President Morsy addresses his fellow Egyptians

On the 1st Anniversary of his Presidency, President Mohamed Morsy is to address his people, amid consternation of his policies.  Primarily, he must appeal to the Egyptian military, who has made possible the Arab Spring advancement in that country.  But, unemployment, particularly among the youth under 30 years of age is of critical concern in every Egyptian's mind.

You know, China's major problem of unemployment has been a source of other problems, but it's actually the military who have kept unemployment under manageable control.  Its conscripts do farm work part of the year, so as to maintain the agricultural economy.  The young soldiers don't always like it, but they make their contribution to society in more ways than just in military uniform.  Maybe, the Egyptian military might help its civilian government in some ways, too.  In any case, without some millitary backing the fledgling democracy in Egypt will come upon harsh times.

I believe, too, the Muslim Brotherhood can appeal to other groups in Egypt--including the intellectuals and technical workers--to make democracy a successful experiment.  After all, the rank-and-file Egyptians were not brought into governance of that country under previous administrations, which spanned some thirty years!

So, the whole world, really, is waiting to hear from President Morsy as he extends his hand of fellowship to the Egyptian people.

7/5/13 Postscript:  What I heard of the speech of the deposed President Morsy did not seem to bear a message of unification and conciliation among the many political groups.  The Egyptians should feel proud of its military generals!  JLO
     

Bernanke, the Great One

It is anticipated that Mr. Ben Bernanke, current Chairman of the Federal Reserve Board, will resign his post effective in the Fall.

After the disgraced performance of the former Chairman, Alan Greenspan, who pandered to the dictates of the big corporations and the very wealthy plutocrats during his tenure of many years, Bernanke's policies set the banking industry on a viable course.  Not only in America but around the world--in England and in Japan.  He could not do what he was also charged to do, however:  affect the unemployment rate.  Those statistics are the result of structural, technological changes in business and industry.  Only when the United States adopts a policy akin to that of China, namely, insisting that industry hire those who can work regardless of industry's commitment to its shareholders for maximum profit return will that problem be solved.  It's a simple solution--keep workers busy and out of trouble!  But capitalism seems unable to adopt any constraint upon its lust for profit.  Bernanke actually attempted to restrain unbridled capitalism by keeping the interest rate low, thereby affecting bond yields and the inflation rate;- but he needed industry's commitment to hiring the unemployed. something the capitalist would not consent to.

This man, Ben Bernanke, will go down in history as the greatest of Chairmen. He was needed at a time when faith in the American economy was waning, both in the US and in Europe.