FOR IMMEDIATE RELEASE

Date:

July 31, 2024

Demonstrator Assaulted by County Sheriff as Residents Demand Accountability and Cuyahoga County Protect Taxpayer Dollars Amid Plummeting Israel Bonds

Cleveland, OH – Pro-Palestinian demonstrators continue to call on Cuyahoga County officials to take reasonable action to protect taxpayer dollars as the county's investment in Israel bonds continues to plummet along with the Israeli economy. During recent public comments, citizens discussed the International Court of Justice (ICJ) decision demanding state action and controversial debates within the Knesset, including whether the rape of Palestinian prisoners is lawful. 

Inside and outside the county chambers, demonstrators chanted in protest against the county's inaction following the public comment period, stating “bombs are falling on Gaza paid for by our Cuyahoga County taxes” and “we do not need a mic, we are the mic.” County Sheriff officials forcibly removed pro-Palestinian residents from the premises, regardless of whether they were involved in chanting. At yesterday's county council meeting, a young Palestinian woman demonstrator was assaulted by a Cuyahoga County sheriff. Meanwhile, members of the Zionist community and special interest groups were allowed to remain in the county chamber without interference. 

Despite escalating tensions, the county executive continues to ignore meeting requests. The county's only significant effort in this regard has been to further limit public comment, without addressing our demand for an investigation into the compliance of their investment policy. Proponents of Israel bonds continue to spread Islamophobic tropes and hateful rhetoric against demonstrators, arguing that the county needs to focus on county business, dismissing the legitimate concerns about the investment of public tax dollars.

According to Cleveland.com, Israel bonds are the only foreign bonds the county currently holds. Residents of Cuyahoga County believe that the financial indicators point to nothing less than an economic catastrophe. Over 46,000 Israeli businesses have gone bankrupt, tourism has stopped, Israel’s credit rating has been lowered, and Israeli bonds are being sold at nearly “junk bond” levels. Foreign investments have already dropped by 60% in the first quarter of 2023 due to the policies of Israel’s far-right government before October 7, and showing no signs of recovery. Historical data on similar economic downturns show that bond values can drop significantly under such conditions, making a 20-40% loss estimation both prudent and realistic for the county's $16 million investment portfolio. Consequently, it is likely that the county could face losses amounting to millions of dollars.

Adding to the controversy, Jack Schron has advocated to increase holdings in Israel Bonds, despite the current market value of the county's holdings having plummeted, risking even more local tax dollars for political vanity. It is alleged that he may have raised this issue during yesterday’s investment advisory meeting, which has not been posted online.

This situation follows nine weeks of ongoing protests and public comments against Executive Chris Ronayne's investments in Israel. Despite hundreds of residents voicing their opposition, a non-binding resolution introduced on June 4, 2024, was withdrawn due to immense political pressure from special interest groups. A recent exposé by the International Consortium of Investigative Journalists and The Guardian revealed unethical motives behind U.S. state and local government investments in Israeli bonds. Local record requests reveal similar influences over Cuyahoga County’s investments into Israel Bonds.

Palestinian-American community members have been requesting a meeting with the County Executive for nearly four months, but Chris Ronayne has refused to meet with pro-Palestinian residents while continuing to communicate with Israel supporters. FOIA requests have shown that Israel Bonds employees have unfettered access to County officials, including through personal text messages.

County residents will continue to attend county meetings to voice ensure their concerns and demand a meeting with the county executive.

Cuyahoga County resident and member of the Cleveland Palestine Advocacy Community, Shereen Naser, stated:

"Investing in a foreign government should not be a priority of our local governments. These investments are made for political reasons. We need to prioritize investing here, in our community and its residents to foster growth and ensure our taxpayer dollars are used ethically and effectively."

Cuyahoga County resident and member of the Cleveland chapter of Jewish Voice for Peace, Sean Abbott-Klafter, stated:

"Cuyahoga County is raising your tax bills so they can buy bonds from foreign countries thousands of miles away. We believe that our money should stay here at home and be used to improve Cuyahoga County.  Now is the time for residents to ask the county government how they are spending our tax dollars."

Cuyahoga County resident, local attorney, and member of the Cleveland Palestine Advocacy Community, Mohammad Faraj, stated:

"Investing in war bonds is always a bad investment, not only because they are financially unsound, but also because they are intrinsically immoral. I attended the last council meeting, and it is clear that people are understandably concerned about many aspects of these investments, but also the recent changes to public comment policies, which seem designed to sidestep addressing the core issues we face."

For more information, please contact:

Contact For Cleveland Palestine Advocacy Community: 

• For questions related to any records requests submitted to Cuyahoga County, please refer to Mohammad Faraj, Esq., palestinetaskforcecle@PROTECTED   

• For questions related to the No New Bonds campaign and ongoing CPAC efforts, please refer to Shereen Naser, Ph.D., nasersc@PROTECTED   

About Israel Bonds:

Israel Bonds are unrestricted loans to the Israeli government. These loans go to fund the building of illegal settlements and to the Israeli military. Israel bonds have become massively irresponsible investments during Israel's Gaza onslaught. Israel bonds are not guaranteed, and are dependent on the Israeli economy which is currently in a freefall. They were irresponsible investments when they were first made in 2006. In 2006, Israel engaged in a major war with Lebanon costing the country 1.6 Billion dollars. They experienced a .9% dip in economic growth and a .4% dip in tourism. The current genocide in Gaza is 6 times the length of the escalation in 2006, and the economic ramifications will be unprecedented.

About the Cleveland Palestine Advocacy Community:

The Cleveland Palestine Advocacy Community (CPAC) is the formal sponsor of the No New Bonds campaign in Cleveland. The No New Bonds campaign is a statewide coalition effort. CPAC is a multigenerational, intersectional hub organizing in Cleveland and Northeast Ohio to promote the sanctity and dignity of human life. The coalition is comprised of organizations and community members across northeastern Ohio who seek to end the use of Cuyahoga County’s tax revenues to support the ongoing Israeli genocide of Palestinians in the Gaza Strip.