Got to get outta dodge and head home, but here’s a couple more opinions on the whole Egypt story for your evening commute.
Read Jerry Seib’s excellent take on not only what’s happening right now in Egypt, but what it means in a historical sense. He notes there have been three distinct phases to Mideast politics since the 1950s, and…
A fourth phase likely started over the weekend in Egypt. But whether the political “reform” movement in Cairo’s streets turns out to be a positive or negative turn for the region—and for the U.S.—depends much on Hosni Mubarak, Mohamed ElBaradei and, to a lesser extent, Barack Obama. If history is any guide, it may take months, if not years, to know precisely the outcome.
On that angle, Dennis Gartman, who edits and publishes the closely followed Gartman Letter, has this to say about the historic import of the day:
We’ve no idea how the current turn of events shall play out in the coming hours, days, weeks, months or perhaps even years. These are events unlike any the world has seen since the post-French Revolution Era when revolution swept across the world. When the brilliant Chinese political leader, Zhou En-Lai, was asked in the 1970’s what he thought of the French Revolution, he replied, wisely, “It is too early to tell.”
He was right. It was too early to tell even almost two hundred years after the events.
Gartman notes that the Russian Revolution of 1917 actually started in 1905 with a peasant uprising. An uprising of starving peasants. There’s that food prices angle.