There's an Israeli gesture of taking one's arm and wrapping it over one's head. It indicates just how upside down a situation is (the opposite of what you would expect -- it's often the case here).
The current Israeli Anti-Semitic Cartoons Contest, which is run by Israelis and judged by Israeli and American Jews (including famed cartoonist Art Spiegelman) is just that: a satirical, upside-down take
on the Iranian contest with the same ostensible outcome but, clearly, a different purpose.
The Israeli contest site features a weblog format and a gallery of cartoons. All entries are in (deadline was March 5), and the winner should be announced this week.