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They've slagged off every religion. Only religion encourages "thoughtcrimes" like blasphemy. Nowhere bar in religion can you get into trouble for "insulting" somebody's imagination.
Look at this guy wanting to use Irish blasphemy laws instead of guns:
http://www.thejournal.ie/dr-ali-selim-charlie-hebdo-cartoon-1870437-Jan2015/It's victim blaming by degrees to say it was an antagonistic act. That's free society, people disagree, some are douchebags in our honest opinions (ow hai internet), but the reaction to it it ALWAYS yours.
Anything that encourages violence sucks. (including the racism that will now follow)
It's not racist per se, but it is provocative. Islam forbids the depiction of Muhammad - Muslims are iconoclasts - so to simply draw the guy is an antagonistic act. I'm not saying that it's wrong, just that it was done to wind Muslims up.