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Never Have So Few Been Blamed for So Much by So Many

(Asia Times-Hong Kong) Spengler - The notion that the problems of three hundred million Arabs revolve around the governance of a few million Palestinians has the same order of credibility as Adolf Hitler's claim that a Jewish "stab in the back" lost World War I for Germany. Egypt is burning its cash reserves. On Oct. 5, the Financial Times reported that Egypt's foreign exchange reserves had fallen from $35 billion in January to only $19.4 billion, enough to cover less than five months' worth of imports. Syria is in civil war, which may turn into a proxy war between the Sunni powers and Iran. Turkey is about to get its come-uppance in the form of a nasty economic downturn as the credit bubble engineered by the ruling party explodes. The lira fell by a quarter between November 2010 and September 2011, while the stock market has fallen in dollar terms by 40%. In short, there is not a patch of ground in Israel's proximity that is not roiling with political and economic turmoil.
2011-10-24 00:00:00
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