At a time when war and destruction are part of everyday life, and our safety is increasingly threatened, one of the questions we Israeli analysts ask ourselves is, what is the place of psychoanalysis in such a world? Can we in good faith propose to practice psychoanalysis in situations of great anxiety caused by a crisis, and can we, in the face of the effect of terrorism, hold on to our identities as psychoanalysts? The relationship between external and internal realities in a situation of chronic life-threatening crisis provides a natural laboratory in which to re-examine fundamental questions regarding the practice, as well as the theory, of psychoanalysis. In this paper, situated at the boundary of external and internal reality, and at the boundary of the personal and the professional, I will examine the way the analyst deals with his patient's as well as his own anxiety in a situation of crisis. In the light of clinical material taken from one of my case studies I wil explore the role of the analyst in psychoanalytic treatment in such situations.