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| Barry Rubin | 07 Jun 2011 |
| The Arab World's Coming Economic Crash, and Its Political Consequences |
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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. |
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