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"that roughly 40 percent of Egyptians struggle (with incomes) of under $2 per day," facing unsustainable annual 17% annual food price inflation. As a result, "as much as 60 to 80 percent of (their) incomes go for food, compared to just 10 to 20 percent in industrial countries."
Credit, not Fed policy is at fault, hiking prices "by too much money chasing too few goods, but the money is chasing only certain selected goods" like food and fuel.
Speculation and market manipulation also hammer economies unwilling to deregulate and allow free capital flows. Methods include hot money created real estate, stock and other asset bubbles as well currency attacks, causing destructive devaluations, debt bondage and impoverishment.
A Final Comment
Independent new leaders face enormous challenges, including destructive reprisals for defying Western diktats. As a result, most accede, accepting neoliberal harshness over public needs, no matter their popular mandate or desire. That's Egypt's dilemma whatever new regime emerges. If Mandela failed South Africans, how will new Egyptian leadership fulfill campaign pledges if doing so means economic disaster, political isolation or worse.
As a result, expect new faces continuing old policies, letting everything look changed but be the same, including deep-rooted needs. That spark ignited Tunisia and spread regionally, assuring Mubarak's regime ends, leaving his policies in place unless heroic new figures defy risks, no matter potential consequences.
Stephen Lendman lives in Chicago and can be reached at Email address removed. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
http://www.progressiveradionetwork.com/the-progressive-news-hour/ .
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