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Thursday, October 4, 2012

US in the Hole $16 Trillion and are Planning Aid Package for Egypt

Nadene Goldfoot
My  Webster's dictionary can't even define what a trillion is.  It says it's "a very large number." Another dictionary said, " It's written as: 1,000,000,000,000.  It is a million million."    Yet we are now in the deficit by  $16 trillion plus dollars.  It's growing every day.  We had the first debate last night between Romney and Obama.  Romney is already planning on doing away with PBS (television station) and its Big Bird from Sesame Street, a favorite on that station, because they are existing with federal funds and he is ready to give up things he likes such as this and anything else that we pay for by borrowing money from China.  They could look for private funding in a pinch.  

So how are we paying for the $450 million aid to Egypt and should we?   Obama is planning this emergency cash transfer which is part of a $1 billion ($1,000,000,000) aid package pledged in May.  The plan was to give $190 million quickly but because Egypt is in so much financial trouble (as if we're not) our present administration decided to double the amount.  $260 million will be delivered when Egypt gets a $4.8 billion loan from the International Monetary Fund.

Our government is working with Egypt so that they will get $375 in financing and loan guarantees for people who invest in Egypt plus a $60 million investment fund for Egyptian business.  This is besides the $1.3 billion of military aid that the USA gives to Egypt every year.

Now, the question is, Is Egypt worthy of our debt?  What are they doing to deserve this?  Why are we doing it?

I can think for starters of baksheesh, which is tipping.    In a sense they are being paid to keep the peace with Israel, which is very important to me.  The problem is that Egypt is now being run by the Muslim Brotherhood which swears to destroy Israel.  This enigma means that the peace treaty might unravel anyway.  Hamas is a part of the Brotherhood and is backed by Morsi, being he was one of the leaders of the Brotherhood.  They're the ones shelling southern Israel and have been since 2001.

Where are the qualifications Egypt should sign to get this loan, if indeed they should?  Where are the promises that if defaulted, would prompt immediate repayment with interest?  We have asked for no guarantees.  Such a hurry we are in to give away money we don't have.


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