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This article was originally published on Waging Nonviolence.

On Nov. 19, 2025, members of Break the Bonds NC, a coalition of Palestine Solidarity organizations, spoke at a North Carolina Investment Authority board meeting to demand the state pension fund divest from all Israeli government bonds. Immediately after the meeting, the state treasurer’s office emailed a link of the pension’s holdings to Ari Rosenberg, a lead Break the Bonds NC organizer. The $6.7 million in Israeli bonds that had been there in June were no longer in the portfolio.

Rosenberg was in disbelief that only five months since the campaign’s launch, the state had already completely divested. But after receiving another email from the treasury confirming that the state pension fund no longer held any Israeli bonds, her disbelief gave way to elation. “I cried really hard,” Rosenberg said. “And then I recorded a message to my comrades being like, ‘You won’t believe this.’”

She wasn’t alone. A few weeks prior, organizers in Minnesota and Michigan received the same good news: that state investment bodies had divested from or declined to reinvest in Israeli bonds. In total, the three states dropped approximately $27 million in bonds.

But Israeli bonds remain a contentious issue in many parts of the country, including New York City, where organizers are pressuring comptroller Mark Levine not to reinvest after former comptroller Brad Lander divested in 2023. Mayor Zohran Mamdani opposes reinvestment, setting the stage for a potential showdown.

While the North Carolina campaign targeted sovereign debt bonds, which are issued directly by the Israeli government, organizers in New York, Michigan and Minnesota targeted another financial instrument, known as “Israel Bonds.”

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This investment vehicle originated in the aftermath of the 1948 Nakba, Arabic for “catastrophe,” when Israel was founded on the rubble of ethnically cleansed Palestinian villages. During a time of economic insecurity, Israel’s first prime minister, David Ben-Gurion, conceived of a financial instrument designed specifically for American Jews to materially support Zionism.

Militarized occupation and genocide are expensive: The Israeli Defense Forces have spent $60 billion on military operations since Oct. 7, 2023. To foot the bill, the Development Corporation for Israel, or DCI, a de facto wing of the state that brokers Israel Bond sales, sold more than $1 billion in bonds during the 30 days following Oct. 7. Sales totaled a record $5.7 billion by October 2025, and just last month, Palm Beach County purchased another $350 million in DCI Bonds, boosting its Israel Bonds portfolio to $1 billion. Additionally, between October 2023 and January 2025, the Israeli Ministry of Finance raised $19.4 billion for its war chest through sovereign debt bonds — the financial instrument that the North Carolina State Treasurer divested from.

Israel Bonds “offer a slush fund that insulates the Israeli military and government from the logical, legal and righteous nonviolent economic pressure that institutions can act on to abide by international law,” said Dani Noble, national campaigns manager of Jewish Voice for Peace, or JVP.

The DCI website describes Israel Bonds as “an invaluable and strategic national resource, especially since bonds clients have proven time and again that when Israel is in the midst of a crisis, they do not walk away.” However, at least in some parts of the U.S., that seems to be changing.

Israeli bonds — both DCI and sovereign debt — have become a primary target for organizers seeking an end to local complicity in the Gaza genocide. According to Noble, there are at least 14 different divestment campaigns focused on Israeli bonds around the country, 13 of which started after Oct. 7, 2023. Public opinion is with them: An October 2025 IMEU Policy Project poll found that 76 percent of Democrats support a ban on purchasing Israel bonds.

While they differed in their organizing arena and the type of bonds targeted, the Michigan, Minnesota and North Carolina divestment campaigns shared some common features.

Before these campaigns launched publicly, divestment organizers developed research strategies that included public records requests and conversations with government officials. This research helped them hone in on specific targets.

Break the Bonds North Carolina — a coalition consisting of Muslims for Social Justice, Palestinian Youth Movement-North Carolina, Durham Educators for Abolition and Liberation, and two local chapters of JVP — formed in February 2024 on the heels of a series of........

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