PUTTING DOWN THE SJAMBOK:

This collective panic is widespread but is especially potent among the upper classes - both upper-middle-class supporters of Yair Lapid's Yesh Atid party, and the millionaires and billionaires who sit atop Israel's finance and tech sectors. In the past few weeks, since Netanyahu and Levin announced their plans for judicial overhaul, substantial portions of Israeli and foreign capital have gone into defensive mode: venture capitalists are contemplating withdrawing funds from Israeli businesses, wealthy Israelis are gradually moving their money abroad, and young, privileged professionals who do not possess an EU passport are scrambling for one.  [...]

There's a possible "run on the banks" dynamic at play: the protesters are convinced that the end of democracy is near, therefore they expect the worst. The pragmatic conclusion is to hedge their losses. These small actions, such as moving some funds abroad, signal that the panic is real. The media picks up on this elite discontent and reports the developments using alarmist messaging, which serves only to fuel the public's panic. This dynamic is still relatively localized, but there are signs that it will continue to grow if the government pushes ahead with its legislative agenda.  [...]

Israeli elites -- start-up millionaires, self-styled liberals from the Tel Aviv suburbs, urban left-leaning intellectuals, and former military officers -- are all rapidly becoming estranged from the state. The people who acted as privileged rulers are now finding themselves far from the centers of power, and this enrages them. The fact that the Israeli center, which rose to prominence in the last two decades by shunting the Palestinian issue and focusing on economic prosperity, now considers the state a threat means that further radicalization is possible.

It is strange to speak about elite radicalization, but this is precisely what is happening. The antagonisms within the Israeli ruling classes are becoming more acute. And among the most striking evidence of this radicalization are the signs of erosion in militarist nationalism within the anti-Netanyahu camp. 

Centrist voters are now openly talking about not sending their children to the army if the reform passes. Reservists are marching against the government, waving the emblems of their army units. This type of resistance, in which military service is being overtly politicized, is unprecedented among mainstream Zionist communities. And all the while, there is prevalent talk of divestment from the Israeli economy for political reasons -- an action which, when proposed by Palestinians and the BDS movement, is taken as clear evidence of antisemitism.

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