November 26, 2011

SPENGLER: Looting the Egyptian Currency: Democracy in Action. “The ugly denouement of the so-called Egyptian Spring is visible in the collapse of Egypt’s stock exchange (down 11% in the first three days of this week) and the impending collapse of the Egyptian pound, as residents and foreigners flee to hard currency. A unique sort of brutality characterizes Egypt’s currency crisis: banks cannot meet the demand for currency because it is impossible transport bank notes. Mobs hijack the armored cars, as Al Ahram reported today. . . . Now, that’s something new and nasty under the sun. I’ve observed first-hand the collapse of national currencies in Peru, Nicaragua, Russia and other blighted countries, but a breakdown of the rule of law to the point that banks cannot transport currency is something new.”

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