By Alex Newman
THE NEW AMERICAN
The Obama administration is close to finalizing a massive $1-billion bailout for the increasingly totalitarian Muslim Brotherhood regime ruling over Egypt, according to U.S. government officials cited in news reports. The move is already drawing fierce criticism from opponents arguing that bailing out the new Islamist ruler, who is already working to bolster Egyptian ties with the communist Chinese dictatorship while becoming increasingly despotic at home, would be a mistake on multiple levels.
In addition to forgiving the $1 billion in Egyptian government debt, almost a third of its total burden, the administration is also working with the International Monetary Fund (IMF) — largely funded by American taxpayers — to secure a $5-billion loan for the regime. On top of that, U.S. officials are in the process of creating multiple funds and programs worth almost $500 million to help politically connected U.S. and Egyptian businesses.
All of that taxpayer money — presumably to be printed by the Federal Reserve or borrowed from the communist Chinese dictatorship — would be in addition to the regular “security” and “foreign aid” packages. The long-standing U.S. government assistance to Egypt’s rulers, set to continue indefinitely, has amounted to around $1.5 billion annually for the past several decades under the deposed dictatorship of Hosni Mubarak.
The plan to bail out the new Egyptian regime was originally announced over a year ago. However, opposition on Capitol Hill and the prosecution of U.S. government-funded “democracy activists” operating in Egypt had temporarily soured relations between the two governments. It seems the scheme is now back on track.
According to U.S. officials, the massive unconstitutional flows of taxpayer money are meant to encourage the new regime to act how the U.S. federal government wants it to. “Progress will only be possible if the talents of all citizens are drawn upon and all have a voice — men and women, all religious groups, and all parts of the country,” U.S. Undersecretary of State Robert Hormats was quoted as saying without specifically noting the worsening plight of Coptic Christians under the new regime.
The security of Israel is also said to be a factor, with supporters of the bailout claiming it will help keep the new Islamist government in check and prevent a potential violation of the Camp David accords. Critics of the move, meanwhile, say it could put the Jewish state in greater danger as the Egyptian government becomes more hostile to its neighbor in line with popular Islamic sentiment within the nation. The Israeli government has reportedly expressed its support for continued U.S. government aid to the Islamist regime.
Proponents of the latest bailout within the administration also claim that the packages are aimed at bolstering Egypt’s fragile economy. Since the Western-backed “revolution” that toppled the former U.S.-backed tyrant, the economic situation has continued to deteriorate, with massive unemployment, surging inflation, and more trouble almost certainly imminent.
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