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Abdelwahab El-Effendi writes for Muslim News: ‘Collapse of "Subprime" Arab Regimes: Consequences’

14 March 2011

For a long time, the unapologetically despotic and blatantly corrupt regime of former Egyptian President Hosni Mubarak has been marketed as a reliable and sane government and a bulwark of peace and stability in the Middle East.

The people who sold this product, like the banks which packaged and sold subprime mortgages as AAA securities, at first knew about the problems with their products, but soon became deceived by their own marketing pitch. Eventually, they came to believe not only that the regime was stable and solid, but that it was a force for good. It supported ‘peace’ in the Middle East (they also believed that we do have peace in the region!), it kept extremists at bay and promoted a ‘moderate’ agenda.

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