The excerpt from the Israel Bonds 75th Anniversary Magazine highlights the significant role Henry Morgenthau Jr., U.S. Treasury Secretary during World War II, played in establishing Israel Bonds. Facing numerous challenges, the newly formed state of Israel needed financial resources for infrastructure and to support incoming immigrants. Morgenthau proposed an innovative solution to then-Prime Minister David Ben-Gurion: involve Diaspora Jews in funding Israel’s essential growth and defense needs, akin to how U.S. war bonds functioned during the war. This approach allowed Jews around the world to directly invest in Israel’s economic development and survival.
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