Military takes over in Egypt

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If you haven’t heard about this by now, then you truly have been living under a rock. On Friday the 11th of February it became official as President Mubarak of Egypt stepped down and the military took over the country. This is what the hundreds of thousands of protesters wanted. They don’t want the military to be in control permanently, only until the country is ready for an actual democratic election, perhaps in 6 months to 1 year or so.

We will see how this will play out and if real elections will end up taking place. It is not a guarantee by any means because after all, this is the Middle East. The Egyptian military has been one of the largest beneficiaries of the Mubarak regime over the past 30 years and it has made many Generals quite wealthy. They may not be so happy to give up power and lose some of the perks they enjoy currently. Still, this was a historic event that can reverberate throughout the Muslim world.

If Egypt does become a real democracy, then this can be potentially very good for the Middle East and the world. At the moment, the only democracy in the Middle East is Israel, so having another one can inspire the rest of the region. There are many unknowns in Egypt right now, not the least is whether they will continue to honour their peace treaty with Israel once an election takes place. Assuming they do maintain the peace with Israel though, the impact on Middle East and global business will be massive. Between Egypt and Israel, as well as, other potential democracies that could be created in the region as a result of Egypt’s transition, the increase in trade and investment could be astounding.

This is something that the media has not really discussed throughout the recent events in Egypt. Global business, as well as, the economies of the participating countries could prove to be the largest news story and the most positive one from all of this. It is also partly the reason the protests began in the first place. Egyptians were sick and tired of the lack of business opportunity and economic troubles and wanted a better future. The real solution for that problem is extensive trade with Israel, inspiring more democracy in the region and then increasing trade with them as well.