“Don’t fight the Fed.”
“Nations, like individuals, cannot become desperate gamblers with impunity. Punishment is sure to overtake them sooner or later.”
—Charles MacKay, Extraordinary Popular Delusions and the Madness of Crowds
On the evening of Thursday, November 22, 2012, Egyptian President Mohammed Morsi granted himself sweeping new powers.1 The announcement was made at the start of the traditional Egyptian weekend but that did not prevent immediate protests to the President’s actions. It was immediately clear that although large segments of the Egyptian populace would reject the presidential decree, many would also support it. On Sunday, November 25, 2012—the first day the Egyptian markets were open after ...