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Monday, December 12, 2011

Tearful Egyptian PM: 'Economy worse than anyone can imagine'

The picture above came from a post I did in May in which I blogged an article by David Goldman (Spengler) in Asia Times which claimed that the Egyptian economy was a basket case and was on the verge of collapse from rising food prices, lack of credit and the consequences of the Egyptian revolution. A month later, I blogged an article by Stanley Kurtz, which argues that the Muslim Brotherhood gaining control of Egypt would only make things worse. At the time, one reader commented,
If there is anyone more ignorant about the Arab Muslim world than Spengler i'd like to know who.

He does not understand either the Muslim mind, nor Middle East politics.

Do you take the word of someone who has never been to an Arab Muslim country as being an expert on it, because you really believe he knows what he is talking about, or because he says what you want to hear.
Well, it seems that Spengler knows a hell of a lot more about the Arab Muslim world - at least when it comes to economics - than that reader knows. On Sunday, the interim Egyptian Prime Minister (who is not from the Muslim Brotherhood - he served as Prime Minister under Mubarak from 1996-99) broke down in tears in front of journalists describing the state of the Egyptian economy.
Kamal el-Ganzouri, the third temporary prime minister since Mubarak’s ouster in February, said his priorities were the restoration of security and economic progress.

At one point in his news conference, el-Ganzouri became teary eyed as he recalled seeing “an Egyptian man on TV saying I want security, not bread.”

He said austerity measures were needed to start reducing the deficit but that no new taxes will be imposed. He did not elaborate on exact steps.

El-Ganzouri said his government will not consider loans from the International Monetary Fund until the outlook of the Egyptian budget becomes clear. In the summer, the IMF offered a $3 billion loan, but Egyptian officials turned it down.

The IMF is projecting Egypt’s economic growth to be just 1.2 per cent this year, compared with about 5 per cent in 2010.

“Solidarity is needed to face the economic crisis and security problem for citizens to be pleased with the revolution,” he said.

Urban consumer inflation in Egypt rose to an annual 9.1 per cent in November from 7.1 per cent in October. The unemployment rate in the third quarter climbed to 12 per cent from just under 9 per cent a year earlier. Net international reserves dropped by roughly 40 per cent by the end of October, compared with the end of 2010.

The military council, which stepped in to rule when Mubarak was pushed out, appointed el-Ganzouri and his government at the end of November after a violent crackdown on protesters demanding an end to military rule.
And just imagine that Obama is defeated in November 2012 and the Republican President and Congress decide not to fund a Muslim Brotherhood-led government that wants to abrogate its treaty with Israel.

The work of the righteous is performed from Heaven. Let's just try to be righteous fellow Israelis.

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At 9:15 PM, Anonymous Anonymous said...


Some quotes from Spengler real name David Goldman, showing the kind of economics he dreams about when he talks of the Arab/Islamic world

Spengler’ unwittingly outs himself as David P. Goldman

I Believe Pseudonymous Salesman of Zionism to Catholics Is David Goldman–Neocon and Former LaRouchie


I believe that Spengler, and Shushon, are pseudonyms used by David P. Goldman, a Jewish harpsichordist who works in the financial industry in New York, and has a past as an economist for Lyndon LaRouche, the conspiratorial economist/cultist. I've looked into this at the impetus of Mark, a religious correspondent of mine who marshalled the evidence for both these posts (and who says the Goldman=Spengler connection is widely made on the internet).

Why do we think Goldman=Spengler? And what does it matter anyway? Hey, lots of writers use pseudonyms.

The second question is easy. This case is creepy. A theological writer who markets Zionism to Catholics ought to tell his readers he attends the Park Avenue Synagogue (where Goldman worshiped not long ago).

And any writer who calls for more killing and barbed wire for Arabs shouldn't be able to hide from those views behind fancy pseudonyms--not when he writes for a religious journal, or when he goes on the Kudlow show on CNBC, or writes for Forbes, as David Goldman has done in his capacity as financial analyst.

Pseudonymous Columnist Markets Zionism to Christians–and for Arabs, ‘More Barbed Wire, More War, Please’

The Arabs are a dying culture and Islam is a dying religion, and the only sensible thing to do is keep death at a distance. So: more war, more barbed wire, more killing, please!

At 9:21 PM, Anonymous Anonymous said...


Any sane person, can forecast a decline in economy when there is political upheavel, with tourism falling due and investment declining this year because of the uncertainty, this is likely to continue until at least June.

None of this validates Spenglers POV which was that the Muslim Brotherhood would not be able to run an economy, if I recall. They are not even in power yet, and even if they do come into power they will have inherited the turmoil of the previous adminisistration along with all the baggage.

A three to four year time plan to turn the economy around is a fair trial, to judge not a few months. It’s no secret, nor did I ever say that Mubarak and his regime were good for Egypt. Corruption and cronyism is what they’re all about.

I said what I did bearing in mind that Spengler looks at the problem from his narrow POV, and I stand by what I said. He is a propogandist not an economist.

Spengler is a coward who wouldn’t even write his genocidal screeds under his real name. It was Phil Weiss from Mondoweiss who exposed his real identity,
His economic dreams are of a genocidal nature.

In a separate post i'll post some of his quotes. He has zero credence. Islam is not dying, it's thriving. The bad shape the economies are in, is precisely due to the opposite reasons that he thinks is the case.

I stand by what I said, and if you think Goldman is the right person to consult on an issue on which he is blind, then you're deluded Carl.

An economist has to make a RATIONAL forcast, not a dream which is masturbation material only.

At 4:29 PM, Blogger Empress Trudy said...

Spengler's column in Asia Times SAYS his real name on the page. Phil Weiss is a delusional paranoid psychotic oaf.

At 6:54 PM, Anonymous Anonymous said...

Empress Trudy,

I'm sorry, but the 'delusional paranoid psycotic oaf' is you.

Check the dates on Spenglers genocidal articles, BEFORE the dates that Phil Weiss exposed his identity. Prior to that he was anonymous.

After Phil exposed his identity, Spengler came out and 'admitted' who he was, then he changed the theme of his article. Under his real name, he does not write genocidal screeds, but they are there to check.

Prior to his being exposed by Phil, there was a Wikipedia page speculating upon his identity. No doubt he put it up there himself, because after Phil unveiled him in front of the whole world, that page soon disappeared. If you search under 'Spengler' you find a cached version of the page.

Oh and Empress Trudy, Don't you ever insult a fine person like Phil Weiss again, he is worth a million of you. An excellent reporter with a very popular website, one of the most popular on the internet. Run entirely by donations by his readers.

Unlike the cockroach Goldman, Weiss is brave enough to write under his real name. Though of course he is not a genocidal maniac.

At 7:23 PM, Anonymous Anonymous said...

Empress Trudy

Phis Weiss outed Goldman in 2008.

In 2009, Spengler 'came out'. But that's only because the world knew who he was by then, so it would have been silly of him to pretend to be anonymous.

He never signed himself of as David P Goldman before this

And Spengler is ...
By Spengler
Apr 18, 2009


That is some econonomist you chose..but not surprising. All your 'experts' on the Middle East and Islam have one thing in common..genocidal fantasies.

Remember, what goes around comes around. Is for example, Hassan Nasrallah, and Khaled Meshaal better at understanding and forecasting the Israeli economy than your regular run of the mill economist? And you complain of Hamas and Hezbollah and the genocidal ways of the Palestinians? Tch Tch

The Almighty works his will in mysterious ways, but is always just.

and i'm still waiting for you to tell me the meaning of this prophecy:

כט. כִּי יָדַעְתִּי אַחֲרֵי מוֹתִי כִּי הַשְׁחֵת תַּשְׁחִתוּן וְסַרְתֶּם מִן הַדֶּרֶךְ אֲשֶׁר צִוִּיתִי אֶתְכֶם וְקָרָאת אֶתְכֶם הָרָעָה בְּאַחֲרִית הַיָּמִים כִּי תַעֲשׂוּ אֶת הָרַע בְּעֵינֵי יְ־הֹוָ־ה לְהַכְעִיסוֹ בְּמַעֲשֵׂה יְדֵיכֶם:

That is probably your genocidal fantasies coming to a mushroom cloud end


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