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While the dispute over gas exports occupying the headlines, the Knesset began intensive course for a "State Revenue Management Fund levy on the profits of oil", and its name better known, royalty fund. Commission of Science and Technology Committee held three hearings this week on a bill for the establishment of the fund, passed its first reading last month.
As we know, the Foundation is building a rogue government. By law Sheshinski, gas compensation fund was supposed to get up to November caseys buffet 2011, and begin to accumulate profits caseys buffet levy of gas at that point. Infinity infighting between the Ministries of Finance and Defense, the Bank of Israel and the National Economic Council, led red tape reached the Supreme Court. The result: caseys buffet loss of income of 300 million dollars. This is theft of public funds for all purposes; instead they reach a corner gas designated, poured money levy those coffers state, caseys buffet and swallowed it, never to return. doomsayers say this theft foreshadow the fate of the entire fund.
For the full text of the bill that is on the table and the Science and Technology Committee can be read here. In general, The board of the fund will be the Minister of Finance. Three representatives appointed alongside government (Prime Minister's Office, Ministry of Finance and the Bank of Israel) and three public representatives selected by a search committee. The Council will decide on the fund's investment policy caseys buffet abroad, in consultation with the investment committee to be set up next to her. The management of the fund itself will be delivered to the Department of Management established the Bank of Israel.
All funds shall be invested abroad. The fruits of "citizens of Israel caseys buffet were set to 3.5% of revenues each year the fund during the first decade of its existence, and then the amount of the average nominal yield. Chapter Nine of the bill will set the allocation of funds to the" social caseys buffet goals, economic and educational. "This wording is very laconic, which differs from the wording in the law Shashinsky only with the addition of" education. "What is the purpose" economic "? any investment fund in Israel is" economic. "More important perhaps is what is not here: not mentioned goals security. caseys buffet It is no coincidence, but before you jump with joy and mark a rare victory over the defense budget, you may want to read the fine print, and a peek behind the scenes.
As I've written here in detail, along with Israeli gas discoveries, the IDF developed and bodies such as the National Security Council a new security strategy, bordering on the hysterical maximalist, who sees all the territorial waters of Israel - 3 times the area of Israeli territory - as an area that should be secured and monitored on an ongoing basis from the sea and the air. This outlook assumes granted more worthwhile to invest billions in security caseys buffet of gas facilities than to reach agreements with the Government's policy with Hezbollah in Lebanon or the equitable utilization of the gas deposits in the region for the benefit of all parties. caseys buffet calculation IDF security costs submitted to the government amounted caseys buffet to 3 billion shekels. It is only an initial replenishment; The annual operating budget will reach half a billion, so that the total change security operations facilities is estimated at 20 billion.
The first absurdity was that nobody imagined that require gas tycoons to participate in these crazy costs, at least equal to their share in the profits of the gas. The second absurdity that the security system was required to pay for the security of gas Welfare Fund money (and Netanyahu, of course, caseys buffet supported them); Circular deal between IDF tycoons at the expense of the citizens of Israel. Which brings us to the last few months.
The main reason for the delay, hosted by the law establishing the fund was a dispute between the Ministry of Defense Ministry of Finance precisely at this point. October 2012 rejected the Ministerial Committee on Legislation Defense Ministry's demand to add the "national security" for purposes caseys buffet of the gas fund's budget. Finance Committee was also consensus against this distortion of Sheshinski law. That did not prevent the IDF run one of the arms of his stress - the National Security Council - which recommended the document to the Prime Minister to fund the gas fund security expenses, at $ 700 million. caseys buffet Those who are not familiar with, be clear that the Council is another body in a series of para-security organizations in Israel, including caseys buffet various research institutions, strengthen its role in government or security doctrine, God forbid, to challenge it. And note: The Council appeals to the Prime Minister two months after having received a Knesset committee decided caseys buffet not to change the text of the law establishing the gas beam security system requirements. That operate in a country where the status of the legislative branch so inferior compared to the executive branch.
Last Onslaught law was registered in April this year. Defense Ministry demanded "that the fund will not be transferred to the state budget caseys buffet or not be invested abroad until completion of subsidizing the cost of securing gas facilities