There have been many messiahs according to the Tanakh. On top of that, there's not any consensis within Jewish circles as to what may (or may not) happen as far as a future messiah is concerned. Some, particularly the more orthodox, feel that there will be a messiah, but certainly not exhibiting the characteristics attributed to Jesus. Some, particularly the Reform, believe that a personal messiah is not likely, but that there will eventually be an era of messianic times, whereas the prophecies will eventually be fulfilled. However, many also question whether there will be either a messiah or messianic times within that camp as well.
Can Judaism operate without a messianic belief? Certainly. The Covenant and the Law have always been considered far more important. And one of our sages stated that if you're tilling the garden and the messiah comes, finish tilling the garden first-- you can always see the messiah later. So, for even those who do believe in a personal messiah, there are some other things that are viewed as being far more important.
Shalom,
Vern
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