By Bill O'Reilly

As we told you last night Mr. Obama should change his approach when dealing with the Muslim world. It's obvious the soft power strategy is not working.

Jihadists don't care what Mr. Obama says and any sign of sensitivity will be perceived as weakness. It's not to say we should antagonize Muslim governments but we certainly have to tell them they will be held accountable and then actually hold them accountable when Americans are harmed.

Apparently President Obama read the Riot Act to Egyptian President Morsi and now the Egyptians are finally protecting the American Embassy from the fanatics in the street. It is worth noting that Egypt is dependent on American aid and tourism to survive economically. There are nearly 84 million people in that country, the average per capita income $6,600 a year, unemployment among young people, 25 percent.

Egypt is an economic catastrophe. And there is little the USA can do about it.

Today the head of the House Intelligence Committee said that everybody in Cairo knew trouble was brewing before our embassy was attacked.

(BEGIN VIDEO CLIP)

REP. MIKE ROGERS (R-MI), CHAIRMAN, HOUSE INTELLIGENCE COMMITTEE: The fact of Egypt there was at least... I mean, people knew there was going to be a demonstration. Clearly there was no information that there was going to be more than a demonstration that particular day.

(END VIDEO CLIP)

O'REILLY: Yes, but it was 9/11 and it was just a crazy anti-Muslim video put out in America and the Egyptian government knew it and everybody knows that demonstrations can easily spiral out of control. The Egyptian government knew that and did little to protect the American Embassy. If Mubarak had still been in power there would have been soldiers all around the embassy.

Now, if you watched "The Factor" last night Congressman Keith Ellison himself a Muslim was asking for evidence that the Egyptian government was derelict. Well, there it is. When you have a mass demonstration in the Middle East, anywhere in the Middle East, in front of the American Embassy, you put soldiers there. Everybody knows that.

In Libya, the situation is different. The assassination of Christopher Stevens and three other Americans, including two former Navy Seals was a planned terrorist act. The weak Libyan government simply can't stop stuff like that. We have trouble stopping stuff like that.

So there's really little the USA can do about Libya other than to advise Americans not to go there and beef up security for those who have to be in that beleaguered country.

But Egypt is another matter. Under the dictator, Mubarak, a savage man, that country was an ally to the USA because we bought Mubarak and his generals.

Now, there is nothing wrong with that. We've got a lot out of Egypt as far as calming things down with Israel. But now the Muslim Brotherhood is in charge and it's a completely different story. President Obama, and Governor Romney if he wins the election, must understand that any attacks on American citizens anywhere will have to be punished. It's not enough to say, "Hey, don't do it again."

Egypt should lose all aide for the rest of the year. And no American should travel to that country in the same time frame.

And that's "The Memo."

- You can catch Bill O'Reilly's "Talking Points Memo" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.