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Egypt’s Economic Breakdown
Deepens the Crisis

PJ Media, by David P. Goldman

Original Article

Posted By:Judy W., 12/8/2012 10:40:22 AM

Prospective economic ruin has energized Egypt’s political crisis since the fall of Hosni Mubarak in January 2011. Mohammed Morsi’s Islamists and the opposition are not battling in the streets of Egyptian cities about economics, to be sure, but about how to govern a country that cannot meet the basic needs of most of its citizens. Egypt’s pound dropped suddenly on the foreign exchange market Thursday as the country’s central bank announced a drop in foreign exchange reserves during November. If the pound collapses–and it is hard to see how this can be avoided–the cost of necessities will soar and the

      


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Reply 1 - Posted by: Delilah, 12/8/2012 10:53:29 AM     (No. 9055243)

Never fear, O will barrow money from China, and any fool dumb enough to buy our bonds, then send it to Egypt to help them hate us.

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Reply 2 - Posted by: motorcycleboy, 12/8/2012 11:03:08 AM     (No. 9055256)

Why can´t they just print more money, like we do?

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Reply 3 - Posted by: Pearson365, 12/8/2012 11:14:21 AM     (No. 9055273)

The Muslim Brotherhood´s lack of basic economic understanding mirrors that of its US counterpart, the Obama Brotherhood. Both won their respective elections and both are intent on installing a Sharia style theocracy. In our case, the false idol is Hussein Obama, the Barack in Chief

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Reply 4 - Posted by: horacer, 12/8/2012 11:17:14 AM     (No. 9055277)

I have no doubt Obama will do everything possible to prop up Morsi. Get ready to fork over a few more billion.

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Reply 5 - Posted by: Blue-Z-Anna, 12/8/2012 12:04:32 PM     (No. 9055322)

If the Egyptian economy collapsed how would you be able to tell ???

There are over 30 million starving people in Cairo alone.

´A hungry man is an angry man´.

- - - - Bob Marley

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Reply 6 - Posted by: MattMusson, 12/8/2012 12:11:24 PM     (No. 9055329)

Egypt imports 1/2 of everything they eat. Tourism and trade with Israel were their two biggest sources of foreign currency. They are facing famine of biblical proportions.

Egypt is the new Somalia.

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Reply 7 - Posted by: mean Gene, 12/8/2012 12:50:00 PM     (No. 9055387)

One goal of the Muslim Brotherhood in ruling Egypt is to turn the entire populace into an impoverished ´´sedaqa´´ class.
Sedaqa people are so dependent on the largess of their gov´t that they are compliant in every way.
And some people can be left out of the largess....Coptics, disaffected youths, the atheists, the agnostics, women.

In the USA we just call the sedaqa people, Democrats.


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Reply 8 - Posted by: KTWO, 12/8/2012 1:36:18 PM     (No. 9055431)

Very informative article from a fine writer.
And it actually has facts, you hardly get them anymore.

The pressure is really on in Egypt which Goldman describes as a banana republic without the bananas.

I understand Obama/Hillary are out of funding to help Morsi and Congress won´t give him any more.










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Reply 9 - Posted by: LanieLou, 12/8/2012 3:46:45 PM     (No. 9055546)

How far down this path will Obozo take us in the next 4 years? Between the WH, EPA & USDA, our food supply is being rapidly diminished. For the 1st time in eons, the Farm Bill was dropped & farmers lectured to focus on int´l exports... Economic collapse is surely a possibility.

Will anyone be able to stop Obama?

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