Egypt imports 10 million tons of wheat per year, the most of any nation—or the diesel that fuels bread ovens and transports 99 percent of everything that moves in this country of more than 85 million. Egypt’s dilemma is this: it cannot politically afford to stop providing the costly subsidies to the poor that distort its economy.
But unless it reduces these subsidies and adopts a pro-growth budget, Egypt cannot secure the $4.8 billion International Monetary Fund loan it needs. In other words, the government would be committing political suicide to do what economists say must be done to sustain the country’s economic viability. Only a government that enjoys public confidence can risk taking such steps.
Since the Ikwhan coasted into power on the wave of electoral dysfunction, the inept and preacher loving gov is showing all the uncool chiz that failed state show
Inconsistent and selective application of law.
On March 27, an Egyptian court overturned President Muhammad Morsi's November 2012 decision to replace the sitting prosecutor-general with Talaat Abdullah, a crony who has since focused investigations solely on the MB's political opponents. The ruling renders all of Abdullah's investigations illegal. By ignoring the verdict and going after activists even more aggressively, the state -- personified in the president, his government, and the prosecutor-general -- has shown its willingness to undermine rule of law.
Deterioration of services.
Basic public services such as electricity and gas are falling apart, with most Egyptians experiencing daily power cuts.
Unaccountable security apparatus.
The interior minister, a Brotherhood loyalist, deploys the police to clash with opposition protesters while protecting the MB thugs who beat and torture demonstrators.
Delegitimization of the state.
Due to a legally faulty election law issued by the Morsi-appointed upper house of parliament, the legislative elections originally slated for this month have been delayed until November. Meanwhile, the opposition is now refusing to participate in elections because Egyptian institutions cannot guarantee the fairness of the process. When Secretary of State John Kerry tried to mediate last month, the MB undercut his efforts by publicly calling for elections without any of the promised changes to the electoral law, which were the basis of his mediation.
The situation is pushing Egypt toward failure, and the MB government shows no sign of seeking a solution.
So - let 'em crash?
Great Satan"s support for Aegypt is tied to America's three main interests in Egypt: the Suez Canal, military cooperation, and the peace treaty with Little Satan. Given that each of those interests is secured by the independent Egyptian military, backing the Morsi government holds little advantage.
Rule of law is key -- a loan without necessary reforms would be money wasted on propping up a failing government for a few more months, further entangling Great Satan with a time traveling, girl hating preacher paradise administration at a time when the Ikwhanese government's long-term survival is increasingly costly and doubtful.
Pic - "The corrupt autocracies that gave us the previous 50 years of “stability” were just slow-motion disasters."