From Zero Hedge:
Just because the US is having so much success convincing the world its debt is money good (but don’t anyone dare count the $6+ trillion in GSE debt to the total US debt), the good old US of A has now decided to backstop the debt of… Egypt. Bloomberg reports: “Egypt plans to raise $1 billion by selling Eurobonds this year to diversify borrowing and finance a widening budget deficit after its economy was rocked by the worst political crisis in 30 years. The five-year bonds will be backed by a U.S. “sovereign guarantee,” Finance Minister Samir Radwan said by telephone from Cairo today…President Barack Obama promised last week $2 billion in loan guarantees and debt forgiveness.” …
So, if Egypt defaults on this new debt – either via economic collapse or just the Moslem Brotherhood going “screw the infidels” – guess who picks up the tab? Yes, that’s right – you and me, dear Americans. Who in heck figured this one out? Where in the Obama Administration is the person who said, “sure, we’re teetering on the edge of bankruptcy, but it is vital for American policy that the increasingly Islamist government of Egypt get free money from us”? I’d really like this person found – so we can tar and feather him and run him out of town on a rail.
For crying out loud, its like our government is living in an alternate reality. Which, I guess, they are – it is the liberal view of the world, writ large. Doesn’t matter what is happening, someone got the idea that since Egypt is increasingly buddying up to Iran and the terrorists, it is time for Uncle Sucker to shell out some more money.
Makes me weep for our nation – and, my goodness, 2012 just can’t get here fast enough…
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