Some people say the world is ending in 2012.. and I’m starting to get concerned that it’s coming true. With this craziness in Egypt, Australia, and other parts of the world hopefully it won’t slowly head towards the US. To start, banks were and are still closed. Horrible timing for workers, since this is the last two weeks of the month which is when most workers get paid. With no money, civilians can not afford food which is adding an edge of desperation to the protest. Even though some are losing a meal a day, any are saying they’d, “rather live hungry than die in fear.” American and international companies, like Coca-Cola, General Motors and German owned Volkswagen are closing plants and pulling workers out of Egypt.
Between curfews, checkpoints of armed civilians and fears of looting, transportation has emerged as a major problem. Many distributors of major companies are not letting their trucks nationwide on the road. As I watch CNBC, many importers in the Suez Canal are avoiding Egyptian ports at all costs. Tourists are flying away leading the capital to fly away as well. With that said, the stock market’s been down 17% since Jan 24.
As of last night, there has been a start to a more peaceful protest. The six day old uprising has entered a new stage when an Egyptian uniformed spokesperson declared on government television it will not use force on protesters. Meanwhile one of Mubarak’s trusted adviser offered to talk with opposition. Because of those statements and the weakened economy, Mubarak’s tightened grip over the country is slowly loosening.
Many Americans take freedom for granted. Free elections, is the main demand Egyptians want with the departure of Mubarak. Facebook, a social networking site where opinions are stated, had a big part of this protest in Egypt. Young political organizations called on the network for a day of protest which was inspired by an outlash of other Arabs in Tunisia. The thought that what you say can be censored by the government is un-imaginable to any one in the US so it is positive to see civilians in Egypt are finally taking a stand to get Mubarak out of their country’s government, let’s just hope it stays as peaceful as possible.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.