I know, I don’t post much, but I am really wow-ed by the Egyptian Revolution. I’m not really sure who is next…although I’m guessing it is going to be limited to the Middle East. It seems to me something big is going on. These folks Egypt seem to have nothing to lose. I’m also wondering if our foreign policy is playing a major role in this, if we are supporting the repressive governments in order to conduct war and control countries.
In another thought that popped in my head while wondering who is next, I got curious about the Monetary System in Egypt, and noticed that the chairman of the Central Bank of Egypt is vacant, lol.
en.wikipedia.org/wiki/Central_Bank_of_Egypt
Some of my other reading about Egypt, on Wiki, stated,
Egypt remained part of the Sterling Area until 1962, when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of 1 Egyptian pound = 2.3 dollars. This peg was changed to 1 Egyptian pound = 2.55555 dollars in 1973 when the dollar was devalued. The Egyptian pound was itself devalued in 1978 to a peg of 1 Egyptian pound = 1.42857 dollars (1 dollar = 0.7 Egyptian pound). The Egyptian pound floated in 1989; however, the float is tightly managed by the Central Bank of Egypt and foreign exchange controls are in effect.
en.wikipedia.org/wiki/Egyptian_pound
I’m not real sure what it means when a unit of a people’s money is “peg’ to our unit of money? In addition, the above paragraph, there is a link from the words “tightly managed” to a page named “Managed float regime”.
…is the current international financial environment in which exchange rates fluctuate from day to day, but central banks attempt to influence their countries' exchange rates by buying and selling currencies. It is also known as a dirty float.
en.wikipedia.org/wiki/Managed_float_regime
From my limited research on the matter…it seems to me the wealth has been sucked up from the people, by the same means as done here. It makes me wonder if Egypt is educated in the matters of the “independence” for the Central Bank of Egypt. How many other countries have similar systems as Egypt?
More on Egypt I found interesting…
Approximately 55 million poor and low-income citizens, representing about 75% of the population, are currently enrolled in food ration cards.
en.wikipedia.org/wiki/Economy_of_Egypt
