1/ Benjamin Netanyahu got the last set of polls last night. They argue Likud and his block are eroding fast. Then, came his remarks on Israel's economy. These are among the most extraordinary he has made in a long political career. Whatever their intent, they carry real weight for the Israeli economy – before Tuesday's election, and regardless of who forms the next government. In an interview with journalist Roy Katz, aired Friday, the prime minister said American military aid to Israel is coming to an end. "It's over. It's only a question of time," he said. Israelis should get used to no longer receiving tens of billions of dollars in U.S. defense assistance, he added, "because America has changed." That alone is remarkable. There is a growing recognition in Israel that U.S. military aid in its current form will have to change, and might end, as bipartisan support for Israel erodes in Washington. Netanyahu himself has spoken before about wanting to wean Israel off the aid. But there is a distance between that recognition and a sitting prime minister effectively announcing the end of one of the pillars of the U.S.–Israel strategic relationship. The current Memorandum of Understanding – $38 billion over ten years – runs through September 2028. It is embedded in a web of interests that includes the American defense industry, and Israel's diplomats in Washington work hard to sustain it. Israel's friends in Congress, operating in an increasingly difficult political environment, are still fighting to preserve the special relationship. When the prime minister himself says "it's over," that is a hard message for Israel's defense establishment, and for those in Washington still trying to help. And that was only the opening. "There could be sanctions, including banking sanctions," Netanyahu said. Israel, he explained, must prepare an economy capable of bypassing them. This is a different order of magnitude entirely. Some background is needed. In the world of international sanctions, comprehensive banking sanctions against a country are among the most powerful tools available to major powers. They are not import restrictions, consumer boycotts, or even arms embargoes. Broad financial sanctions go after an economy's circulatory system. Israel's banks depend on the global financial system: correspondent banks, clearing, credit lines, the ability to move money across borders. Without access to banks abroad, the Israeli economy stops functioning. And such sanctions don't hit only the banks. They hit everyone who banks with them – companies, exporters, importers, investors, employers. When foreign banks become nervous about a country's financial institutions, they tend to cut ties well beyond what the law strictly requires. In other words, a sweeping financial sanctions regime would push Israel toward the category of Iran or Russia. It would be worse. Iran and Russia sit on vast oil and gas reserves. Even under sanctions, they keep selling – mainly in Asia and parts of the Global South. Israel's economy is not built on commodities. Its strength comes from integration into the global economy: human capital, technology, research, advanced services. According to the Israel Innovation Authority, Israeli high-tech exported roughly $85 billion in goods and services in 2025 – 58 percent of all Israeli exports – and accounted for about half of the economy's growth. It is the engine of the economy, and it depends on foreign markets, foreign capital, and the free movement of money. Netanyahu did not say who might impose banking sanctions. A prime minister raising this possibility, in the same breath as forecasting the end of U.S. aid, should prompt immediate questions. Is he referring to European sanctions? American ones? above all: how did Israel get to the point where this is being discussed at all? There was more - and much worse.