“Egypt’s policy, apparently, is to engineer a controlled devaluation and hope that the IMF will come to the rescue. In the meantime, Egypt’s reserves are being depleted and a surge in oil or commodity prices would put the bank and the country as a whole deeper into insolvency. It is regularly taught that only enlightened central bank monetary control can lift nations out of financial crises but as the 21st century dawns, it increasingly seems that the reverse is true. Central banks fix the price of money and price-fixing inevitably fails. As a result, most central banks lurch from one crisis to another, participating first in sustained booms and then terrible busts.”
http://www.thedailybell.com/28794/Egyptian-Austerity-Seen-as-Inflation-Goes-Up-Hard
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