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Egyptian Austerity Seen as Inflation Goes Up Hard

"Egypt's policy, apparently, is to engineer a controlled devaluation and hope that the IMF will come to the rescue. In the meantime, Egypt's reserves are being depleted and a surge in oil or commodity prices would put the bank and the country as a whole deeper into insolvency. It is regularly taught that only enlightened central bank monetary control can lift nations out of financial crises but as the 21st century dawns, it increasingly seems that the reverse is true. Central banks fix the price of money and price-fixing inevitably fails. As a result, most central banks lurch from one crisis to another, participating first in sustained booms and then terrible busts." Continue reading →

Continue ReadingEgyptian Austerity Seen as Inflation Goes Up Hard

Opponents vote to shoot Egypt’s president Morsi into space

"Opponents of Egypt’s President Mohamed Morsi are voting to send him where no Islamist leader has gone before: outer space. Morsi on Saturday was leading the field in Egypt in an online contest sponsored by deodorant makers Axe to send a lucky few on a shuttle operated by space tourism company Space Expedition Corp. Egypt’s opposition movement April 6 entered Morsi into the competition. 'With God’s help, and under His care, Morsi will soon be launched to the moon,' the group said on its Facebook page, along with a picture of the president in a spacesuit." Continue reading →

Continue ReadingOpponents vote to shoot Egypt’s president Morsi into space

New Nationalist Government of Japan Stokes Tensions with China

"Abe wants to lead the aging and insecure Asian economic power back to its former greatness and, most of all, to rid it of its unpopular 'postwar regime.' The premier wants to return Japan to its former position as a 'beautiful country,' which is also the title of a book in which he describes his vision for the nation's future. Now Abe wants to quickly increase defense spending. He is expected to buy surveillance drones from the United States soon in response to China's unveiling of eight new unmanned aircraft at an aviation show in November." Continue reading →

Continue ReadingNew Nationalist Government of Japan Stokes Tensions with China

Diesel shortage pushes Egyptians to the brink

"Diesel supplies are drying up as a cash-strapped government struggles to cap a mounting bill for subsidies it has promised the IMF it will reform to secure an elusive $4.8 billion loan desperately needed to keep a sagging economy afloat. The situation appears near breakdown with growing shortages, unsustainable subsidies and foreign exchange reserves running out, raising the risk that fuel bottlenecks lead to food shortages and pose a risk to political stability. Foreign reserves are down below $15 billion, less than three months' imports, despite deposits from Qatar and Turkey. The Egyptian pound has lost 8 percent of its value this year and a black market has emerged." Continue reading →

Continue ReadingDiesel shortage pushes Egyptians to the brink

Tear gas, water cannons as Egyptians throw stones at presidential palace

"The clashes broke out after several hundred demonstrators marched to the palace on a day of marches against Egyptian President Mohamed Morsi. Thousands of other protesters took part in separate demonstrations across the country. Protesters are demanding that Morsi fulfill the goals of the revolution which brought him and his Muslim Brotherhood party to power. Those demands include a new unity government, amendments to an Islamist-drafted constitution, and the sacking of Egypt's prosecutor general. The demonstrators are also angry that no one has been held accountable for the deaths of dozens of protesters in clashes with police during recent months." Continue reading →

Continue ReadingTear gas, water cannons as Egyptians throw stones at presidential palace

After riots, Mohamed Morsi declares emergency in three Egyptian cities

"President Mohamed Morsi has announced a state of emergency in three cities near Egypt’s Suez Canal, following four days of civil unrest that have left at least 40 dead and over 500 injured. Since Thursday, hundreds of thousands of protesters have taken to the streets in 12 of the country’s 21 provinces, to protest against the Islamist president, the Muslim Brotherhood, and police brutality – exactly two years after the start of the Egyptian revolution. 'We think the president is totally responsible for the conflict,' said Khaled Daoud, a spokesman for the National Salvation Front, a disparate collection of liberal and leftist parties opposed to Morsi’s Muslim Brotherhood." Continue reading →

Continue ReadingAfter riots, Mohamed Morsi declares emergency in three Egyptian cities

Egyptian protesters set fire to Muslim Brotherhood headquarters

"Egyptian protesters on Friday set fire to the Muslim Brotherhood party headquarters in the canal city of Ismailiya. Black smoke could be seen coming out of the windows of the apartment housing the Freedom and Justice Party (FJP) offices, as Egyptians staged nationwide rallies against President Mohamed Morsi on the second anniversary of the revolution that toppled Hosni Mubarak and brought Islamists to power. The Muslim Brotherhood said protesters also attempted to storm one of its offices in the Cairo district of Tawfikiya." Continue reading →

Continue ReadingEgyptian protesters set fire to Muslim Brotherhood headquarters