction in the illegal entity’s credit rating.
The judicial overhaul plan has sparked weeks of mass protests against the regime and warnings from lawyers, economists, business people, professionals and even the international community that the reforms will undermine Israel’s economy and security.
Weeks of protests in Occupied Palestine turned violent on Wednesday for the first time as police fired stun grenades and water cannon at demonstrators who blocked a Tel Aviv highway.
In the first scenes of unrest since the protests began two months ago, police arrived on horseback in the center of the seaside metropolis of Tel Aviv, hurled stun grenades and used a water cannon against thousands of protesters who chanted “police state.”
A video posted on social media showed a police officer pinning down a protester with his knee on the man’s neck and another showed a man who reportedly had his ear ripped off by a stun grenade.
Critics, including influential business leaders and former military figures, say Netanyahu is pushing the occupying regime of Israel toward authoritarian rule and has a clear conflict of interest in targeting judges as he stands trial on corruption charges.
The rival sides are digging in, deepening one of Israel’s worst domestic crises.
The former head of the Israeli military intelligence division Amos Yadlin said Israel is eroding internally. In an interview with the Channel 12 of the regime, Yadlin said, “Israel is heading to a bad place.”