Public Comment

Last week I was asked to make a public comment by a friend of mine who is involved with AMP’s (American Muslims for Palestine) Toledo Chapter about Lucas County investing in israeli bonds. While I was not able to make the meeting after working on my comment, I thought I would share them with you all.

Hello my name is George Benson, I am a resident of Lucas County, and I am here today to urge you to not reinvest in the 5 million dollars currently invested in the israel bond that matures in December. In April of 2021, Human Rights Watch released an article titled, A Threshold Crossed: Israeli Authorities and the Crimes of Apartheid and Persecution, which details how israel has treated Palestinians for decades.

While October of 2023, and the genocide of the Palestinian people that has followed was my wake-up call to this inhumane treatment and serious injustice, I pray it was for you as well. This energy could have gone to investing in our own community, instead of one more dollar being spent in the interest of taking from others. At a time when Lucas County faces growing financial pressure and unmet community needs, the fiscal stewardship required to prioritize stable and liquid investments that can respond to local demands is needed now more than ever.

Public funds tied up in long-term, illiquid foreign bonds reduce the county’s financial flexibility when our own residents are struggling. I work with unhoused and marginalized people almost every day, and that population is growing in Lucas County. Per Commissioner Sobecki, Lucas County will not receive enough funds from the state to cover food security. Should we be spending money toward an unrestricted general fund for israel, a government currently overseeing the starvation of millions in Gaza, when those same funds could instead help feed people here at home?

Should we invest in Canadian bonds as well? Especially when safer and more flexible investment alternatives exist, continuing to reinvest despite ongoing volatility and repeated rating fluctuations raises serious questions about whether this represents sound financial judgment. Earlier this week I led a prayer meeting and in it we meditated on John 17, where Jesus is praying for his disciples before he sends them out to the world. According to the writer of John, Jesus says, “I am asking on their behalf; I am not asking on behalf of the world, but on behalf of those whom you gave me, because they are yours.” It is a subtle but powerful line. It is in the spirit of that line, I ask you all not to reinvest.

We have seen over the past few years the blatant war crimes Netanyahu’s government has committed on multiple fronts which have contributed to ongoing economic instability, repeated credit rating fluctuations, and growing concerns about Israel’s long term financial outlook. Investing in foreign bonds, especially israeli bonds are a poor financial investment when there are better uses for that money here, in our own backyard.

Responsible fiduciary management requires evaluating the broader pattern of financial stability in areas you choose to invest. Israel bonds have repeatedly been downgraded in rating therefore proven to be unstable and an irresponsible choice for our county. There must come a time where we say no more, and never again. So, I ask, on behalf of those who cannot ask themselves, please do not reinvest, instead, choose to do the right thing.

If you are a Lucas County resident and feel the same way, I would encourage you to reach out to county commissioners and those in the treasurers office.