Editorial: Downward spiral (12)

The latest news coming out of Egypt reveals that the country is experiencing nothing short of a catastrophe.

Among the original demands of the protesters in Tahrir Square were for better living standards and employment, alongside a strong desire for political freedom. But today at least 20 percent of Egyptians are still living under the poverty level, with unofficial estimates closer to 35 percent. Almost continuous protests for and against the interim government, and the violent response such demonstrations have triggered have brought the country to near paralysis.

Egypt has long depended on tourism, investments and industry to keep afloat, and the ongoing volatile security situation is damaging all of these key sectors.

The immediate euphoria which followed the ouster of President Hosni Mubarak in February has proven short-lived. Violence, which has simmered since the first round of elections in late November, has flared up again, with 13 dead over the last few days alone.

Almost inevitably Moody’s ratings agency downgraded Egypt Wednesday, with the national credit risk second only to Greece.

[More]

See Also:

Egyptian activists call mass rally against army rule

Afternoon Updates:

12:25 pm EST, December 23rd, 2011 — Moody’s downgrades Egypt to B2

12:29 pm EST, December 23rd, 2011 — Is Egypt Flying Apart at the Seams?

12:35 pm EST, December 23rd, 2011 — Crowds mass in Cairo’s Tahrir Square in protest of army

1:53 pm EST, December 23rd, 2011 — Egypt may need up to $15 bn from IMF to avoid crunch

2:57 pm EST, December 23rd, 2011 — Egyptian Military Adviser Calls Attack on Woman Justified

3:01 pm EST, December 23rd, 2011 — Pro- and anti-army Egyptians rally in Cairo; Muslim Brotherhood’s FJP leads in polls

3:36 pm EST, December 23rd, 2011 — Baird lashes out at Egypt’s ruling military

Background Info From Spengler

December 2nd, 2011: Corruption and Islamism in Egypt

November 25th, 2011: Looting the Egyptian Currency —  Democracy in Action

November 22nd, 2011: Egypt and Turkey — Middle East Basket Cases

Notes:

This is not going to end well.

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4 Responses to Editorial: Downward spiral (12)

  1. Mary T says:

    I wonder is our twit still thinks the Arab Spring was so great. Anyone know who paid her way to Durban. What proud parents she must have, not.

  2. FredR says:

    This movement should more correctly be called “Arab Winter”: existing Arab dictatorships aren’t crumbling because of the will of the people, unshackled by modern mass communications – they’re failing because they can no longer meet the needs of their population – from adequate food to providing economic opportunity.

    It’s an old story: people see how much better off their neighbours are (Israel, the West) and they some of that. Their current political situation won’t allow it – so they bring it down – peacefully (Egypt) or violently (Libya, Syria). But as the Russians discovered after electing the “moderate” Bolsheviks, or the Germans in electing the then fringe party Nazis into power – in times of turbulant change, a new strong man takes over. Out with the old boss, in with the new boss.

    The Muslim Brotherhood and sundry other radical thugs will rise to power by offering change and a return to traditional (Shia) values. Bread and circuses. Change is coming – but it might take another generation or two, and almost certainly war for it to mean anything positive.

    • Jean says:

      Power vacuums being filled by the only organized groups that also have no inhibitions about using, violence, terror, intimidation and social pressures of it’s ” radical form ” of a religion to impose it’s brand of ” Paradise on Earth ” on everyone else they can impose it on in their countries, and the whole World if we let them.

      They win the first election, then there are no further elections or elections with just one possible Party or option ! They only win the first election due to the conditions of my first paragraph above. :(

    • beentheredonethat says:

      Before the ultra modern age of communication, internet etc. Muslim imams could easily control every thought and command every deed. The jig is finally up, more and more Muslims are beginning to realize that fact.

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