Egypt’s Economic Breakdown Deepens The Crisis -- David P. Goldman, PJ Media
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 exchan
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 crisis will deepen.
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My Comment: What may eventually save Morsi and his Muslim Brotherhood dominated Egyptian government are his supporters in the White House.
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My Comment: What may eventually save Morsi and his Muslim Brotherhood dominated Egyptian government are his supporters in the White House.