“This has become a gang war, a street battle”

All hell is now breaking out across Egypt as Political Islam – in the form of the Muslim Brotherhood – reasserts itself.

Under Hosni Mubarak’s rule (1981 to 2011), the MB was marginalized as the dictator sought his fortunes as the leader of a more secular nation with which the West could “do business.” His ouster in 2011 was, in part, a response to the corruption of his stifling regime but in the power vacuum of the overthrow’s aftermath, only the Brotherhood was in a real position to capitalize and win the elections that followed.

But their candidate, Mohamed Morsi, overplayed his hand upon being elected – one of his first acts was to abolish all dissent against his regime. Here’s TIME magazine, in an otherwise flattering portrait of Morsi, from November of 2012:

The most popular joke in Egypt these days is that Morsi has done the impossible: he has united the opposition.

Morsi achieved that by issuing an emergency decree on Nov. 22 appropriating for himself sweeping new powers, including immunity for his decisions from judicial challenge. The President insists his decree is a temporary measure designed to prevent politically motivated judges from undermining the process of creating a new constitution. But to critics, one particular provision, giving him “power to take all necessary measures” against threats to national security and to last year’s revolution, smells of dictatorship. Mohamed ElBaradei, the Nobel Peace laureate and liberal politician, dubbed Morsi the new pharaoh.

Last Sunday, June 30th, millions of Egyptians took to the streets to demand the ouster of their “new pharoah”, less than two years after tossing out Mubarak after a decades-long reign. It only took four days this time around, by Wednesday July 3rd, the Egyptian military had Morsi under house arrest and the anti-Islamists had declared victory. New elections would be forthcoming, we were told, and all over the country fireworks and cheers could be seen and heard.

But of course, it was never going to be that easy.

Today’s New York Times details the bloodshed and rioting that have taken place overnight. Something tells me the worst is yet to come as the Egyptian situation devolves into yet another secularist vs fundamentalist conflict. Unfortunately, the religious hardliners usually win these things in the MENA region as they tend to be better organized and better funded – and way more zealous.

Read about it below:

Mayhem in Cairo as Morsi Backers Fight for Return (New York Times)

 

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. immediate edge reviews commented on Sep 28

    … [Trackback]

    […] Find More on to that Topic: thereformedbroker.com/2013/07/06/this-has-become-a-gang-war-a-street-battle/ […]

  2. how bitcoin evolution works commented on Sep 29

    … [Trackback]

    […] Read More Info here on that Topic: thereformedbroker.com/2013/07/06/this-has-become-a-gang-war-a-street-battle/ […]

  3. Smith and Wesson Firearms for Sale commented on Oct 14

    … [Trackback]

    […] Information on that Topic: thereformedbroker.com/2013/07/06/this-has-become-a-gang-war-a-street-battle/ […]

  4. cheap wigs commented on Jan 14

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2013/07/06/this-has-become-a-gang-war-a-street-battle/ […]

  5. cibc banking commented on Jan 26

    … [Trackback]

    […] Read More Info here on that Topic: thereformedbroker.com/2013/07/06/this-has-become-a-gang-war-a-street-battle/ […]

  6. replicas hublot watches commented on Jan 28

    … [Trackback]

    […] Read More to that Topic: thereformedbroker.com/2013/07/06/this-has-become-a-gang-war-a-street-battle/ […]