The latest word is that the protesters out on the Egyptian streets are now being met by pro-Mubarak protesters, with the situation getting more violent and confrontational. ABC News reported that protesters are actually breaking up curbs in order to get rocks for the fight.
Hard to know from my perch here what to make of all this, but one thing was clear yesterday, and that is that the protesters completely dismissed Mubarak’s concession that he wouldn’t run for another term in September. Well, two things were clear, that and the fact that the stock market, and increasing the oil market, too, do not care what’s happening over there. Maybe this latest devolution will change their minds.
Stocks are essentially flat so far today. It’ll be interesting to see what happens, because on the one hand, you have the Fed continuously pumping money (indirectly, of course) into the stock market, and on the other hand, you have a revolt that is turning violent and spreading across the most volatile region on the planet – one that happens to have a major influence on the oil market. And the entire world runs on oil.
Here’s one thought I’ll throw out there. Haven’t seen this reported or talked about anywhere, but think about this: popular revolt is spreading across the Mideast, right? Autocratic leaders, poor living conditions, wildly rising food prices. Little opportunity to build a decent life. Is that situation confined to Egypt? The Mideast?
Think leaders in China are even a bit worried? They ought to be. Wildfires don’t respect lines on a map, know what I mean?
Interesting; that’s an understatement.
Rather than try and analyze what is at the moment utter chaos, I’ll just pass along some key links for you to mull over:
- Clashes break out in Cairo’s Tahrir Square. (Al Jazeera)
- Mohamed ElBaradei says Mubarak’s concession was “an act of deception.” (Wall Street Journal)
- Even Kudlow’s wondering if QE2 has something to do with all this. (National Review) (h/t Fritz)
- If food prices are the trigger, the turmoil may spread. (Wall Street Journal)
- The blogger at 3Arabawy has been publishing a stream of photos and Twitter updates on the Egyptian revolt.