Perhaps the billionaire’s complaint about high interest rates sums up the whole matter. Monsters devouring each other. <\/p>\n\n
In a report published yesterday by Al-Jarida newspaper<\/a>, Sawiris complains about the situation and criticizes Egypt’s economic approach as “half socialist and half capitalist”, but he seems to want a socialist approach for the merchant, by granting him every possible project, facilities, and lands, while capitalist for the general public. <\/p>\n\n His Excellency the billionaire is mistaken when he cites the example of China and Russia’s economic approach, even claiming “they turned to the capitalist system.” <\/p>\n\n The truth is that they succeeded in creating a balanced economic system that is socially just precisely because it combines socialism and capitalism (similar to the Islamic economic system) all subject to the state, which flexibly manages some of its major companies.<\/p>\n\n More importantly, China and Russia’s main goal is to serve and honor the people of all classes and build a state for everyone to live a decent life.<\/p>\n\n China has succeeded in eliminating extreme poverty by about 88% over four decades, according to international reports, including the World Bank (source<\/a>). According to the bank as well, poverty in Russia has decreased by about half in two decades from 24% to 12% (see the graph). <\/p>\n