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Things have never been better: The number of millionaires in the country soared by 43 percent between 2008 and 2009, with 2,519 new ones joining the 5,900 we already had, for a total of 8,419 Israeli millionaires. Their total net assets rose by about 41 percent, from $30.1 billion at the end of 2008 to $42.4 billion at the end of 2009. No wonder it's impossible to find a luxury apartment to buy or to reserve a table at a top restaurant in Tel Aviv, or that tickets for "Nabucco" were so hard to get. Never was so much owned by so few Israelis. Never has life been so good here for so wealthy an elite, as the country is poised at the brink of the abyss.

Things have never been worse. The superpower under whose patronage we shelter is becoming increasingly weak and increasingly distant. As a result of these two mutually amplifying processes the Middle East is becoming unstable. There is no one to stop Iran's rise or Turkey's growing extremism, or to provide security for the moderates in Egypt, Saudi Arabia, Jordan and Palestine. The states to the east fear the U.S. withdrawal from Iraq, while those to the north are building up their forces in anticipation of a nuclear Iran. And a firestorm of hatred for Israel raging throughout the world. Israel's legitimacy as well as its deterrence are eroding. It's no wonder that the national security adviser is nostalgic for the first term of Prime Minister Benjamin Netanyahu, or that the army chief of staff pines for the days when ... >>>