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.
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Photo: Egyptian President Mohammed Morsi speaks to reporters during a joint news conference with Tunisian President Moncef Marzouki, unseen, at the Presidential palace in Cairo, July 13, 2012: AP Images