NewsBlaze search box Daily News header

Egypt: Summary of Food and Economic Developments

By  

Several promising stories have recently appeared on Bloomberg's business wire service concerning developments in Egypt.

First, because of shortages and price increases, the Finance Minister has announced a waiver of import fees on basic food items.

The Egyptian Central Bank has also stated that the banks will open by this Sunday and that pensioners will get payments by Wednesday.

Egypt, being mostly desert, must import a large percentage of its good and, in fact, one of the sometimes ignored causes of political unrest is often lack of or high price of food which translates to starving poor people.

History shows there is little that can drive people to protest their government more quickly and violently than lack of food.

Simply put, when people get hungry they quickly get desperate and, unnoticed by many individuals with a steady income, food prices have been surging around the world with the price of staples such as wheat for bread nearly doubling in the past year.

Inflation is one cause, but wheat prices have surged in large part due to shortages caused by floods in Australia and Canada, as well as a bad crop failure in Russia due to drought.

In fact, even the country which made "Let them eat cake" a slogan for revolution is facing a surge in the cost of the famous baguette.

What all this means is that unless there is some major development in the next few months, as price increases in there are a lot of people in the world who are going to be short on food and consequently will have little patience with their authoritarian or even democratic governments.

John McCormick is a reporter, /science/medical columnist and finance and social commentator, with 17,000+ bylined stories. Contact John through NewsBlaze.

  Please leave a comment here     If it does not display within 10 seconds, please refresh the page

Related World News News

Two vehicles collided in the Digboi Ramnagar area in the upper Assam district early on Friday, killing seven and injuring nine others.
A USAF C-46A Curtiss Commando that crashed in the mountains over India in 1945 has been identified by a researcher who was abducted by militants.
The convicted men abducted and murdered Arup Dutta, a 21 year young man, son of Apu Dutta, a businessman from Jagiroad town in Morigaon district, on July 17, 2011.
Police identified the three men as Anil Mahato (34), Arun Mahato (32) and Tapon Munda (30). All three were previously cadres of AANLA. A pistol and bullets were seized by police.
Witnesses said more than nine were killed but this has not been confirmed yet. The UN staff were being driven in a 3 minute commute from their guest houses to work.
Public response to the event surprised sports organizers and the Assam nation, including Ankur Dutta, General Secretary of Assam Football Association.

 

NewsBlaze Writers Of The Month


Popular Stories This Month

newsletter logo

NewsBlaze
Copyright © 2004-2014 NewsBlaze Pty. Ltd.
Use of this website is subject to our Terms of Service and Privacy Policy  | DMCA Notice               Press Room   |    Visit NewsBlaze Mobile Site