Egyptian economy collapsing.

 

"Protesters that helped bring down the old government adopted the slogan: “Bread, freedom and social justice!” So when Mohammed Morsi came to power in June on promises of economic and political reform, as well as and help for the poorest, many thought their lot would improve. But instead of getting better, the economy has stagnated, the country’s currency lost much of its value and inflation bumped up food prices. While the government subsidizes basic types of bread, other staples are becoming more expensive: Kidney bean prices grew by nearly 24 percent in the year to March, onions were up 12 percent, and tomatoes 10.1 percent, according to Egypt Independent newspaper."  NBC News

--------------------------------------

Happy days on the Nile!

The hated dictator is gone.  No?  well, no matter he is back on trial and he can be tried however many times required to achieve an execution.

The Egyptian ecomonmy is usually invisible in part.   This results from a total lack of civic mindednaess on the part of many Egyptians when it come to things like paying taxes and doing business "transparently."  I used to do business in Egypt and I have some idea of what I write, but this level of negative "progress" is unusual.

We are still subsidizing Egypt?  Why?

Mursi is loading up his cabinet with yet more Islamists of the various "tribes."  He seeks to "reform" the judiciary to make it more compatible with his notions of Islamicness.  Tourism has gone down the drain from foreign fear of violence. Foreign investment is a nearly forgotten mempry of the bad old days of semi-secular government.

What happened to the Mursi that we were assured, was basically an American living in Egypt?     Why is the US propping this man up?  Do we think he is our friend? Surely not even the naif Kerry thinks that.  What?  He does?  Oh, sorry? pl 

http://english.ahram.org.eg/NewsContent/3/12/71136/Business/Economy/Decline-and-fall-of-Egypts-credit-ratings-A-histor.aspx

http://worldnews.nbcnews.com/_news/2013/05/05/18001075-there-is-no-food-post-revolutionary-economic-turmoil-dashes-hopes-in-egypt?lite

 

 

Comments

[r whitman]

We prop him up because the alternative is complete anarchy.

[turcopolier]

r. whitman

That's interesting were you in favor of "propping up" Mubarak as well? pl

[Babak Makkinejad]

On Tourism:

The Tourism Minister flew to Tehran to make arrangements for Iranian tourists to visit Egypt.

There was an angry backlash in Egypt after the arrival of the first Iranian tourists - all of 54 people.

All sorts of Salafis and the like came out of the woodwork protesting against "Shias" running around in Egypt and trying to make Egypt a Shia country!

Truly deplorable.

And be it that Iranians were trying to make Egypt a Shia country - at least they would then get some brains.

[Jose]

Forgive me, but we are going to get anarchy anyway!

[Will Reks]

The Egypt subsidy is to keep the peace with Israel going, no?

If we should stay out of Syria's affairs then I'd say the same should go for Egypt.

Morsi's negotiating to get an IMF loan to help with the economic mess. It won't work.

[turcopolier]

Will Reks

I agree. pl

[r whitman]

I really do not care who runs Egypt. From the US point of view, order is preferable to disorder.

[turcopolier]

r. whitman

Order is preferable? Why? What is Egypt to us? pl

[Kyle_Pearson]

Yeah - my sense is that we give money to Egypt because if we didn't it would be very, very hard to justify giving money to Israel.

[Alba Etie]

Col Lang
Do you believe that eventually the Salafist will take over completely in Egypt - and if so, should we be concerned about that outcome ?

[turcopolier]

AE
That has not been decided as yet. Actual Salafists face opposition from the more modified variety like the MB as well as liberals, Christians, ans the mass of Sufi sects in the country. Should we be concerned? Yes, but not enough to meddle in their politics. We nee to deal with their foreign policy as it emerges in the "new Egypt." pl

[Alba Etie]

Should one of goals be to keep commerce flowing through the Suez Canal ?

[turcopolier]

AE

Any and all Egyptian governments would keep the canal open. It is a treaty obligation. to close it is to invite intervention. pl

[Eliot]

They can hardly afford to close the canal.

[Elba Paul]

he blog was how do i say it… relevant, finally something that helped me. Thanks
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