Failed treasury auction portends Egyptian disaster

“Egypt faces a disaster of biblical proportions, and the world will do nothing about it. Officially, Egypt’s foreign exchange reserves fell by half during 2011, including a $2.4 billion decline during December – from $36 billion to $18 billion, or about four months of imports.

But the situation almost certainly is worse than that.”

Some guy named Spengler…h/t Anne

Plus: Don’t Ignore Electoral Fraud in Egypt

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