Report: Obama to call for Egypt debt forgiveness today

Report: Obama to call for Egypt debt forgiveness today

Thomas Lifson

According to Josh Gerstein of Politico,
President Obama’s much-hyped speech today at the State Department regarding the
Middle East will include praise for the Arab Spring and a call for debt
forgiveness to provide  “cash flow relief” to the new Egyptian government. This
would be the very same new government that is moving away from its peace treaty
with Israel and cozying up to Iran, providing Suez Canal transit to Iranian
warships, so they can cruise off Israel’s Mediterranean coast.

Since the US government is heavily indebted to China, such a move would
amount to borrowing money from China and others to decrease Egypt’s foreign
debt, as a reward for moving against peace with Israel.
Instead of honestly recognizing that Islamism is the root of protest and
threat to the West in Egypt, Obama is apparently recycling the old economic
arguments. Gerstein writes:
“We see this as a critical window of time for the United States to take
concrete action,” a senior administration official told reporters Wednesday
during a conference call previewing Obama’s speech.
“The political movements of nonviolent protest that we’ve seen are rooted
in part in a lack of opportunity in the region. You have very large populations
of young people, many of whom – too many of whom – cannot find a job,” said the
official, who spoke on condition of anonymity. “We think it’s important to note
that some of the protests in the region are deeply rooted in a lack of
individual opportunity and economic growth as well as a suppression of political
rights.”
At least the language is hedged here: “some of”, “may be” and the like. But
no effort at all is made to connect a religion which idealizes a 7th century
social order as the perfect  state of Allah’s plan for mankind with economic
stagnation and lack of opportunity. Nor the possibility that a religion which
posits jihad against the infidel as the highest duty might hobble its economic
prospects and social structure.Osama
Bin Laden
shares President Obama’s enthusiasm for the Arab Spring. Erin
Bonsteel captures the situiation well:

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