Monday, February 07, 2011


How is Egypt like the United State? Embedded unobtrusively in this NYT story is a similarity:
The crowds demanding the immediate departure of Mr. Mubarak were smaller. But there were enough to form a human chain blocking the entrance to the Mugamma, a huge edifice on Cairo’s central square built in the 1950s to house the city’s labyrinthine bureaucracy — a central part of everyday life.

International financial markets were viewing the country as an increased risk. The Egyptian pound fell 1.6 percent (from 5.84 to 5.95 to the dollar) in global currency trading. The Central Bank, in its first auction of Treasury bills after a weeklong closure because of the revolt, sharply reduced the size of the sale, suggesting that demand by investors for Egyptian government debt was subdued.
Don't you just love the Times's tactful way with words? The demand is "subdued." Come to think of it, though, we're not similar to Egypt in this regard. The demand for Uncle's debt won't ever be subdued, since the Bernanke Reserve is buying it all up in Quantitative Easings #1, 2, 3, and so on, using "dollars" freshly electronically created by ... yes, the Bernanke Reserve! And that can go on forever, or at least until Microsoft's Excel runs out of numbers, which is hard to imagine. Or until people wake up and realize that the Bernanke just isn't worth the paper it's printed on the ones and zeroes it's made of.

Good thing that will never happen, eh?


lemming said...

I like the word 'labyrinthine' - not one that it's easy to slip into casual conversation. :-)

The only news coverage that I really "trust" these days is the BBC, because their reporters are very open and honest about whatever bias they might bring to a particular situation.

Jim Wetzel said...

You know, I somehow missed that "labyrinthine." That's quite impressive. Seems to me that I've often seen people simply pretend that "labyrinth" is an adjective instead of a noun, and just plop it in the adjective's place and expect it to go right to work. As in, "the procedure was characterized by its labyrinth complexity."