Terrific article looks at the specious nomenclature of bourgeois democracy
http://www.wsws.org/articles/2011/apr2011/cair-a14.shtml:
A report published recently by Barclays with the ominous title “Point of No Return,” which was dealt with in the Egyptian daily Al Ahram, reveals the real thinking of the representatives of international capital with regard to the economic situation in Egypt. One problem identified in the report is that the ongoing strike wave is primarily responsible for a decline in the productivity of Egyptian factories. A second problem is that concessions made to workers’ protests has led to higher wages. While this may be “good for workers,” it is a blow to “competitiveness,” the British bank wrote.
One reason for optimism, according to the report, is the ruling military council. Barclays praises the junta for ensuring “an orderly transition to democratic rule” and taking the “necessary” measures to “reduce uncertainties and provide clarity with regard to medium-term prospects.”
The only criticism directed towards the Military Council in the report is the decision to re-examine some of the contracts with foreign investors concluded under the Mubarak regime. This, the report concludes, sends the wrong signals regarding the future course of the Egyptian economy, despite all the declarations made in favour of a free market economy.
The report by Barclays makes clear what the international banks expect from the new Egyptian military dictatorship—the brutal repression of the Egyptian working class and a continuation of the neo-liberal policies carried out under Mubarak. The events of recent days and weeks have shown that the Military Council, led by Field Marshal Mohammed Hussein Tantawi, are more than willing to comply with the demands of big business and the banks.
