Word: nasserism
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...Bond boom in the U.S. He also traveled out of his way some years ago to hear and talk with an obscure young North Carolina preacher named Billy Graham, then gave him his first national exposure in LIFE. Present in Cairo when the Naguib regime was under siege by Nasser, Luce rushed out into the streets full of surging crowds and, using a terrified interpreter, filled a notebook with color, quotes and impressions that he filed off to New York...
...Arabian League, each nationalist faction tried to outdo the other to prove that it hates the British the most and is therefore best qualified to lead the federation. One potent organization, the Front for the Liberation of Occupied South Yemen (FLOSY), is supported by Egypt's Gamal Abdel Nasser, who has 47,000 troops in Yemen to the north, also foments trouble in other countries on the Red Sea, and would like nothing better than to annex Aden for himself. That would turn the Red Sea into an Egyptian lake, enable Nasser to control the shipping routes to Ethiopia...
...Italy, West Germany and Japan. In all, Egypt is in hock for more than $1 billion in long-term debts, more than half of which must be repaid in hard currencies. Just to service his short-term debts of more than $250 million in hard currency, President Gamal Abdel Nasser was recently forced to sell off a third of Egypt's gold, leaving his country with a dangerously low hard-currency reserve of $108 million. Nasser has also been desperately trying to get his creditors to extend repayment deadlines...
Such a man might be expected to tread lightly, but that is not Nasser's style. Last week, in his most anti-American speech since 1964-when he told Washington to "go drink the Red Sea" -Nasser accused the U.S. (to which he owes $169.2 million), and the CIA in particular, of "supporting those Arab prostitutes," King Hussein of Jordan and King Feisal of Saudi Arabia, "in a conspiracy against Arab progress." Speaking for two hours at Cairo University, he also excoriated the U.S. for selling arms to Israel and accused Washington of "waging a war of starvation against...
This is a way to make friends? Jordan immediately withdrew its ambassador in protest. Nasser's speech cinched the fact-which was already evident-that he will not be getting any more wheat from the U.S. As for his threat to welsh on debt payments, most of his debtors considered it a desperate act of bravado, designed to let his creditors know that he cannot pay them all off -and that he will give first priority to those who bother him least about the delay. The plain fact is that Nasser could not pay even if he wanted...