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    Egypt is “disintegrating” and “like a black hole”

    Egypt is “disintegrating” and “like a black hole”

    So says Mohamed ElBaradei:

    Egypt is disintegrating socially and its economy “is bust,” said Mohamed ElBaradei, the former director of the International Atomic Energy Agency and possible candidate for the Egyptian presidency.

    “Right now, socially, we are disintegrating,” ElBaradei said on CNN’s “Fareed Zakaria GPS,” scheduled to air Sunday. “Economically we are not in the best state. Politically it’s — it’s like a black hole. We do not know where we are heading.”

    Egyptians are embracing our Second Amendment:

    ElBaradei said many Egyptians don’t feel secure as the country struggles to create a new government after former president Hosni Mubarak was forced from power by protests earlier this year.

    “People do not feel secure,” ElBaradei said. “They are buying guns” to protect themselves, he said.

    It’s a good thing we forced Mubarak to resign “yesterday” rather than working for a smooth transition which did not destroy Egypt’s economy and put the Islamists on the fast track.

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    Change we can … ?

    While most rational Americans watched the Egyptian riots and knew that it would not turn out well, especially for the U.S., the American media, and this Administration praised the protestors as if they really knew that it was liberty seeking people in the streets. We were told [remember?] that the Muslim Brotherhood was not a faction of the protests, yet it was revealed that Medea Benjamine (nee, Susan who decided to take the name of a woman who murdered her own children) was working with the MB prior to the Egyptian riots.

    Egypt will rapidly become Tehran on the Nile. It will be taken over, both politically, and philosophically, by Islamists who will quickly tear up the peace treaty with Israel. It will see a rise in Islamofacism, and a decrease in what few rights the Egyptian people currently have.

    From Honduras, to the Middle East, to now Israel, this administration's foreign policy will prove to be the greatest disaster of any administration and the ramifications from that disaster will be felt by Americans for generation.

    I/P linked this last week. Scary.
    http://www.atimes.com/atimes/Middle_East/ME10Ak01.html
    "…The collapse of Egypt's credit standing, meanwhile, has shut down trade financing for food imports…According to the country's statistics agency, only a month's supply of rice is on hand, and four months' supply of wheat.
    The country's foreign exchange reserves have fallen by US$13 billion, or roughly a third during the first three months of the year…At this rate Egypt will be broke by September….[Egypt] will look like the Latin American banana republics, but without the bananas. That is not meant in jest: few people actually starved to death in the Latin inflations. Egypt, which imports half its wheat and a great deal of the rest of its food, will actually starve.

    Under Greek and Roman stewardship, Mother Nile fed Mediterranean Civilization. Under British stewardship she prospered and produced much of value, including food. Under Arab stewardship, water disappears and with it food.


     
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    viator | May 23, 2011 at 1:43 pm

    Egypt plans to raise $1 billion by selling Eurobonds backed by a U.S. “sovereign guarantee,”

    "Egypt plans to raise $1 billion by selling Eurobonds this year to diversify borrowing and finance a widening budget deficit after its economy was rocked by the worst political crisis in 30 years. The five-year bonds will be backed by a U.S. “sovereign guarantee,” Finance Minister Samir Radwan said by telephone from Cairo today. “We should tap the market quickly. We need to diversify because the local market is squeezed.”

    "The planned Eurobond sale “may satisfy short-term financing needs but the American backing limits the ability of Egypt as an independent entity to ask for funds in the international market in the long term,”

    Bloomberg


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