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Egypy President Mubarak Resigns Amid Protests

February 11, 2011 by · Leave a Comment 

Article written by Learners Workshop

In a historic move, the president of Egypt stepped down as the protests got more intense. Fireworks burst over Tahrir Square and Egypt exploded with joy and tears of relief after pro-democracy protesters made President Mubarak resigns after 3 weeks of non-stop protests. Vice President Omar Suleiman made the announcement on national TV just after nightfall (Friday AM). The military will take over power.

The protests which started by a group of students and was organized over the internet, first took place on January 25, 2011 and had a larger than expected turnout. Over the next days and weeks, more protesters joined and they got the support of Muslim Brotherhood, which is an Islamic group.

Mubarak was in power for 30 years and it has been said that there was a lot of corruption in the government and election rigging that kept him in power.

The whole world now watches to see who will take power in Egypt, which may effect many things such as the peace in Middle East and relations with Israel. Mubarak was a good ally to the US and it is unknown if the new government will be the same.

President Obama had this to say today: ‘The people of Egypt have spoken,’ Obama said. ‘Their voices have been heard, and Egypt will never be the same.’

‘Egyptians have inspired us, and they’ve done so by putting the lie to the idea that justice is best gained through violence,’ Obama noted.

‘For in Egypt, it was the moral force of non-violence – not terrorism, not mindless killing – but non-violence, moral force that bent the arc of history toward justice once more,’ Obama said.

Could the turmoil in Egypt affect the U.S. economy?

February 2, 2011 by · Leave a Comment 

Rising oil prices have an effect on U.S. economic growth in two ways – direct and indirect. When gasoline prices jump, drivers feel a hit to the pocketbook every time they fill up, reducing the money available for other purchases. Additionally, products like cars and high-tech gadgets require large amounts of cheap energy to mine, transport and process the raw materials. Even small increases in oil prices have a multiplied effect on the cost of production, leading to either a higher price tag (depressing demand), or a lower profit margin (depressing stock prices and market growth).

The turmoil has already effected the US economy. Oil prices have been increasing in the past two weeks, and have topped $100. This will raise some prices and retard a portion of our economic growth. The ongoing uncertainty in Egypt has increased risk premiums on shipping insurance, and that drives up the cost of oil and gas imports as well as other cargo. And it’s not just Egypt in turmoil but much of the Middle East. A zone of instability that Washington thought was fairly stable has erupted — all near some of the world’s most important oil and gas reserves.

Secondly, unrest in Egypt has elevated anxiety about the continued operation of the Suez Canal and the Sumed Pipeline, which connect the Red Sea to the Mediterranean. The Suez Canal is a critical transit “choke point” between the Mediterranean and the Middle East and Asia for petroleum products and other types of cargo. Although there have not been indications that either of these choke points have been targeted, it remains a possibility.

Furthermore, whatever the outcome of Egypt protest, may effect relations between Egypt and US, which may in turn effect other things. At the moment, US has good relation with Egypt and can use it as a military base. The Obama administration needs to take steps to make sure they are on the good side of the new government, if a new one forms.