Proponents of the latest bailout within the administration also claim that the packages are aimed at bolstering Egypt’s fragile economy. Since the Western-backed “revolution” that toppled the former U.S.-backed tyrant, the economic situation has continued to deteriorate, with massive unemployment, surging inflation, and more trouble almost certainly imminent.
The Obama administration is close to finalizing a massive $1-billion bailout for the increasingly totalitarian Muslim Brotherhood regime ruling over Egypt, according to U.S. government officials cited in news reports. The move is already drawing fierce criticism from opponents arguing that bailing out the new Islamist ruler, who is already working to bolster Egyptian ties with the communist Chinese dictatorship while becoming increasingly despotic at home, would be a mistake on multiple levels.
In addition to forgiving the $1 billion in Egyptian government debt, almost a third of its total burden, the administration is also working with the International Monetary Fund (IMF) — largely funded by American taxpayers — to secure a $5-billion loan for the regime. On top of that, U.S. officials are in the process of creating multiple funds and programs worth almost $500 million to help politically connected U.S. and Egyptian businesses.
All of that taxpayer money — presumably to be printed by the Federal Reserve or borrowed from the communist Chinese dictatorship — would be in addition to the regular “security” and “foreign aid” packages. The long-standing U.S. government assistance to Egypt’s rulers, set to continue indefinitely, has amounted to around $1.5 billion annually for the past several decades under the deposed dictatorship of Hosni Mubarak.
[…]
