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Generational Dynamics Web Log for 22-Nov-2011
22-Nov-11 World View -- Egypt under threat from 'Second Revolution' mass protest

Web Log - November, 2011

22-Nov-11 World View -- Egypt under threat from 'Second Revolution' mass protest

The 'last days of the euro'

This morning's key headlines from GenerationalDynamics.com.

* Egypt's 'Second Revolution' mass protest threatens next week's election
* Political parties call for 'million man protest' on Tuesday
* Unrest may hasten Egypt's currency crisis
* The 'last days of the euro'
* Missing MF Global customer money doubles to $1.2 billion
* Jordan’s King Abdullah II pays unannounced visit to West Bank
* More than a dozen CIA spies caught in Lebanon and Iran
* Turkey/Syria relations deteriorate even further after attack on pilgrims

Egypt's 'Second Revolution' mass protest threatens next week's election

Tahrir Square on Monday night, a scene starkly reminiscent of last January's uprising (Reuters)

Tahrir Square on Monday night, a scene starkly reminiscent of last January's uprising (Reuters)

Tens of thousands of mostly youthful protesters poured into Tahrir Square in Cairo Egypt on Monday, with the number growing as the evening wore on. It was the biggest crowd since the January protests that forced Hosni Mubarak to step down. Protesters are calling this the "Second Revolution," because they now want the Supreme Council of the Armed Forces (SCAF) to "return to their barracks," and turn the job of governing over to civilians. However, street fights with security forces have killed 30 protesters and wounded more than 1,200, leading the entire civilian government to resign in protest. Egypt's first parliamentary election in living memory is scheduled for next week, but if the chaos continues then it may be necessary to cancel the election, leaving the army in full control. Bloomberg

Political parties call for 'million man protest' on Tuesday

Egypt's political parties and movements -- liberal, Islamist and leftist -- met on Monday to discuss the reaction to the latest round of violence. The Muslim Brotherhood's Freedom and Justice Party issued a statement saying, "The SCAF is fully responsible for what has happened in Tahrir Square," and demanded the prosecution of all police officers involved in killing protesters. Some 37 political parties, led by the Revolutionary Youth Coalition (RYC) called for a million-man protest in Tahrir Square on Tuesday to demand presidential elections by April, 2012. Al-Ahram

Unrest may hasten Egypt's currency crisis

Pressure on the Egyptian pound has been growing since the overthrow of Hosni Mubarak. Egypt's net foreign reserves have tumbled from around US$36 billion at the start of the year to $22.1 billion in October. Reserves sank $1.93 billion last month, the biggest drop since April. The ouster of Mubarak has caused an exodus of foreign investors and tourists, and the new violence is likely to make things worse. Some traders think the market could panic, with expectations for currency depreciation causing bigger fund outflows that overwhelm the central bank. Al-Ahram

The 'last days of the euro'

Statue of girl holding the Euro symbol in front of the European Parliament building (Getty)

Statue of girl holding the Euro symbol in front of the European Parliament building (Getty)

A report by Credit Suisse economists warned that EU leaders need to act by mid-January if they intend to save the euro. In a report titled The “Last Days” of the Euro, economists with Credit Suisse’s Fixed Income Research team warned that markets are no longer able to tolerate the foot dragging that EU leaders have demonstrated in the past year. They said action is needed now, or the monetary union is finished. "We seem to have entered the last days of the euro as we currently know it. The fate of the euro is about to be decided." Financial Post

Missing MF Global customer money doubles to $1.2 billion

MF Global Inc.’s shortfall in supposedly segregated customer accounts may exceed $1.2 billion, more than double what was previously expected. There is suspicion that customer funds were illegally commingled with company funds, and that both were lost because of bets that the European fiscal crisis would end quickly, resulting in bankruptcy. Former New Jersey Governor Jon Corzine, who ran the failed brokerage and hedge fund firm, is under investigation. Bloomberg

Jordan’s King Abdullah II pays unannounced visit to West Bank

Jordan’s King Abdullah II arrived Monday in the West Bank for an unannounced visit, his first in more than 10 years. His purpose was to convince Palestinian Authority President Mahmoud Abbas to resume "peace process" negotiations with Israel. Abbas said he was ready to resume negotiations with Israel once it stopped building settlements in the West Bank and East Jerusalem and accepted the international guidelines for negotiations, but added that he does not see any “prospect that negotiations will resume any time soon.” Israel has stated that it will not stop building settlements. This situation is no different from the financial stalemates in Washington and Brussels. All of these governments are completely paralyzed, and that won't change until a major existential crisis (financial crisis or world war) strikes these nations. LA Times

More than a dozen CIA spies caught in Lebanon and Iran

In what some analysts are calling a disaster, more than a dozen spies working for the CIA in Iran and Lebanon have been caught, and the U.S. government fears they will be or have been executed. The spies were paid informants recruited by the CIA for two distinct espionage rings targeting Iran and the Lebanon-based Hezbollah terror organization. Some former intelligence experts are blaming the situation on sloppy intelligence work. The spies would repeatedly meet at the same Pizza Hut in Beirut, and once Hizbollah had discovered this, they were able to identify all the agents. ABC News

Turkey/Syria relations deteriorate even further after attack on pilgrims

A convoy of buses carrying Turkish pilgrims from Saudi Arabia back to Turkey were attacked by Syrian soldiers as they passed through Syria. One pilgrim and the bus driver were wounded by gunfire that left numerous holes in the buses. Turkey's President Abdullah Gül played down the incident, and Prime Minister Recep Tayyip Erdogan has not yet commented on it. Turkey's government is increasingly torn between those who want Turkey's army to prevent further bloodshed in Syria, versus those who believe it would be dangerous for Turkey to get involved. Zaman (Istanbul)

(Comments: For reader comments, questions and discussion, see the 22-Nov-11 World View -- Egypt under threat from 'Second Revolution' mass protest thread of the Generational Dynamics forum. Comments may be posted anonymously.) (22-Nov-2011) Permanent Link
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Generational Dynamics Web Log for 22-Nov-2011 22-Nov-11 World View -- Egypt under threat from 'Second Revolution' mass protest

Egypt's 'Second Revolution' mass protest threatens next week's election

Political parties call for 'million man protest' on Tuesday

Unrest may hasten Egypt's currency crisis

The 'last days of the euro'

Missing MF Global customer money doubles to $1.2 billion

Jordan’s King Abdullah II pays unannounced visit to West Bank

More than a dozen CIA spies caught in Lebanon and Iran

Turkey/Syria relations deteriorate even further after attack on pilgrims

Web Log Pages

Generational Dynamics Web Log for 22-Nov-2011
22-Nov-11 World View -- Egypt under threat from 'Second Revolution' mass protest