Is Egypt a Good Credit Risk?
While it is true that capitalism doesn't work without capital, and all emerging nations need access to the funds needed to grow their civilization, infrastructure, distribution system, economy and banking system - we should still be very wary of exactly what type of capitalism they are talking about.
Is it going to be state run capitalism, crony capitalism, or the essence of free-market capitalism? And even when an emerging nation promises us one thing, more often than not those promises are not kept.
Okay so let's talk about this shall we? Apparently, the IMF is going to increase the loan request that the Egyptian government requested by 50% to almost $5 Billion according to the Wall Street Journal article "Egypt, IMF Chief To Discuss Loan," by Matt Bradley.
I find this rather troubling because it is against Islamic Law to borrow money, and the Muslim Brotherhood is hoping to make Egypt an Islamic Republic over time.
Now then, you know that a good chunk of the IMF comes from the US, so how does that make you feel as an American Citizen? It burns me up actually, and I am shocked by all this, from the day that the riots (aka Arab Spring) broke out until now after the elections in July 2012 which put the Muslim Brotherhood in charge of things - why would we support that? Well, it appears we want stability, but the Muslim Brotherhood has not even shown anyone their economic revitalization plan, it could very well include seizing foreign commercial assets, increasing fees through the canal, and numerous other things, how about shutting off the canal to those governments they don't much care for? So, is the so-called loan going to be forgiven in the future in order to appease this new government, thus, it's no longer a loan but a gift? Well, what say you? Did you also know that "Mohammed Morsi has given himself complete legislative and executive power, plus the right to select writers of the new constitution," according to the August 16, 2012 WSJ article "Egypt's New President Moves Against Democracy," and so I ask, are we now supporting yet another rouge regime, a quasi-dictatorship, or the birth of a new king? How can the US claim to be for the overthrow of the old powers that be, and now supporting the hijacking of the democratic process, and paying for it with billions of US Taxpayer's dollars that will most likely never be repaid? Sorry, to break it to everyone, but this whole situation has gone from bad to worse.
Indeed, we have about as good a chance of having the IMF paid back by Egypt and its new government as we would if we gave the money to Hugo Chavez, Evo Morales, or the countries of Argentina, Zimbabwe, or Greece.
Seriously, what are the chances of the IMF ever getting that money back? And how do we know that money will not be used against the interests of the Western world supplying the funds? We don't, and I'm not too into blind faith these days, I don't know about you.
Please consider all this and think on it.
Is it going to be state run capitalism, crony capitalism, or the essence of free-market capitalism? And even when an emerging nation promises us one thing, more often than not those promises are not kept.
Okay so let's talk about this shall we? Apparently, the IMF is going to increase the loan request that the Egyptian government requested by 50% to almost $5 Billion according to the Wall Street Journal article "Egypt, IMF Chief To Discuss Loan," by Matt Bradley.
I find this rather troubling because it is against Islamic Law to borrow money, and the Muslim Brotherhood is hoping to make Egypt an Islamic Republic over time.
Now then, you know that a good chunk of the IMF comes from the US, so how does that make you feel as an American Citizen? It burns me up actually, and I am shocked by all this, from the day that the riots (aka Arab Spring) broke out until now after the elections in July 2012 which put the Muslim Brotherhood in charge of things - why would we support that? Well, it appears we want stability, but the Muslim Brotherhood has not even shown anyone their economic revitalization plan, it could very well include seizing foreign commercial assets, increasing fees through the canal, and numerous other things, how about shutting off the canal to those governments they don't much care for? So, is the so-called loan going to be forgiven in the future in order to appease this new government, thus, it's no longer a loan but a gift? Well, what say you? Did you also know that "Mohammed Morsi has given himself complete legislative and executive power, plus the right to select writers of the new constitution," according to the August 16, 2012 WSJ article "Egypt's New President Moves Against Democracy," and so I ask, are we now supporting yet another rouge regime, a quasi-dictatorship, or the birth of a new king? How can the US claim to be for the overthrow of the old powers that be, and now supporting the hijacking of the democratic process, and paying for it with billions of US Taxpayer's dollars that will most likely never be repaid? Sorry, to break it to everyone, but this whole situation has gone from bad to worse.
Indeed, we have about as good a chance of having the IMF paid back by Egypt and its new government as we would if we gave the money to Hugo Chavez, Evo Morales, or the countries of Argentina, Zimbabwe, or Greece.
Seriously, what are the chances of the IMF ever getting that money back? And how do we know that money will not be used against the interests of the Western world supplying the funds? We don't, and I'm not too into blind faith these days, I don't know about you.
Please consider all this and think on it.
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