Egypt’s Brotherhood is just as Mubarakist as Mubarak.

Egypt is a demographic time bomb; it needs to import roughly half the food it consumes. It cut back on oil imports a few days ago but is hugely dependent on oil imports. Unemployment is rising fast with youth unemployment for the youngest at 41%. Inflation on basic commodities now is at 10%.

Egypt is bleeding cash, more loans means more debt and higher future interest payments. Egypt must reform so that it can offer value to the world in return for the food, oil and technologies it needs and wants. Absolutely essential is political stability so that tourists will return but also a way has to be found to educate the young and engage them in meaningful, value raising ways, otherwise they will rise up again and again.

The Muslim brotherhood doesn’t have the talent to boldly reform the economy. Young people need to be given the opportunity to start initiatives that can help tackle the various challenges. But economically the Brotherhood is as Mubarakist as any previous government and favors a heavy handed top down approach that will never unlock the energies required to rid it of its almost biblical plagues. The Mohamed Bouazizi’s of the Arab World still finds their startup business trampled on by impossible bureaucrats and corrupt state officers, also in today’s Egypt.

 

http://www.ft.com/intl/cms/s/0/4ffaf59e-8977-11e2-ad3f-00144feabdc0.html