Will Israel eventually face bankruptcy, G-d forbid? - JTF video translated

[Chaim Ben Pesach]

בס''ד

The great Yaakov Mendel has translated this entire short Hebrew video. G-d bless you, Yaakov!

Will Israel eventually face bankruptcy like European nations, G-d forbid? Israel must learn - socialism leads to economic catastrophe and collapse.

Welcome to Hayamin Haamiti. This programme is dedicated to the complete recovery (refua shlema) of Robert Mittman.
We can now see European states, that used to be wealthy and modern states, on the brink of economic bankruptcy. There is a really serious economic crisis in Europe due to the amount of debt, because these are socialist economies, and socialist economies won’t work. A socialist economy always leads in the end to a global social collapse. We witnessed this in USSR, we are witnessing this in Europe, we witness this phenomenon everywhere : socialism is a disaster. Today, socialism prevails in Israel too : too much public spending, too much debt, taxes that are too high. So what needs be done ? All those who demonstrate in support of additional government intervention, about the housing problem for instance, all those who advocate further government intervention, who demand even more public spending, all this will lead to a disastrous situation, to a situation similar to that in Italy, Greece, Portugal, Ireland, a situation of economic depression, as in Greece where the unemployment rate is 20%. The Greek population is suffering a lot. Everywhere in Europe, depression is feared. Even in Italy, a much bigger economy, there are signs of near collapse. If we don’t want that to happen in Israel, not only should we not demand more government intervention and debt, but we must change the current situation. We must reduce public spending, bring taxes down, carry out responsible fiscal policies. We need free market, competition, less bureaucracy, as little government intervention as possible. That is what we need. Because history teaches us that this is the only thing that works. Of course, this must be done according to Torah principles. A free market with Torah principles, that’s a highly successful market.
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[Spiraling Leopard]

These translations are very useful. I posted them on the 2 facebook pages.

[Yaakov Mendel]

These translations are very useful. I posted them on the 2 facebook pages.

I'm happy to hear that. This encourages me to translate three more previous videos that I could not translate because I was too busy with my job.
Still, it's better to put up subtitles to the videos. But it's tedious and it requires quite a lot of time...