America’s Responsibility to Egypt

The U.S. should urge Egypt to set up a currency board, which would use strong currencies to back up the Egyptian pound. The Federal Reserve and the European Central Bank should announce that they will provide lines of credit to guarantee a pre-riot rate for the Egyptian pound. This would stop a panic and allow the economy to come back to life. No more printing of pounds until the economy is back on its feet. Sadly, I doubt our government will be so innovative. We export substantial amounts of wheat to Egypt. We should make sure these shipments continue and, indeed, are increased.