https://pjmedia.com/spengler/2011/11/22/egypt-and-turkey-middle-east-basket-cases/feed/PJ Media is a leading news site covering culture, politics, faith, homeland security, and more. Our reporters and columnists provide original, in-depth analysis from a variety of perspectives.en-usWed, 10 Jun 2026 08:28:07 -0400<![CDATA[The mainstream media has finally picked up the story I&#8217;ve been telling since February about Egypt&#8217;s impending economic collapse. The country is nearly out of money. Under the headline, &#8220;The Egyptian pound has a distressed future,&#8221; the Financial Times reported Nov. 16, just before the last days&#8217; slaughter on Tahrir Square, &#8220;Investors are betting against the Egyptian pound, expressing their belief that it is soon to take a dive through the futures market while the spot market is held up by Egyptian government support. The pound’s twelve-month non-deliverable forwards (NDFs) weakened 2.8 per cent on Wednesday on fears that Egypt’s reserves, which are being used to support the currency, might be reaching critical levels. The spot market, in contrast, held steady – but for how long?&#8221;]]>Tue, 22 Nov 2011 06:03:34 -0500<![CDATA[David P. Goldman]]>https://pjmedia.com/david-p-goldman/2011/11/22/egypt-and-turkey-middle-east-basket-cases-n130629