Say, you don’t think this is the future of the Middle East, do ya?

Off to the safety of Libya!

Egypt runs out of foreign capital as Islamists take over.

After months of refusing to bargain with the International Monetary Fund (IMF), Egypt’s government has begun negotiations for a $3.2 billion loan, or less than the amount of capital flight in December alone. The involvement of the IMF evidently did little to reassure the Egyptian investors who sat out Sunday’s Treasury auction.

It seems unlikely that Egypt’s central bank will be able to prevent a banana-republic devaluation of the Egyptian pound, and a sharp rise in prices for a population of whom half barely consumes enough to prevent starvation. The difference between Egypt and a banana republic, though, is the bananas: unlike the bankrupt Latin Americans, who exported food, Egypt imports half its caloric consumption…

Nearly half of Egyptians are functionally illiterate. Nine-tenths of adult women have suffered genital mutilation. Almost a third of Egyptians marry first or second cousins, the fail-safe indicator of a clan-based society. Half of Egyptians live on less than $2 a day, and must spend half of that on food.

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3 responses to “Say, you don’t think this is the future of the Middle East, do ya?

  1. Fred2

    “Nearly half of Egyptians are functionally illiterate. Nine-tenths of adult women have suffered genital mutilation. Almost a third of Egyptians marry first or second cousins, the fail-safe indicator of a clan-based society.”

    And to think, before Islam, this was one of the great Mediterranean nations.

    “Almost a third of Egyptians marry first or second cousins” just this basically guarantees massive numbers of birth defects , metal retardation/low IQ.

    Looks like the future is going to be nasty there. Heck, the present is nasty. The future looks grim.

  2. Riverslide

    It won’t be be long until the American taxpayer directly or indirectly bails them out, in order to “support” the global economy and to enable them to flourish under their newly found democracy.

  3. Slippery Sam

    Walt and CF’s kind of place:

    ‘Nearly half of Egyptians are functionally illiterate. Nine-tenths of adult women have suffered genital mutilation. Almost a third of Egyptians marry first or second cousins, the fail-safe indicator of a clan-based society. Half of Egyptians live on less than $2 a day, and must spend half of that on food.’

    The only thing missing is a contingent of midget amputees