Thursday, June 2, 2011

The Arab World's Coming Economic Crash--And Its Political Consequences

By Barry Rubin

Pay close attention to this article by the analytical artist who calls himself "Spengler." He has been arguing--and I've been agreeing with him--since February that the Arabic-speaking non-oil-producing countries are going to crash economically.

Anyone should be able to see this and factor it into policy. Egypt especially is in a no-hope situation. Food prices--a major factor in the upheaval there--will continue to rise. No jobs will be created; no income generated; no housing built. And so Egypt will face a huge crisis. What might happen? An Islamist revolution? A little foreign war to distract attention and focus passions on hating Israel and America?

I wouldn't mind it so much if the ruling and intellectual elites in Europe and North America were just asleep. The problem is that they seem to be in a coma. Even loud alarm clocks don't wake them.

But as one of my readers joked: Collapsing economies under crushing debt and huge bufget deficits? Obama was right! The Arab Spring is making the Middle East more like America and Europe.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.