Egyptian Stocks Plunge 9.6% As 'Islamofascism' Rises; Clashes Escalate

Tyler Durden's picture

Egyptian stocks cliff-dived by their most since the Arab Spring in January 2011 as Morsi's reach-for-omnipotence sends concerned ripples through the nation that they have replaced 'military fascism' with so-called 'islamofascism'. Tensions are rising once again in Tahrir Square, but as Russia Today notes in this clip, the new regime is somewhat more heavy-handed than the previous one in its control of protesters. Critically, the Musilm Brotherhood's opposition forces, who have been quite divided recently, are joining to fight the common enemy as clashes between pro-Morsi and anti-Morsi forces are erupting. Perhaps just as worrisome as the social unrest is the fact that Egypt's Stock Exchange Director Said Hisham Tawfiq fears "Egypt announces bankruptcy within 3 months in the case of the continuation of the current situation," though we note Egypt CDS are near 16-month lows.

The EGX50 dropped a massive 9.5% today as markets are stunned my Morsi's move...


and from Russia Today:

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
virgilcaine's picture

I believe the Morsi regime forgot to tell the Mubarak holdovers they were in charge. Could be a problem.

shovelhead's picture

Jeez. (pbuh)

I always thought the Muslim Brotherhood was a civic organization like the Kiwanis Club.

Only with beards and multi-pocketed vests instead of lapel pins.

Bansters-in-my- feces's picture

me too.

Treason Season's picture

Godspeed Egyptians, you've got the fight of your lives on the line.

john39's picture

we all do...  the Egyptian people however appear to be more aware of what is really going on than most Americans...  global fascism... fight now people or its lights out for humanity for a long time.

resurger's picture

Yo John, whats with the decree? People want Bread, Freedom etc .. i mean things were okay since he was elected, what happened out of a sudden?

TrulyBelieving's picture

The Egyptians vote for Muslim Brotherhhod, Americans vote for Barak Hussein Obama, Looks to me both equally unaware.

lakecity55's picture

well, both voted for the same party. at least it's consistent.

resurger's picture

Am Anti-Pro guy!

robobbob's picture

what you are watching islamo-FASCISTS fighting against islamo-SOCIALISTS.

There are no good guys here, unless you support the global socialist movement, aka the NWO.


lakecity55's picture

Great to see Hitlery's and O'Twinkie's plan to get rid of Hosni is working out so well and the ME is more stable.

lakecity55's picture

Banzai, how about some art with O'Twinkie wearing a ballerina outfit and doing something with twinkies......

yogibear's picture

How's that 30 plus year US policy on Egypt working out? Next, other middle eastern countries will be kicking out US embassies.  

As US debt keeps climbing with no debt ceiling it will loose both military and economic power.

As Russia and China know the way to take the US down is not militarily but economically. Let the US bankrupt itself and owe more money than it can ever pay back.

Let the debt Junkie US die of it's own consumption. 

falak pema's picture

BI has a better one : Morsillini...its a new form of islamic fettucini. 

Glass Seagull's picture

Obviously a direct by-product of Hurricane Sandy.

Frastric's picture

This is what happens when the people revolt without a plan; the fascists return to power.

Different guise, same tyranny.

nmewn's picture

Sooo, is Dictator for Life Morsi gonna tear down those "pagan pyramids" or not?

"Accordingly, while many Egyptians--Muslims and non-Muslims alike--see themselves as Egyptians, Islamists have no national identity, identifying only with Islam's "culture," based on the "sunna" of the prophet and Islam's language, Arabic. This sentiment was clearly reflected when the former Leader of the Muslim Brotherhood, Muhammad Akef, declared "the hell with Egypt," indicating that the interests of his country are secondary to Islam's.

It is further telling that such calls are being made now--immediately after a Muslim Brotherhood member became Egypt's president. In fact, the same reports discussing the call to demolish the last of the Seven Wonders of the Word, also note that Egyptian Salafis are calling on Morsi to banish all Shias and Baha'is from Egypt."

Maghreb's picture

They already took the outer layer of the pyramids to build cairo thousand years or so ago. Its a political move really.  Pharaoh represents everything they (and people at zero hedge) hate. Man who usurped god and nature, destroyed the freedom of others and set the people to work on massive time wasting vanity monuments. His central banker was also a guy named Joseph.....

 Joseph collected all the money that was to be found in Egypt and Canaan in payment for the grain they were buying, and he brought it to Pharaoh’s palace.  When the money of the people of Egypt and Canaan was gone, all Egypt came to Joseph and said, “Give us food. Why should we die before your eyes? Our money is all gone.”

 “Then bring your livestock,” said Joseph. “I will sell you food in exchange for your livestock, since your money is gone.”  So they brought their livestock to Joseph, and he gave them food in exchange for their horses, their sheep and goats, their cattle and donkeys. And he brought them through that year with food in exchange for all their livestock.

Ring any bells?

I'm not for knocking down the pyramids but they are a symbol of something very very frightening. If Mursi is who they say he is they will never do it though. Theres a reason why that symbol is on the U.S federal reserve notes.


DosZap's picture

Ring any bells?

Sure, if Joseph had not taken over, ALL of them would have perished, your point?.

Maghreb's picture

Thats what they all say..........

nmewn's picture

"Pharaoh represents everything they (and people at zero hedge) hate."

Oh, I don't know about that. There aren't that many fanatics at the Hedge, they're just usually the loudest sometimes. I think what we all search for here is knowledge & truth.

The most recent notable destruction of a historical landmark was carried out by the Taliban, that is, also Islamofascist...the Buddhas of Bamiyan. The Martand Sun Temple in India 15th century met a similiar fate.

There is nothing frightening about history, archeology and knowledge. The only scary thing is we (in the present) never seem to learn anything from it.

Maghreb's picture

Put it this way. The equivalent of 20,000 workers working for 10 years in 2500BC (popest at 25 million) is somewhere around 6,000,000 people working today for 10 years (pop est 7 billion). It was and still is the mother of all vanity projects. I doubt anyone has ever employed that many people on something that is completely fucking useless to those who build it. Shit atleast the Temple of Israel doubled as a palace. Its the same logic as removing every statue of Stalin from Russia or how Stalin wiped out the memory of the Czar or how that emperor with the Teracotta army destroyed every monastery that came before him. He controls the present controls the past etc.

I dislike the hardliners fucking up other peoples stuff too. Its mainly a political move to piss off the west and assert their authority. They went through Egypt already and took the faces of lots and lots of statues. Shit they even knocked down almost all of Mecca and replaced it with air conditioned malls. They don't want people looking to the past, no more Pharaoh's. 

In the case of the pyramid they actually have no reason to knock it down. Nothing un-islamic about a megalithic structure. I hope they don't but in the end thats the way things go. Best thing they could do is erect their own fuck off rock formation with

"My name is Ozymandias, king of kings:
Look on my works, ye Mighty, and despair!"
Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare
The lone and level sands stretch far away. 


nmewn's picture

They're doing the same thing in Timbuktu (Mali) as well, against the Sufi...which I suppose could be considered Protestant to their view of Islam.

To your other point though, I may not pray to or through "idols" or structures either, but I'm not about destroying them and those who found solace, peace and wisdom through them and then claiming it and they never existed...which seems to be their modus operandi.

That would be a lie/deceit...a definition of evil.

knukles's picture

Really shouldn't piss off the Nephelium.

QuietCorday's picture

My understanding of this is that it comes from a deep animosity towards the evidence of the weakness of their creed in the light of past creeds, pagan or otherwise, or the fact there never was a civilisation to start with.

The pyramids, as did the Buddhas of Bamiyan or the famous irrigation systems of Afghanistan, remind the Salafist-minded that they cannot create what was once created by pagans or earlier (non-Salafist) Muslims, and this simply will not do -- because, for them, their creed of Islam is the truth, the perfection. It simply cannot be that others have achieved more than they are able to, and they did so hundreds or thousands of years previously, because that suggests their creed was superior to the Salafists. So they just destroy the evidence.

You see it a lot in the near obsessive Wahhabi desire to destroy Ottoman cemeteries. They simply cannot cope with the notion that muslims of another creed and race had the greatest and longest-lasting Islamic empire.  

Again, the thing with Salafism, or moreover Wahhabism, is that it advocates a kind of permanent present (albeit one where that present is sometime in the seventh century, but with cars). The desire to eradicate all evidence of the past is extraordinary: they are very busy destroying anything of historical interest in Saudi Arabia, for example.

I think, tbh, that the adoption of harsh Islamist creeds in the ME, Asian Subcontinent and Africa is making their societies and communities implode. And it is worth remembering that "Islamism", and Wahhabism, is really rather young. At most, you can argue Wahhabism dates from the late 18th century, and this Islamism is -- what? -- a 100 years old, if that?

To be blunt, they don't hate the West for our freedoms, they hate us for our successes, our inventions, our creations, because each one of those negates their creed. 


nah's picture

people still vote for this shit

lolmao500's picture

And how do we buy Egyptian CDS??

lolmao500's picture

Goldman Sachs? LOL! They wouldn't give me Blythe on the phone! I wanted to hear that witch's voice... to make sure I had the good one in my nightmares.

falak pema's picture

IF Morsi is "islamofascism's" face AND best friend of USA, for signal services, (unknown), in current Gaza cease fire, what does this tell us about what Pax Americana's other political trump card IS in ME, (apart from staunch friend Israel)?

You only have one guess to 64000 USD question. 

think : the enemy of my enemy is thus my friend... If my enemy is shia IRan, and his enemy is sunni islam... well two and two...

What happened to that Taliban/Ben LAden devil in the wood pile?

In confused, at least I would be if I hadn't read H; not the H of the 10 best face/butt lifts of holywood queens; but the other one.  Not that I dislike natural faces...Call me Morsillini. 

cristo's picture


americanspirit's picture

Kinda makes you wonder when these poor bastards being gassed by the police are gonna realize that one glass bottle of ammonia taped to one glass bottle of bleach and then tossed in the middle of the nearest Darth Vader cluster would be a mighty effective counter-punch. Thrown from an upwind position, of course.

Demonstrator stopped by police - "What? This bottle of gasoline with a rag around the neck? Er, uh, no really I wasn't planning on doing anything."

Demonstrator stopped with a bag with groceries and a bottle of ammonia and a bottle of bleach " Who, me? Just heading home to do a little cleaning."

JR's picture

Alas, Zionists long for the old days in an efficient Egypt: the Mubarak family skimming billions for personal use from U.S. aid, delivering poverty for the Egyptian people, delivering peace with Israel (allowing expansion for the Israelis and prison for the Gazans), cracking down on any political dissent and keeping all other Arab countries away from the Middle East conflict.

Israeli policies have dominated the U.S. in the Middle East, and Mubarak was paid to keep the Arab world at bay.

Before Morsi, the military controlled Egypt and was destined to continue to act in U.S. interests.

Morsi, too, was to be controlled by the military, with help from the judiciary - a judiciary already beginning to dissolve an elected Parliament.  If Morsi was to bring Egypt into eventual free elections, without military control, temporarily keeping the judges out of it this seems to be his purpose.

How quickly the Zionists win over "market watchers" and the "peace" and "efficiency" lovers. Morsi and the Muslim Brotherhood overthrew a tyrant. Morsi brokered a ceasefire and emerged a powerful force for peace in a region on fire.

This Egyptian revolution isn't over...but already the Zionists want to spin its direction.

JR's picture

Egypt, for years, has been a fascist state and empowered by Washington to run Arab interference for problems created by Israel. Now, there’s a powerful new broker in the region, Morsi.

One man, Morsi, stepped into the Gaza affair with a power to negotiate like no other. The details of the peace agreement tell the story of just how significant Egypt’s role has become. Few U.S. media outlets have the details, so one must turn elsewhere. Here’s Richard Falk, the United Nations Special Rapporteur on Palestinian human rights, outlining the significance of the ceasefire agreement brokered by Morsi and the weaknesses that have come to Israel.


Putting aside the precariousness of the current situation and the accompanying uncertainties, it still seems useful to look at the process by which the ceasefire was brought about, how this sheds light on the changing dynamics of the conflict itself, as well on some underlying shifts in the regional and global balances of forces.

First of all, the role and outlook of the Arab governments was far more pro-active than in the past interludes of intensified Israel/Palestine violence. During the just-concluded attacks, several prominent foreign ministers from the region visited Gaza and were received by the Hamas governing authorities, thus undermining the longstanding Israeli effort to isolate Hamas and exclude it from participation in diplomacy. Egypt played the critical role in brokering the agreement, and despite the Muslim Brotherhood affiliation of its leaders. Mohammed Morsi, the Egyptian President, emerged as the key diplomatic figure, widely praised by the West for his "pragmatism", which can be understood as meaning his capacity to address the concerns of both sides without intruding his own pro-Palestinian outlook. Indeed, such a brokered agreement inverted what the Americans have brought to the table in past negotiations, a pretension of balance, a reality of partisanship.

Secondly, the text of the agreement implicitly acknowledged Hamas as the governing authority of Gaza, and thereby gives it, at least temporarily, a greatly enhanced status among Palestinians, regionally, and internationally. Its claim to be a legitimate representative of the Palestinian people has now become plausible, making Hamas a political actor that has for the moment been brought in from the terrorist cold. While Hamas remains formally "a terrorist organisation" in the eyes of Israel, the United States, and Europe, throughout this just-concluded feverish effort to impose a ceasefire on the conflict, Hamas was treated as "a political actor" with sovereign authority to speak for the people in Gaza. Such a move represents a potential sea change, depending on whether there is an effort to build on the momentum achieved or a return to the futile Israeli/US policy of excluding Hamas from diplomatic channels by insisting that it be classified as a terrorist organisation. Correspondingly, the Palestinian Authority, and its leader, Mahmoud Abbas, have been awkwardly sidelined, overshadowed, and made to appear irrelevant in the midst of this latest terrible ordeal affecting the Palestinian people.

Thirdly, Israel accepted as integral conditions of the ceasefire two sets of obligations toward the people of Gaza that it would never have agreed to before it launched its Pillar of Defence operation: (1) agreeing not to engage in "incursions and targeting of individuals" and (2) agreeing to meet to arrange for the "opening the crossings and facilitating the movements of people and the transfer of goods, and refraining from restricting residents free movement, and targeting residents in border areas". If implemented by Israel, this means the end of targeted assassinations and the lifting of the blockade that has tormented Gaza for more than five years. These are major setbacks for the Israeli policy. The political acceptance by Tel Aviv of a prohibition on targeted assassinations, if respected, renounces a favourite tactic of Israeli governments for many years, which although generally regarded as illegal was still practiced by Israel with impunity. Indeed, the most dramatic precipitating event in the recent controversial unfolding crisis timeline was the killing of Ahmed Jabari on November 14, a military/political leader of Hamas, who at the very time was negotiating a truce relating to cross-border violence.

Fourthly, the role of the United States, while still significant, was considerably downsized by these other factors, especially the need to allow Egypt to play the main role as arbiter. This suggests a regionalisation of diplomacy that diminishes the importance and seriously erodes the legitimacy of extra-regional interference. This is bad news for the Israelis. Turkey, also now a sharp critic of Israel, as well as Egypt played a significant role in defusing the escalating crisis. There exists a revealing gap between the US insistence all along that Israel's use of force was fully justified because every country has the right to defend itself and the ceasefire text that placed restrictions on future violence as applicable to both sides. After the ceasefire, the United States must make a defining choice: Either continue its role as Israel's unconditional enabler or adopt a more "pragmatic" approach to the conflict in the manner of Morsi. If it remains primarily an enabler, its diplomatic role is likely to diminish rapidly, but if it should adopt a balanced approach, it might still be able to take the lead in establishing a real peace process that considers the rights of both sides under international law. To make such a shift credible, President Obama would have to make a major speech to the American people explaining why it is necessary to choose between partisanship and diplomacy in reshaping its future relationship to the conflict. However sensible such a shift would be both for American foreign policy but also for the stability of the region, it is highly unlikely to happen. There is nothing in Obama's resume that suggests a willingness to go to the people to circumvent a dysfunctional outlook in the US Congress.

Fifthly, the United Nations was made to seem almost irrelevant, despite the presence of the Secretary General in the region during the diplomatic endgame. Ban Ki Moon did not help matters by seeming to echo the sentiments coming from Washington, calling attention almost exclusively to Israeli defensive rights. The UN could provide more neutral auspices for future negotiations if it were to disentangle itself from Western geopolitics. To do this would require withdrawing from participation in the Quartet, and pledging a commitment to a sustaining and just peace for both peoples. As with United States, it is highly unlikely that the UN would make such a move, at least not without permission from Washington. As with Obama, there is nothing in the performance of Ban Ki Moon as Secretary General that suggests the willingness and capacity to act independently when the stakes are high.

Sixthly, the immediate aftermath of the ceasefire was a call from the Gaza streets for Palestinian unity, symbolised by the presence of Palestinian Authority, Hamas, Islamic Jihad, and Popular Front for the Liberation of Palestine flags all flying in harmonious co-existence. As the New York Times commented, "a rainbow not visible here in years". If Palestinian unity holds, and becomes a practical reality, including elections throughout Occupied Palestine, it may turn out that the ceasefire is more than a temporary tense truce, but is a new beginning in the long march toward Palestinian justice.

Monedas's picture

And CNN is trying to spin a Hamas victory !  Muslim world in flames !  LOL 

JR's picture

The attempts to label Morsi’s action as fascism conveniently refuse to provide context and background for the accusation.

Specifically, the new Egyptian parliament, admittedly with a large presence of Muslim Brotherhood members, was writing a new constitution as ordered. But the judiciary, many members coming from the Mubarak government, was beginning to dissolve the parliament and stop the writing of the constitution.

This today from Reuters:

AIRO, Nov 25 (Reuters) - The Egyptian presidency said on Sunday it was committed to engaging "all political forces" to reach common ground on the constitution and stressed the "temporary nature" of a decree expanding President Mohamed Mursi's powers.

"This declaration is deemed necessary in order to hold accountable those responsible for the corruption as well as other crimes during the previous regime and the transitional period," the presidency said in a statement.

Facing a storm of protest from judges and political opponents who accuse Mursi of turning into a new dictator, the presidency said the decree was "not meant to concentrate powers", but to devolve them. It aimed to avoid the politicisation of the judiciary, the statement said.

It also aimed to "abort any attempt" to dissolve either the body writing Egypt's constitution or the upper house of parliament, both of them dominated by Islamists allied to Mursi, the statement added.

"The presidency stresses its firm commitment to engage all political forces in the inclusive democratic dialogue to reach a common ground and bridge the gap in order to reach a national consensus on the constitution," it added.

Monedas's picture

Irish Muslims .... double down on dumb !

Fix It Again Timmy's picture

Morsi's a "muzzle-'em"; probably won't work out very well...

JR's picture

Barack Obama was a loser in the Gaza wars…enthusiastically backing a military power seen throughout the world as killing defenseless civilians, many of them children, and then allowing Egypt to assume the role as honest broker in stopping the killing.

The “honest broker” label hasn’t been possible for a U.S. president since the Clinton Administration. For is was Bill Clinton who decided to staff most all major U.S. Administration positions dealing with the Middle East with pro-Israel people.

The rabbi of “Adath Yisrael” synagogue in Cleveland Park, Washington, in 1994 gave the Clinton Administration credit for appointing Jews almost exclusively "to participate in political work concerning the Middle East."

For the first time in American history", the rabbi said, "we no longer feel that we live in diaspora. The U.S. has no longer a government of Goyim [Gentiles], but an administration in which the Jews are full partners in the decision making at all levels.”

Said the rabbi, describing how Jews “have reached posts that are extremely sensitive for the U.S. policies,” participating in top secret President's Daily Briefings with senior officers of the American intelligence community, “The picture has now totally changed and not only about the Middle East.”

And speaking of Bill, who else but U.S. Secretary of State Hillary Rodham Clinton did Obama send as 'peace" broker to meet with Israeli Prime Minister Benjamin Netanyahu in Jerusalem, and then senior officials of the Palestinian government in the West Bank before heading to Cairo to meet with Egyptian leaders?


Monedas's picture

Israeli precisionbombing was too sterile .... left me hungry for more action .... like Syrians bombing childrens cancer hospitals !  LOL

Monedas's picture

How are my Egyptian gold mining stocks doing ?  LOL

Christianarchist's picture

Big Bald Bob once said, (yes, the wisdom is as earthy as the nickname) and I quote, "ahh the cycles of history. The hubris grows, pop goes the weasel, God makes His presence known, and WE try and explain it away...". This ain't the first time this shit has happened, just the first time for us.

Monedas's picture

I'm an optimist .... I believe the "best" wars are yet to come .... ya gotta believe in sumthin' !

Monedas's picture

Gaza economy 50% donor based .... the rest is fractional reserve terror industry !  LOL

D-liverSil-ver's picture

Stock Market? Egypt doesn't have a Stock Market.... Back to the Future, 2015