The $ CRASHED in Egypt.

[A-Four]

On Monday of this week the $ crashed on the black market which was as high as 75LE to $, over night it fell to 50LE, the question is why. There has been no final agreement with the I.M.F. on the big loan, so we have to look a bit deeper, being that the western press are not picking up on this.

Over the past weekend the Egyptian government issued a statement that a huge land development site that will include a new freepost on the Mediterranean coast has been sold to the U.A.E, for $35 Billion, the statement further added that the total development will give new employment for upto 500,000 jobs for the Egyptian labour force.

It is evident that this agreement had been kept secret until Egypt became a member of the BRICS trade agreement which came into effect from January 1st this year, for the sceptics among us, I can say that $20 Billion has already been deposited at the Bank of Egypt, and the rest will arrive within the next two months. The U.S. has already issued its distaste for this agreement, and must fear that there will be further such trade agreement with other BRICS nations, that could include future arms sales from China or Russia. The U.S. give Egypt $1 Billion a year in aid to Egypt each. We perhaps now know why the negotiations on the I.M.F. loan has taken so long to come to an agreement.

Discussions are already taking place with another BRICS partner to develop a further five new sites along the Red Sea. So if all this is going on just in Egypt, I am beginning to wonder what other secret negotiations are going on in the somewhat rather larger member nations of BRICS.

During my time here in Egypt up until this past Monday I was told by blackmarket people that they expected the LE to fall as far as 100 LE to the $, alot of crazy people here have lost an awful lot of money. I think I mentioned on this site not so long ago that gold would perhaps be the safest investment.