Economic Insanity: The Need for Radical Economic Reform in Egypt

Some of you have written to me in the midst of the current currency crisis to ask me about Egypt’s future. I’d like to begin my discussion on Egypt’s future from the premise that what is needed, not just to solve the currency crisis, is radical reform. After all, isn’t the definition of insanity doing the same thing over and over again and expecting different results? Isn’t this what we have been doing for the last fifty years? Trying to get our economy to be vibrant, but literally changing nothing? Worse yet, the economy is crumbling and no one seems to be presenting ideas for radical reform. The kind of reform that can change the country from its foundation, and can beckon a new and radica

On being right

A short while ago, I gave a presentation where I predicted that the Egyptian pound would devalue and likely reach 10 pounds to the dollar by 2017. Some in the room took little notice, but one person in particular mocked me for making such a prediction. In a very aggressive tone, he not only disagreed with my analysis, but he went on to say how well the economy was doing and that in his humble opinion the dollar would lose ground to the Egyptian pound over the same period. He also went on to call me an "economic pessimist" and ended his intervention there. He provided no analytics on why the pound would appreciate against the dollar, just a bold prediction. I was not offended because in my he

The beauty of good deeds

As I was feeling a little under the weather today, I stayed in and tried to catch up on some of the lost sleep from the hectic schedule of last week. I dosed only to be awoken by my phone ringing to a number I did not recognize. My practice, like many of you, is not to answer numbers I don't recognize. This is done mostly to avoid the call from some unwanted solicitor, or worse still some recorded message from someone reminding me that I need to schedule my next oil change, or something to that affect. But, not keeping with protocol I answered the phone today. The voice of the person on the other end was young and vibrant, the words strong and confident. He said, "Professor, is that you?" St

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    © Khaled F. Sherif, 2020

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