I am sure that the fund managers in the City of London or New York’s Manhattan or Frankfurt’s financial distrcit are very surprised. They may even be shocked. I am quite sure that many fund managers and bankers who have helped Erdogan's government stay in power for so many years by channelling their hot money to Istanbul’s stock market are now calling their brokers in İItanbul. 

Yesterday the Guardian Council in Iran announced the names of the eight candidates for the upcoming Presidential elections. The Council is a 12-member body of theologians and jurists, appointed by the Supreme Leader and the head of Judiciary, with responsibility for vetting presidential candidates ahead of the elections, scheduled for 14^th June.

This year’s presidential race in Iran was dramatically shaken this week by the news that Ali Akbar Hashemi Rafsanjani had announced his candidacy. Although Rafsanjani has fallen out of favour with the regime in recent years, it is quite possible that his bid could be successful.

As the Syrian revolution remains locked in civil war for a third year, regional powers have begun to use the conflict as an opportunity to advance their own imperialist agendas. Syria has become a battleground for a proxy war between Iran, Israel, and the Arab states of the Gulf, especially Saudi Arabia and Qatar.

The kingdom of Saudi Arabia, one of the foremost allies of the USA in the Middle East, brutally exploits its migrant workers. The visa regime keeps the workers in a state of permanent dependency on their employers and abuses are common. At the other end of the spectrum members of the royal family, including the king himself, are among the richest people in the world with billions of dollars in wealth. This contradiction has revolutionary implications.

President Obama’s recent visit to Israel and the ‘Palestinian Territories’ has proved to be another abject failure in an obscene diplomacy being flaunted by US imperialism to end the conflict in the region. The only thing this visit brought to the fore is the sheer weakness of Obama and his policy of appeasing Zionist hawks as well as the US right. During the visit he reiterated over and over again that the USA was the best ally Israel could have and Washington would continue to support Israel come what may. In short, it was a high-profile visit by yet another US president with the same old failed message. In many ways, this visit was an endorsement for the Zionist state to continue its

In the second part of this article we take a look at the contradictions of Egyptian capitalism, which are hindering it from solving the most basic tasks that it is posed with. Only a socialist revolution can solve the tasks of the revolution. But how do we connect the struggle for socialism with the day to day struggles of the masses?

More than two years have passed since the first steps of the Egyptian revolution. At first the movement was in a state of euphoria going from victory to victory sweeping away every obstacle on its path. The mood was intense and to a degree even festive. Millions of people, oppressed for decades, flocked to Tahrir Square imbued with the sense of their own power. They felt that all problems could be overcome with the same ease as they swept aside Mubarak. They felt unstoppable, and they were right to feel so. But experience is teaching them things are not so easy.

The Syrian revolution that broke out in March 2011 was part of the wider wave of revolution that spread across the whole of the Arab world. The International Marxist Tendency supported the revolution without reservations in spite of its shortcomings. Since then, however, due to the lack of a revolutionary leadership, what was a genuine expression of the masses, has now been hijacked by reactionary elements that have a very different agenda.

Less than a year ago, “King Bibi”, as the Israeli Prime Minister Netanyahu had become known, had an almost absolute majority in the polls and all other parties, one after another, were entering into crisis. The recent elections show a very different picture: polarisation to the right and the left.

For the past year Iran has experienced a deepening crisis of capitalism, which in the last few months has spiralled into hyperinflation and devaluation of the currency. A recent trip to the country provided a perspective of the current situation within, particularly how people are dealing with the worsening conditions.

We received this request for international protests against the new labour Law being introduced in Iraq under the pressure of the IMF. It is clearly against the interests of workers in Iraq and openly defends the right of capitalists to brutally exploit the workers.

We received this report from Cairo, written last week just after the big November 27^th demonstration. While it was being written, several thousands of demonstrators were still in Tahrir Square after the big demonstration of 27^th. Hundreds of thousands had gathered in this square, the symbol of the Egyptian Revolution, shouting “Revolution”, “Oust the murshid government” (murshidis the supreme leader of the Muslim Brotherhood).

Anger was simmering on Tahrir Square yesterday as hundreds of thousands poured in to the square to protest against Egypt's President Mohammed Morsi and his ruling Muslim Brotherhood (MB). Across the square large banners were inscribed with slogans such as “The Muslim Brotherhood has stolen the revolution” and “The Muslim Brotherhood are liars”. Throughout the day a seemingly never-ending stream of marches reached the square from all over the ancient city. In size and radicalism yesterday’s protest was equalled only by those that overthrew the hated dictator Hosni Mubarak in January 2011.

Two funeral processions turned into mass protests on the streets of Egypt today. Over the last 5 days thousands of people have taken to the streets in order to protest against a decree announced by the Egyptian president, Mohammed Morsi, allowing him to rule more or less autocratically. The events have publicly displayed the true nature of the Muslim Brotherhood who once claimed to be representatives of democracy in Egypt. At the same time these events show that none of the contradictions which led to the revolution have been solved and that under the surface a new wave of revolution is being prepared.