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Since the primary purpose of the MFO is to enforce the Camp David peace treaty (yes, ancient history to today's youth and politicians ...
where were you in 1979 ...)
the purpose is still valid.
Originally, the UN was to provide the MFO, replacing a civilian contractor system managed by E-Systems (yeah, look it up).
Then the UN balked both due to anti-Israel sentiment and memories of how
[in]effective UN peacekeepers were in 1963. (Yeah, again, you can look it up).
So the United States (read, Jimmie Carter and all presidents since) have decided that the mission was worth the dollars and manpower.
Has the MFO averted yet another Egypt-Israel war? Probably not. To answer that, we would have to know what was in the mind of the Egyptian military and political leadership. But we do know that the presence of the MFO has made a surprise war impossible, and if only for that reason, I'm in favor of it.
Side note: Since Egypt and Israel benefit, they should pay for it.
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