flight into egypt

When a revolution is not a revolution.The Egyptian debt market is stabilizing, the stock market is on the upswing and the army is making ure that the climate is good for trade. The entire initial cause of the revolution, the Arab spring has been betrayed. It was about the suppression of human rights that have gone on for thirty years under Mubarak based on the flimsy pretext of national security and Israel; the bogeyman planning to invade meaning war measures security precautions, the amber light, to be in effect perpetually.

You get rid of a tyrant for  an Islamic fundamentalist terrorist organization. Ostensibly. As President Roosevelt one said, nothing in politics is random or by coincidence. Did the Obama administration design the outcome? This “new” middle east, fulfilling the aspirations of the oppressed masses is not rounding into form. Hannah Arendt correctly pointed out that the most radical and threatening, dangerous opposition, once they assume reins of power becomes conservative, mundane and as reactionary as that which was displaced; the institutional theory of government. It looks like the Morsi will be a front man, the shiller, the good face on trade as the country develops under the same neo-liberal economic model of the previous regime.

( see link at end) …Mohammed Morsi of the Muslim Brotherhood has won the presidential runoff in Egypt, the country’s top elections commission official said Sunday, marking a significant turning point in a country struggling to move away from military rule. Morsi will become the first democratically-elected civilian to hold the office of president — a symbolic victory in the Muslim Brotherhood’s fight for power against the country’s military-led government.

The Muslim Brotherhood said in a statement late Sunday that Morsi had resigned his positions in both the Brotherhood and its Freedom and Justice Party, fulfilling a campaign promise. “I pledge to be a president who serves his people and works for them,” Morsi said on his official web page. “I will not betray God in defending your rights and the rights of this nation.”…

Despite the political upheaval, the periodic violence and weak economic performance, the Egyptian stock market, remained among the biggest global winners this year, advancing by about 34 per cent to date.
Although the EGX 30 started at a low base after losing 50 per cent last year following the popular uprising that toppled Hosni Mubarak and a subsequent capital flight by foreign holders of Egyptian stocks, the robust performance has surprised observers. The EGX 30 was ahead of MSCI Emerging Market, which gained about 10 per cent and of MSCI World that rose 7.5 per cent….
“The performance started to change when people realised the situation was not so bad after the first anniversary of the revolution—Read More:http://www.ft.com/intl/cms/s/0/4b12a1c0-a503-11e1-b421-00144feabdc0.html#axzz1ylsUMcoW image:http://www.threedonia.com/archives/34136

…The commission said Morsi won with 51.7 per cent of the vote versus 48.3 per cent for Ahmed Shafiq, who was the last prime minister under deposed leader Hosni Mubarak. More than 26 million people voted, with about 800,000 ballots invalidated.

Egyptian-Canadian activist Ahmad Shokr, who purposely spoiled his ballot, said the real question now is “how much power will this newly-elected president have?”…

Henry Fuseli. The Nightmare. 1781.—Al Jazeera is reporting that The results were initially delayed following victory claims by both candidates that have sparked tensions between the rival camps. Thus, thousands took to the streets in protest as both presidential candidates declared victory early in the week, only to have their battle overshadowed by the announcement by Egyptian state media that Mubarak was “clinically dead.” Those reports were later denied, with the official word of the 30-year ruler being on life support, according to the Huffington Post.

However, this new regime will, predictably, be more atrocious than the previous regime, as far as international affairs go. It may just speed up a global spillover of the Israel conflicts.Read More:http://www.martinezreport.com/2012/06/24/muslim-brotherhood-takes-egypt/#more-304

…Just one week ago, at the moment polls were closing in the runoff election, the ruling generals issued constitutional amendments that stripped the president’s office of most of its major powers. They made themselves the final arbiters over the most pressing issues such as writing the constitution, legislating, passing the state budget, and granted military police broad powers to detain civilians.

A few days before that constitutional declaration, a court dissolved the freely elected parliament, which is dominated by the Muslim Brotherhood.

Robert Frank photo.—Ahead of the announcement of the presidential poll outcome, Egypt’s bourse rallied while Gulf markets slipped as investors cut risk amid weak global cues.
Cairo’s main index rose 3.3 percent, up from Thursday’s five-month low, as institutional investors bet the country will enter a period of relative stability once the winner takes office.
The index had lost almost 10 percent of its value since the president runoff vote took place on June 16-17.
Read more: http://www.dailystar.com.lb/Business/Middle-East/2012/Jun-25/178033-egypt-up-from-five-month-low-as-vote-result-announced.ashx#ixzz1ylyia5QF
(The Daily Star :: Lebanon News :: http://www.dailystar.com.lb)


…”Key areas of state policy remain in the hands of the generals,” Shokr said. “The political arm of the Muslim Brotherhood rejected [those moves] and I hope that they will honour what they said and they’ll continue to build concensus with other groups and decide together the shape of Egypt’s new civlian democracy.” …The White House issued a statement through press secretary Jay Carney congratulating Morsi on his victory. The statement emphasized the importance of recognizing the democratic rights of all Egyptians:

“We believe in the importance of the new Egyptian government upholding universal values, and respecting the rights of all Egyptian citizens — including women and religious minorities such as Coptic Christians.

We believe it is essential for the Egyptian government to continue to fulfill Egypt’s role as a pillar of regional peace, security and stability.”

—Muslim Brothers Win Egypt, Just Like Obama Wanted
Muslim Brotherhood candidate declared the official winner with 13.2 million votes in second round.
The group that spawned al Qaeda wins Egypt’s President. Hey they are just a largely secular terror group, that Mubrack had kept in check for decades.
Morsi picked up 13.2 million votes out of just over 26 million, giving him about 51 per cent of the vote in the runoff round.
His competitor, Ahmed Shafiq, the final prime minister under Hosni Mubarak, received 12.3 million votes.
More than 800,000 ballots were invalidated.
Farouq Sultan, the head of the election commission, delivered a long speech before announcing the results in which he defended the body’s “independence and integrity” amidst what he called meddling by unnamed political factions.—Read More:http://tarpon.wordpress.com/2012/06/24/muslim-brothers-win-egypt-just-like-obama-wanted/

…Many women’s rights activists are especially worried. Dalia Ziada, a Cairo women’s advocate, told CBC News on Sunday that she was “very sad” about Morsi’s win. Ziada had recently been in a meeting with representatives in Morsi’s campaign and she is concerned the regime will “try to take actions against people, against human rights and freedoms, by claiming those are orders from God.”

“We were speaking with them, with how they see human rights, women’s rights,” Ziada said. “They said ‘we see them according to Sharia’ … and they insisted on speaking on women in biological [terms], not in economic or political terms.” …A massive crowd of Morsi supporters in Cairo’s Tahrir Square erupted in jubilation, dancing when the result was read out on live television.

In Israel, the office of Prime Minister Benjamin Netanyahu put out a cautious statement saying that Israel “appreciates the democratic process in Egypt and respects the results of the presidential elections.”

According to The Jerusalem Post, the statement said Israel “looks forward to continuing cooperation with the Egyptian government on the basis of the peace treaty between the two countries, which is a joint interest of both peoples and contributes to regional stability.”

Over in Gaza City, thousands of people are celebrating in the streets with gunmen firing automatic weapons in the air, and mosque loudspeakers blaring prayers. People are handing out candy on street corners. Gaza is ruled by the Islamic group Hamas, a local offshoot of the Muslim Brotherhood that draws inspiration from the Egyptian organization.

—-High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/8202f766-aa44-11e1-8b9d-00144feabdc0.html#ixzz1yltccaYD
“There are probably a lot of hedgies sitting on a knife edge,” says Gabriel Sterne of Exotix, the frontier-markets investment bank. “It has been an incredible ride, and that bond has been one of the most interesting bonds in the whole world over the past year.”
The bond is now yielding just over 39 per cent, in illiquid trading, Bloomberg data shows. It is trading at E£0.96, up from a low of E£0.88 in late February.
Those watching the performance of Egyptian sovereign debt say devaluation of the Egyptian pound is the greatest risk to those purchasing government paper, which was sold at an average yield of 14.39 per cent for three-month debt in a recent auction. Borrowing costs for the Egyptian government have risen about 50 per cent since January 2011. —Read More:http://www.ft.com/intl/cms/s/0/8202f766-aa44-11e1-8b9d-00144feabdc0.html#axzz1ylsUMcoW

…Hamas Prime Minister Ismail Haniyeh phoned Morsi to congratulate him on becoming Egypt’s first Islamist president.

“This is a victory for all Arabs and Muslims, and this is God’s promise to his believers,” the Hamas leader said to the newly elected president.

The announcement puts an end to uncertainty about who is the official winner but promises no resolution to the power struggles between Islamists, the military and other factions in the country.

—So not only did Obama rush out a congratulatory statement just minutes after Muslim Brotherhood’s Mohamed Morsi was declared the winner of Egypt’s presidential election, but he even got a special phone call from Obama after yet another round of golf to congratulate him! On top of that, he even said to Morsi that the US will stand with Egypt. Obama even called the Muslim Brotherhood candidate’s victory a “milestone” for democracy. Why am I getting flashbacks to the 1970s when Iranians overthrew the Shah and the Ayatollah rose to power?—Read More:http://www.fireandreamitchell.com/

Many Egyptians have rallied behind Morsi as a chance to finally rid the country of the old Mubarak regime, while others support Shafiq as the best bet to counter Islamists and restore order after a year of protests, economic hardship, and fear about crime and continued instability.

But there is little hope that the results will produce an end to 16 months of political turmoil. A Morsi victory will likely see the new civilian government fight for its authority against a military that has ensured that its powers persist past the transition. Read More:http://www.cbc.ca/news/world/story/2012/06/24/egypt-election-results.html

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