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(PJMedia) David P. Goldman - Half of Egypt's people live on $1.65 a day or less and the country imports half its food. Its economy is in ruins. Egyptian President Morsi refused to shut down subsidies, as the International Monetary Fund demanded, because he did not believe he could do so and survive politically. Morsi fell when he ran out of money. The Saudis and other Gulf states refused to bankroll the Muslim Brotherhood, which is seeking to overthrow the Arab monarchies, but immediately lent $12 billion to Morsi's successors, averting starvation in Egypt for the next year. 2013-08-08 00:00:00Full Article
Egypt's Morsi Fell When He Ran Out of Money
(PJMedia) David P. Goldman - Half of Egypt's people live on $1.65 a day or less and the country imports half its food. Its economy is in ruins. Egyptian President Morsi refused to shut down subsidies, as the International Monetary Fund demanded, because he did not believe he could do so and survive politically. Morsi fell when he ran out of money. The Saudis and other Gulf states refused to bankroll the Muslim Brotherhood, which is seeking to overthrow the Arab monarchies, but immediately lent $12 billion to Morsi's successors, averting starvation in Egypt for the next year. 2013-08-08 00:00:00Full Article
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