Habonim joins globe in mourning financial giant, Stanley Fischer

When world leaders paid tribute to Stanley Fischer, the former chief economist of the World Bank, former vice-chairperson of the US Federal Reserve Board of Governors, and former governor of the Bank of Israel, Habonim South Africa also bid farewell to one of its alumni.

Fischer, who died at the age of 81 on 31 May, was a titan of international economics who grew up in what was then Northern Rhodesia (now Zambia) before moving to what is now Zimbabwe. He developed a love of Israel as a member of Habonim South Africa.

South African-born Leon Fine, who is now professor of biomedical sciences and medicine at Cedars-Sinai Medical Center in Los Angeles, was a close friend of Fischer from an early age. “Stanley came from a small town called Mazabuka, and his family used to come to Cape Town for summer holidays,” Fine told the SA Jewish Report. “I remember when Stan and I were children, we used to play together on Fish Hoek beach.”

As a teenager, Fischer joined Habonim, attending many camps back then in Leaches Bay. Through Habonim, he met many of his lifelong friends, including Rhoda Keet, who would later become his wife.

In 1960, he went to Israel for the first time on a Habonim programme. He made aliya, later spending his life bouncing between Israel and the United States.

“He was generous with his time, he was generous with his attitude,” said Fine. “I would call him the most accomplished alumnus of Habonim that I know of. He was just a simple, ordinary person and a friend.”

Brad Gottschalk, Habonim Dror South Africa’s mazkir klali, agreed, saying, “Stanley Fischer is one of Habonim’s greatest alumni. His reach in Israel and the world economy has changed the trajectory of both spheres. We’re so proud that Habonim played an important role for Rhoda and Stanley. It’s where they created a lifelong bond with Israel. We’re proud that such a giant walked through our doors, and we mourn an equally giant loss at his passing.

“Few have made such an impact in the economic world. Receiving a PhD in economics from the Massachusetts Institute of Technology [MIT] in 1969, he went on to become a revered academic professor of macroeconomics and influential figure in central banking and global economic policy making.”

Fischer served as chief economist of the World Bank from 1988 to 1990, handling major financial crises. He continued his career in macroeconomic policy when he was appointed first deputy managing director of the International Monetary Fund, serving in that role from 1994 to 2001. From 2002 to 2005, he held the position of an executive at Citigroup. In 2005, Fischer was appointed by the Israeli Cabinet as governor of the Bank of Israel.

Israeli Prime Minister Benjamin Netanyahu paid tribute to him, acknowledging his great contribution to the Israeli economy, “especially to the return of stability during the global economic crisis”.

Israeli President Isaac Herzog also mourned his passing, writing on X, “He was a world-class professional, a man of integrity, with a heart of gold. A true lover of peace.”

After time spent dedicated to serving Israel’s economy, Fischer was appointed by former United States President Barack Obama to be the vice-chairperson of the US Federal Reserve Board of Governors from 2014 to 2017.

In a 2004 interview, Olivier Blanchard, professor emeritus of economics at MIT, asked Fischer why he chose a career in economics. Fischer told him, “I was a schoolboy in what was then southern Rhodesia, and the educational system was British, which meant you had to specialise during the last two years of high school. I originally specialised in physics, maths, and chemistry, thinking I would become an engineer or maybe a scientist or a mathematician. At some point, I had a conversation with the son of friends of my parents. He had studied at the London School of Economics (LSE), and told me I should become an economist.”

Fischer went on to study at the LSE, later working as an assistant professor at the University of Chicago in the economics faculty.

As Fischer went on to be a MIT professor emeritus of economics, he started a family in Boston with Rhoda.

Fischer’s son, Michael, told the SA Jewish Report, “As a father, he really set a strong example. When my brothers and I were children, he was prominent in academic economics. Students would come to the house and be respectful, but it was different to later in life when he was in the public eye. He and my mother had high expectations for us. He set an example and a high standard.”

Michael said Fischer instilled values in his three sons by “showing not telling”.

“He took the world and his work seriously without being self-serious. He had this underlying humility that showed us that if you can work hard and make a difference, you should do so and that it’s not all about you,” said Michael.

“My parents worked to stay in touch with their family back in Africa and family and friends in Israel through letter writing. Our parents sent a message to us loud and clear about the importance of keeping up with Israel and our Jewish identities. My father set a real example with his sincere commitment to Israel and his Jewish identity. He made us aware we were a part of a larger community both currently and with its larger historical sweep and so we all do what we can to make a difference, but not to get too full of oneself,” said Michael.

Michael recalled Friday nights with his father when the whole family sang kiddush off a xerox copy of the prayer.

Fischer branched out from theoretical economics into applying his academic knowledge in the real world. He told Blanchard, “My parents had brought me up to believe I should do good in the world. I realised that economics would help you do good. The World Bank was another opportunity to be in the policy world, and so I was happy to take the offer.”

Fischer isn’t just revered for his tireless commitment to academia and policy making, but his commitment to being a mensch. “He was humble and friendly,” said Fine. “He had a great sense of humour, which was dry, and was totally dedicated to his work. Stanley didn’t waste a minute of his life in an unproductive way. When we were on holiday together and the rest of us were lounging around after dinner, Stanley went off to the room. He would be busy with his laptop because Stanley was organising the world finances in every country known to man while we were having drinks after the meal,” Fine said.

“Obviously, we felt privileged almost to be in his company, but he behaved just like an old friend who could shmooze with us about the past, who was in the Habonim youth movement with some of us.

“He was someone who was very easy to talk to, who didn’t tend to look down on people who were beneath his level, because most people were beneath his level. But that was never the way he treated people.

“No matter how busy and involved Stanley was in the most important international affairs, he always had time to listen. So whenever anybody came up to Stanley to chat, Stanley listened to them and spoke to them as if they were the most important person in the world. That was a great talent,” said Fine.

“My father taught me it’s not just about being courteous but about being thoughtful towards other people,” said Michael.