ISRAEL: Back to the Wall

Israel's 1,400,000 Jews sat down to the most bountiful meal each could spread, for Passover is a joyous festival to celebrate the Hebrew deliverance from bondage and arrival in the Promised Land 3,000 years ago. Now the land was theirs, and for this they could be grateful, but it was a land of little joy.

The leftist government of David Ben-Gurion had just proclaimed a new devaluation—the second in 13 months. The government did not call it that, but, in simple fact, the Israeli pound, once pegged at $2.80 (and devalued last year...

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