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Welcome to “The Hangover,” Cairo edition. The widespread grass-roots protests that broke out in Egypt this spring succeeded in accomplishing what many skeptics doubted they could: ousting long-serving strongman Hosni Mubarak and ending his 30-year authoritarian rule. But now, some four months on, Egypt’s revolution is obviously on the skids.

The problems start with Egypt’s economy. Under Mr. Mubarak, Egypt’s economic fortunes were comparatively rosy, with the national gross domestic product growing an average of nearly 6 percent annually over the past three years. Today, by contrast, they are anything but rosy. Since Mr. Mubarak’s ouster in February, the Egyptian stock exchange has lost nearly a quarter of its value, prompting its chairman, Mohamed Abdel Salam, to embark upon a frantic tour of Gulf monarchies in an effort to drum up Arab investment. Tourism, the lifeblood of the Egyptian economy, likewise has plummeted, falling an estimated 60 percent over 2010 levels and costing the country more than a half-billion dollars in revenue to date in the process. Nor is a reprieve in sight. According to observers, it could take a decade for Egypt’s tourism industry to rebound fully - if, indeed, it rebounds at all. The prognosis is grim: As a recent analysis in the Asia Times put it, “Egypt’s economy is in free-fall.”

With the drama of the Arab Spring and the death of Osama bin Laden dominating the headlines, you might have missed the most important development in months surrounding Iran's nuclear program: Zimbabwe's emergence as a key enabler of the Islamic Republic's march toward the atomic bomb.

In recent days, officials in Harare have confirmed that the government of Robert Mugabe is finalizing a massive resources deal with Tehran, in defiance of United Nations sanctions aimed at derailing Iran's nuclear push. That agreement, in the works since Iranian President Mahmoud Ahmadinejad visited the African state in April 2010, would provide the Iranian regime with preferential access to the country's estimated 455,000 tons of raw uranium over the next five years.

The deal sheds light on what amounts to a major chink in the Islamic Republic's nuclear armor. For all of its atomic bluster, the Iranian regime lacks enough of the critical raw material necessary to independently acquire a nuclear capability. According to nonproliferation experts, Iran's known uranium ore reserves are limited and generally of poor quality. It desperately needs steady supplies of uranium ore from abroad, and without those supplies the Islamic Republic's nuclear plans would, quite simply, grind to a halt.

Is a new Cold War brewing in the Middle East? That’s the conventional wisdom surrounding the so-called “Arab Spring,” which has further corroded the already poor relations between the region’s Saudi-led bloc on the one hand, and Iran and its allies on the other. Yet the two competing sides have found common ground on at least one strategic issue: Syria. Each desperately wants the regime of Syrian dictator Bashar al-Assad to survive.

Perhaps the most striking thing about the recent death of Osama bin Laden at the hands of American commandos is the reaction it has elicited throughout the Middle East. That is because, while most regional governments have welcomed news of the al Qaeda chief’s demise, not everyone is embracing the post-bin Laden era.

The Taliban, for example, have been quick to lionize the terror mastermind and threaten retribution against the coalition and its allies. “Pakistani rulers, President Zardari and the army will be our first targets,” a spokesman for the movement’s Pakistani branch has warned. “America will be our second target.”

Among the lessons from the successful raid on Osama bin Laden's refuge is the value of cooperative relations with Russia.

Consider that until recently, Pakistan enjoyed a chokehold on supplies for American and other allied forces in Afghanistan. A trickle of the vast logistical requirements of the war came in from the north, by air through Kyrgyzstan. The Pakistani leadership exploited its near-monopoly to extract massive aid from Washington and to limit American operations across the porous frontier region joining Pakistan and Afghanistan.

What's next for the U.S.-Russian reset? Having already succeeded in ramming the ambitious New START arms control treaty through a reluctant Senate late last year, the administration of U.S. President Barack Obama is now eyeing the next step in its reboot of relations with Moscow: integrating Russia into the world economy.

The United States and Pakistan have sustained a decades-old partnership on the strength of a Cold War alliance and a set of narrow but shared vital interests. However, the relationship has undergone profound changes as a result of the Afghan War, which on one hand has forced the two countries into an awkward but necessary embrace, and on the other exposed deep and potentially irreconcilable differences.

President Obama's announcement last night that al-Qaeda leader Osama Bin Laden was killed by U.S. special operations forces outside the Pakistani capital of Islamabad is welcome news indeed. The death of the man responsible for the worst attack on the U.S. in history represents a major counterterrorism victory, and long overdue justice for the victims of 9/11. But it's hardly the "end of the War on Terror," as some observers have been quick to suggest.

The effects of this game of brinksmanship being played by China, and to a lesser degree India, have so far been constrained by prudent and cautious political leaders in both capitals. However, the longer the aura of confrontation perpetuates, the more it generates a momentum of its own. Hawkish comments by officials and newspaper editors are easily dismissed; shifts in military doctrines and public opinion are much harder to reverse.

Call it belated full disclosure. Ever since the ouster of president Hosni Mubarak earlier this year, the Muslim Brotherhood has reemerged as a major force in Egyptian politics. For most of that time, however, it has played coy about its political aspirations and ideological agenda. These days, though, the Islamist movement has become a great deal more frank about its plans for Egypt.

"At this period, we would like to lead the society to achieve its Islamic identity in preparation for the Islamic rule," Saad Husseini, a member of the Brotherhood’s Guidance Bureau, proclaimed at a recent rally in Cairo. These ideas have been echoed by other Brotherhood officials, who have outlined sweeping social changes once “Islam enters the lives, ethics, and dealings of the people.”

It should come as little surprise, but U.S. headlines are again dominated by dour news out of Pakistan. The U.S.-Pakistan relationship is today under severe strain, rattled by heated disputes over CIA drone strikes in Pakistan's tribal areas; clandestine U.S. intelligence operations inside Pakistan; and Islamabad's persistent refusal to crack down on the Taliban and their radical allies. Intelligence cooperation is at an all-time low.

These are trying times in Morocco. Over the past three months, the small North African kingdom has seen regime change roil two of its neighbors, Tunisia and Egypt, and a third—Libya—descend into civil war. The Moroccan street itself has seen its fair share of ferment; large-scale rallies calling for new social reforms and sweeping governmental changes have taken place throughout the country in recent weeks. In response, the country’s monarch, Mohammed VI, outlined a series of far-reaching constitutional reforms in early March, even going so far as to propose a diminution of royal power in favor of the country’s government and parliament. But, at least for now, the protesters do not appear to be entirely mollified.

Is President Obama finally learning to love the idea of freedom in Iran? If the Administration’s Persian New Year message is any indication, it is certainly starting to seem that way.

That video greeting, issued on March 20th to mark Nowruz, took a serious stand in support of Iran’s opposition forces—and against its repressive regime. The Iranian government’s heavy-handed response to the grassroots protests that have taken place throughout the country since the fraudulent reelection of President Mahmoud Ahmadinejad in the summer of 2009, Mr. Obama declared, demonstrate

that it cares far more about preserving its own power than respecting the rights of the Iranian people.

With regimes collapsing throughout the Middle East, many Washington experts wonder if two U.S.-aligned monarchies, Bahrain and Jordan, might be the next possible candidates for the type of regime change seen of late in Tunisia and Egypt. In recent weeks, thousands have demonstrated in Bahrain in favor of overthrowing the monarchy after security forces killed several protesters calling for constitutional reforms and investigations into government corruption and human rights abuses. In Jordan, meanwhile, demonstrations against rising food prices and rampant unemployment quickly transformed into pro-democracy rallies, rocking the Hashemite Kingdom to its core.

The stakes for the U.S. are enormous. The overthrow of either regime would threaten American interests and further destabilize the already-volatile region. Bahrain's strategic position in the Persian Gulf, through which approximately a fifth of the world's oil exports pass, as well as its role as host to the U.S. Fifth Fleet (which helps protect that oil), makes its continued alliance with the U.S. crucial to American energy security. As for Jordan, its long border with Iraq, which will likely host American troops for many more years, and its peace treaty with Israel, makes the country an important strategic partner for America.

In the wake of grass-roots protests that swept Egyptian strongman Hosni Mubarak from power, more than a few commentators have cautioned that the current political turmoil could end up bearing more than a passing resemblance to the events that led up to the 1979 Iranian Revolution. Even that bleak outcome, however, might end up being wishful thinking. Ominously, the present situation in Egypt closely resembles the events leading up to Algeria‘s bloody 11-year civil war, which stretched from 1991 to 2002.

It took a day longer than expected, but the Egyptian opposition has gotten its way. Less than twenty-four hours after issuing a defiant address to the nation in which he pledged to serve out the remainder of his term, Hosni Mubarak has formally resigned the Egyptian presidency.

Mubarak's departure was by and large predictable. Beset by widening domestic disapproval and bereft of his traditional support from the West, it was clear that Egypt's long-serving strongman would eventually be forced to make an exit. What comes next, however, is far less clear. Indeed, since the start of the unrest some three weeks ago, the depths of the political and economic challenges confronting those seeking a new future for Egypt have become apparent.

What does Iran think about the Middle East’s democracy wave? On the surface, officials in Tehran have taken an optimistic view of the anti-regime sentiment now sweeping the region, depicting it as an outgrowth of Ayatollah Khomeini’s successful revolution 32 years ago—and the start of an ‘Islamic awakening’ in which the Islamic Republic will inevitably play a leading role.

Privately, however, Iran’s ayatollahs must be quaking in their boots. Why? Because the current anti-regime sentiment being expressed in Tunis, Cairo, and beyond could end up breathing new life into their country’s own beleaguered pro-democracy movement.

Prospects for peace between Israel and the Palestinian Authority have not been rising. The central issues of Jerusalem, Israeli settlements and Palestinian refugees seem no closer to resolution, and turmoil in Egypt, Jordan, Yemen and elsewhere in the region further complicates efforts to reach long-term solutions to vexing challenges.

Now, Hezbollah's de facto takeover of Lebanon's government puts a final nail in the coffin of Israeli-Palestinian peace, giving the terrorist group and its backers in Tehran and Damascus still more leverage to doom any serious peace initiative.

As the wave of grass-roots unrest sweeping across the Middle East envelops Egypt, all eyes are on the next move of embattled President Hosni Mubarak and his increasingly rickety regime. The telltale signs, however, are already becoming apparent; even as he has offered political concessions to his opposition, Egypt's aging autocrat is steering his country toward military control.

Since it began late last month, the turmoil taking place in Egypt has spawned no shortage of expert commentary here in the United States. Some observers have argued that, despite the current ferment in Cairo, strongman Hosni Mubarak will stubbornly cling to power and ride out the storm. Others, however, have come to question the utility of America's historic backing for the Mubarak regime—and counseled unequivocal support for its overthrow. Still others have taken the long view, seeing the Egyptian tumult as a belated vindication of the "Bush doctrine" of democracy promotion.

Precious few, however, have bothered to ask exactly what it is that ordinary Egyptians are after. They should, because—beyond the general dissatisfaction with the Mubarak regime now visible on the Egyptian "street"—the values and beliefs of the protestors are likely to have a profound influence on the nature of the political order that will eventually emerge there.

On that score, it turns out, there's ample reason for pessimism.