With the explosive upheavals in Libya, and Egypt, Yemen, Bahrain, Morocco and elsewhere throughout the Middle East, and the threat of even greater geo-political instability, the price of oil has skyrocketed, with no end in sight. This aftershock, exacerbated by the threat that Libyan oil, which accounts for over 2 percent of world supplies, will be cut off, and the provocative actions of the Iranians in moving warships through the Suez Canal, as well as other events, has caused and will cause oil and other economic markets to go into severe decline, thus putting the world in danger of not only a prolonged economic recession, but now severe depression.
Thus far, the Obama administration – by all accounts – has been in disarray and slow to react to events. Moreover, while having called for regime change in Egypt, it has failed to do so or even take other strong meaningful action with the two most despotic regimes in the Middle East; Libya and Iran.
Before the world cascades into an economic abyss, its time for both the United States and its allies to secure vital assets in the Middle East.
With regard to Libya, the Obama administration and the European Union, should immediately send troops into Libya to secure its oil fields. If these oil fields cease producing petroleum supplies or worse are destroyed, the effect on the world economy will be devastating.
And, now that Egypt, post President Mubarak, is not only signaling that it may well no longer honor its peace treaty with Israel, and for the first time in 30 years has allowed Iranian warships to cross the Suez Canal – which amounts to a severe threat to Israel – the Jewish state must now seriously consider taking control of the Suez Canal and reclaiming the Sinai to assure that the Suez Canal is not closed and falls into the “wrong” hands. Israel must act alone in this, as the Obama administration has been not only hostile to Israeli security interests (i.e., by “inviting” the Muslim Brotherhood, which is pro-Iranian, into Egypt’s government), but can no longer be counted upon as an ally – having already thrown Egyptian President Mubarak to the wolves, while saying nothing about regime change in Iran – a radical Islamic terrorist-designated state that has pledged to wipe Israel of the face of the earth. Nor has it called for the removal of Colonel Gaddafi in Libya, another sworn enemy of Israel.
Its time not for more talk by Obama and others, but action – to avoid worldwide economic collapse and potential catastrophe. And, Israel must now seriously consider acting alone to protect its own proper interests, as neither the Obama administration nor the Europeans can be counted upon.
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