Thanks patrick for making this video, if you could create a followup on how this can be solved, it would be much appreciated from your fans in Egypt, thanks again
Patrick, Thank you for the great content. I am trying to find quality Bond ETF pricing models and reading material for my retail portfolio. Is there anything you can recommended?
We used to have a saying in Egypt , Egypt is the richest country that ever existed ! The reason why is Egypt’s resources always been stolen for 4000 years yet Egypt still survives. Gold , minerals , oil, gas , Suez Canal , tourism, expats transfers , foreign aid , loans .
As an Egyptian, I saw our currency go from 0.33 USD to 0.03 USD in the span of 30 years. It is scary the amount of miss management and miss allocation from resources. Thanks Patrick for the eye opening video.
Sadly, as a Ghanaian, I Ghana's currency dropped from 1USD to 0.082USD in 13 yrs. I hope he can analyse Ghana's crisis too. His explanation on Egypt was quite clear. Ghana is currently working on getting its 17th IMF bailout 😢.
The devaluation was necessary to curb inflation, it reflects the real value of the currency, it attracts foreign investment, it makes exporting more competitive. He is saying the government of Egypt has managed a miracle and that they have done a brave move toward reform and trade liberation.
@@MAKMoey The country doesn't export anything. Making exports cheaper due to lower exchange rates would only make sense if there was already an existing export capability. Lower exchange rate will hardly drive more people to visit the pyramids when the main travel cost is the airfare which has nothing to do with the pound.
IMF = Induce Market Failure Progressive ruining of whatever country they deal with. VULTURE FUNDS come, cleanup whatever value is left in an ailing economy and exit with profits leaving ruins in their wake. Every. Single. Time.
Very impressive summary of the situation. - letting the army lead finances -closing down the private sector -putting to much money in mega projects at once - corruption in police that reflects on tourism. Ex: paying extra fees to let your cameras inside the country even if you have a pre made agreement with the government. Scammers next to touristic places perfect equation for economic disaster
Thats not all sadly For people living inside egypt its becoming harder everyday as jobs pay soo low that its not even worth anymore Average salary in egypt is like 3000 pounds Barely 100$ Imagine that this same person is expected to have his own apartment Have enough money to get married and also covers his own expenses is ridiculous when everything is extremely expensive Even a person who is extremely minimalistic Would have a hard time to make his salary last the whole month when half the salary is already paid in rent.
Living in Alexandria Egypt here. The past year has been stressful seeing prices skyrocket and dollars becoming more scarce. Never thought I'd see bread be more than 1 pound but it's 1.50 now and the loaves are smaller. 50% increase for less food. God help the world
Time to return to making your own sourdough bread. Sourdough, because the yeast is free, and the bread keeps longer. But that would mean you have wheat - flour, basics. Even making home made bread takes planning.
During this period, one of the Egyptian governments highest priorities was building a new capital that was deliberately designed so it's far away from all the poor people and harder to do revolutions and overthrow their government. Feels like they are about as capable as SBF
@@dennykeaton9701 I mean, a friend from Vienna told me that Vienna was redesigned for that purpose a couple hundred years ago and it worked out great for them right?? They made the streets straighter and wider so that it would be more difficult for people who want to rebel to hide.
i have been to egypt twice saw the pyramids of giza with my eyes , rode and galloped on the camels with desert dunes spreading to the panorama , egypt was one the first civilization and super power . i have best wishes and i really hope things get better , historically egypt as triumph over alot of hurdles no matter how big or small . love from Nigeria .
@@theexposer5303 Wow how intolerant of someone's beliefs can you be to believe that religion of all things is the reason not maybe the deep corruption in my country? You know how much current politicians and their corrupt friends are shitting on islam just because its the only thing in their way from complete domination? Many tv political reporters in egypt that cant critisise the government in any way belittle islam in a lot of ways and make fun of poor people and are taken to prison if they actually report on real politics. It is the only thing giving the poor people hope in my country. It introduces caring for one in another even under the worst circumstances. I cant sugar coat the reality that my country is suffering but its mighty ignorant and biggoted to blame islam for it instead of obvious corruption,dictatorial military rule and an uneducated idiotic leader that doesnt have the simplest economic intuition but when you have countries like saudi arabia kuwait and emirates whose citizens are literally swimming in money like scrooge mcduck somehow islam isnt the reason theyre super rich anymore huh?
Hello from Egypt - Not to mention the salaries here in Egypt are nothing near livable in the least unless you are being paid in USD (thus being that you most likely are a foreigner). Prices are sky rocketing and salaries remain the same. For a visual: to live an “okay” life you must be getting paid at least 15k EGP (around $500 USD per month) (give or take). Today’s average salary is around 4.5k (less than $200 USD per month) with many families bringing in even less than that monthly and you’re expected to feed your entire family with these amounts. The majority of Egypt is just trying to survive and now they are making that even difficult. I fear that Egypt will reach a point where Egyptians aren’t common and it will be a country filled with foreigners living very well due to the exchange rate being massive. Please everyone pray for us. It’s really so bad. يا رب
@@kingduckford Global overpopulation is certainly true. The strain on resources and damage to the environment from supporting the current (and still increasing) world population is real. The food security of millions of people is extremely fragile.
@@isoldam We will see regional collapses long before there is a true "global" overpopulation catastrophe. Lack of fuel and energy to keep up global trade and supply to sufficient levels to support food import dependent areas, die offs in areas that are import dependent when global supplies become strained enough. The illusion of "globalism" will die off quickly, and we will all realize that local resources and people are important. The mass die offs will be mostly the worst affected areas, with the best places still hurting but doing much better. Just like it has throughout all of history, especially since trade and supply was not as high as they are today. Centralism has lead to the end of most famines because supply can be diverted in time, before the worst can happen. But, it won't just be food. Even the ability to send food to famine will start to decline and begin to end. Don't believe the neo liberal propaganda about "globalism". It doesn't exist, it never will. All people are local. Most resources have been local, and soon they almost all will be again. There won't be a global famine that kills everyone. But there will be hundreds of famines that starve and kill most.
Hello Mr. Boyle. Egyptian here. I just want to say that your explanation is spot on. The situation here in Egypt is dire, and getting worse by the day.
@@OffGridInvestor lol ghanas currency was killed by eu protesters because their projects were "impacting the environment" even tho the eu is one of the highest carbon emissions in the world, its easy to just turn around and say "oh its just another african country mismanaging"
I know it's not nearly the biggest problem or the focus of the video, but I'm really sad to hear how dependent Egypt is on food imports. I'm thinking of Egypt's role in the Roman Empire in comparison.
@@badluck5647 China is the world's biggest food importer? Where do you get this? A simple google can give you the answer. Is China self-sufficient in food? Grain output has been above 650 million tonnes for seven solid years. The per capita food supply is well above the international standard of 400 kg. The country has achieved basic self-sufficiency in grain and absolute security in staple food. Jul 8, 2022 Which country is the largest food importer? In 2020, the countries that had a largest trade value in imports than in exports of Foodstuffs were United States ($29.7B), Japan ($18B), United Kingdom ($15.3B), Hong Kong ($7.93B), and Saudi Arabia ($5.26B).
The former president of Egypt, Anwar Sadat, said future wars would be about water and not oil. Part of ths reason that has not happened is the import and export of foods. Some crops require huge amounts of water and it makes sense to grow them in places with an abundance.
Egypt didn't need the pandemic to destroy their tourism industry, they do a good job of that all on their own. The country is noted for treating tourists terribly and making tourism difficult and dangerous. Tourists need to be prepared to pay bribes daily, for simple things like not having their cameras and phones seized by government officials. Very few nations in the world are simultaneously dependent on tourism revenue while doing their best to chase that revenue away.
The beggars and people who run up to you trying to sell all kinds of crap is sickening. People get what they deserve luckily they are not part of the EU and gets any support money HAHA.
@@Davoodoox1 How does Egyptians deserve this exactly we are one of most hospitable and welcoming people, yeah we have high proveity and unemployment problem, that resulted from what you said many beggars and scammers or people who try to sell anything they can, but how does this make us deserve this exactly?, as the video explained the problem became magnified with the pandamic and war of Ukraine, so mean it not our false nor did we deserve this their scammers and bad people everywhere
@@sakurakou2009 Egypt is one one the worst countries to ever visit and one of the most rudest people on earth, they treat tourist terribly stop defending vile people
Inflation/recession is producing a slew of problems throughout the world, including food shortages, diesel and heating fuel shortages, and housing prices and financial market crash. This global collapse might end up being a part of us for a very long time. With inflation currently at about 9%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.
Me too am approaching retirement & i think this is the last window of opportunity for me to become a millionaire before retiring, as inflation and downtrends are where millionaires are created. Currently i have some lump sum in a savings account and i don't know how to go about it
I don't have a full-time job; instead, I'm self-employed with a variety of sources of income. Regardless of how much money I generate each month, I maintain the same budget and adhere to my means-tested lifestyle.
Ironically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The banks are in a big crisis. The market looks very shaky. The bigger the red candles, the bigger the green ones. I have made over $280k in the last 4 months by investing through my financial assistance.
👍👍👍👍👍 I'm not sure how you did that. I'm Egyptian, following the situation daily, and I never saw an article or tv/UA-cam channel that covered the topic with all the real aspects as you did. Thank you, great job 👏 A notes here, the Egyptian Pound value was reduced by more than the value against the dollar, that's because the items (like bread, or a sandwich or a meal ) sizes were reduced to half or more. So if a sandwich was enough before for lunch, now a person needs to buy 2 sandwiches to get the meal he/she used to get before.
I am an Egyptian who was an early subscriber of yours. You summarized the situation pretty well. It is hard seeing yourself go poorer even though you have done nothing wrong. Currency devaluation sucks. Being ruled by egomaniac moron also sucks. Hope things will at least stabilize over the coming weeks.
The devaluation was necessary to curb inflation, it reflects the real value of the currency, it attracts foreign investment, it makes exporting more competitive. He is saying the government of Egypt has managed a miracle and that they have done a brave move toward reform and trade liberation. You politicized feeble minded sheep, watch, digest and then comment relevantly.
@@user-or1rm1ol3q Answered what? I said it sucks to live in a country where your savings get destroyed by currency devaluation. Also fuck both Morsi and El Sisi
@@MrBumbo90 but it doesn't. Suck. When it the right think. To do to reform the economy. I happened in Israel 20 years ago dummy. And they are not. One of the richest people on the planet we are doing the same
@@MAKMoeyYou are the one who didn't watch the video. He specifically talked about the military taking over the economy and fucking shit up. Also discussed how the IMF will force the government to stop competing with the private section with these money losing military-run businesses. Devaluation doesn't curb inflation, it is the cause of inflation. While it might be good for the export sector and the economy as a whole, it still sucks for the average person, whose savings that he worked hard to accumulate will be worth nothing. It is also specifically hard on the majority of egyptians who are living below the poverty line.
@@cq2solutions : The health of an economy and the stability of its currency are not automatically linked. Admiral Kolchak’s White Russian faction at the height of the Russian Civil War set up and ran a rock-solid British Pound-linked currency board without having a single Pound in their reserves, and with an economy in their area of control disrupted by the chaos of literal civil war following a world war. Stay in your lane, dude.
I am brazilian. The brazilians called that the IMF was pure devil, in 1980' and 1990'. A true is that our mismanegement and politician bandits was our actual problem.
actually, they want the military to limit the intervention in the economy, and leave space for the private sector as a part of the deal. that moment when the government is so bad that the IMF is literally asking them to make something good.
I always remember as a kid being told Egypt was the bread basket of Africa and the Nile delta was one of the most fertile growing areas on the planet. Geez what happened?
APPARENTLY.... goats. They aye absolutely everything to the point of nothing surviving over a few hundred years. In my experience, it's believable. I've seen goats kill trees by eating them too much.
They're bread basket bcs of surplus grain, with 100 million population no more surplus but deficit. Fertile area are limited and mostly of they land are desert, over population are their first problem
Ive been in egypt many times. Always on work. This is a very good picture of the situation. I was there when it depegged from the dollar. I would take 400-500 euro cash to help fellow colleagues keep their life afloat. Egyptians are very friendly and also very willing to help others. They are very tecnical, and that explains the massive industries they have - in the same way they can lack discipline and commitment. I hope they can get over this hurdle, get their democracy working and become an industrial power house.
I worked with an Egyptian guy and he was a great friendly man. I have been told by a Pakistani in the oil industry that Egyptians are known for pulling some pretty great tantrums too.
@@XerrolAvengerII yes you thought the the country that was in africa with arab population is a "western country" whatever that was supposed to mean, stop watching pyramid documentaries and wake up to the real world
The biggest reason for the total failure of Egypt as a state is the corrupt military rule, which unfortunately is strongly supported by the West for some reasons
Two observations since I was in Cairo in 2010. The price of petrol was so ridiculously cheap it may as well have been free. Although Cairo looked like a pile of crap especially while driving into the center with a countless number of unfinished buildings masking the skyline and obvious signs of poverty all over the place this all seemed to mask something of importance. Cairo has several large modern shopping malls that while I was there were doing a tremendous turnover. All of the most expensive American and European brand names at top prices with long queues at every cash desk. The people in the queues dressed, smelt, and looked very similar to the people seemingly living in poverty in the surrounding areas. Make of it what you will. Things may have changed, however, for all I know, the queues may have become longer.
Wait until the United States will have more trouble. They are thinking of raising interest rates again, when they did so already in December 15, 2022. Hopefully I will pay off my credit card by the end of February. I won't be using credit cards for anything except for stuff for like personal development ONLY that would help me get a better job at higher pay to make the high interest rates be worth it.
As an Egyptian, hearing the price of the pound to the dollar decrease day by day has become depressingly comedic. The Egyptian regime one is a failure from the start, as it is a military dictatorship, and those who initially supported it are now pulling their hairs out. Lesson to be learned, a militaristic authoritarian government will never work out, and sadly this has been the case since the reign of Gamal Abdel-Nasser, who is cherished in the west as a socialist hero, when in reality most of the country's problems can be traced to him
Whether the currency is falling or not, it's low season in Egypt and decent hotels are still $50+/night in Hurghada and Luxor. Doesn't look like the exchange rate is affecting anything like it was in Turkey last year.
The Arab Spring in Egypt was already caused by the military not allowing people to set up shops etc. This is a totally ridiculous situation. Nobody is threatening Egypt, which is mostly desert anyway, they should shrink the military and pay the soldiers a normal wage, and ban the military from doing anything other than training.
I'm going to Egypt next month and everything is way more expensive than what other people who've been there in the last 2 years have been saying, maybe this is why
Thank you Patrick. I’m afraid that the poor of Egypt (at least %60 of the population) can no longer cope with results of inflation and devaluation. I know that this is not a political channel but this is a political problem. The people can’t afford to feed themselves and the government is offering them next to nothing. The result can only be that this regime will implode and because all political actors in the country are in Jail or exile and political parties outlawed, there is no possible smooth transition to an alternative. The worse case scenario here is really bad and will reverberate beyond Egypt’s borders. Other factors make a solution difficult, like he reluctance of the Gulf states to help and the high interest rates on the global market. I’m really scared of how this could end up.
So tell me what is the regime supposed to be doing here with a global economic crisis that went beyond America's control !?Given the fact the greatest inflation the US market has ever experienced in history , as a result of that , the US Federal bank raised the interest rate which led to a scarcity of the USD in all developing economies including Egypt, Turkey , Algeria, India.. Algerian and Turkish currencies have also fell down to the USD. Bear in mind , the Egyptian government has been taking counter measures to be a self sufficient in many goods and food products which we used to import for long decades such as wheat , and other seeds. Egypt managed to increase Wheat production within the last 3 years approximately 9.8 metric tons which represents an increase of 8%.. Despite all of these rattling you and that British Based guy in the video are making , the country's still standing. You're talking about government's implosion or a fall , Ain't you ? Let me tell you, that's NOTHING MORE THAN A WISHFUL THINKING, exactly what you've all been trying to do all these past 8 years since we ousted your Islamic Morsi, which I'm pretty sure you're one of those MB rats !
@@michaelzloczower7321 cause maybe just maybe egyptians are more researched on the economic state of their country cause these policies directly affect their daily life? What a weird comment
Like, man 🤣🤣🤣. Do you know that Patrick is literally a college professor of economics? 🤣🤣🤣 If you learn from this video more than from a semester of a college, it is your problem, not a problem of college. 😉
always great. Your vids on financial history are fascinating. I would love to see vids on specific countries financial histories and how it impacted the history that is generally taught...
True, the government is spending on expensive airplanes and new capital that 90% of egyptian won't benefit anything from it while literally residents are hungry and not able to pay their bills!
@@kw9172 while the currency and the economy downhill ride? I think it isn't a wise idea taking IMF high interest loans for building a new capital while they are people really can't afford the basic human needs, egypt is 185 billion in debt ranking the second in the world! That number is 5 times the number in 2012 when the country was in its rock bottom.
@@jarvisaddison8560 this explains it quite well: ua-cam.com/video/jaCkZvrDtC8/v-deo.html very evil, but plain autoritarian "logic". Happend in Burma in the 90ies already.
Subsidizing bread is a thing many middle eastern countries do, and it leads to economic doom in each one. Egypt, Syria and Lebanon have an agricultural sector of potatoes and other foods. We should refocus the culture to simply consume what we grow.
This channel largely deals with crises and mismanagement, not with success stories. It would be like watching an NBA match and drawing conclusions about population height.
IMF = Induce Market Failure Progressive ruining of whatever country they deal with. VULTURE FUNDS come, cleanup whatever value is left in an ailing economy and exit with profits leaving ruins in their wake. Every. Single. Time.
Given the extent of the Egyptian military industrial complex, telling the Egyptian government to eliminate competition from the military would be like asking the United States to tear up its highways in order to encourage people to take the train.
Very well done! Great piece of work and comprehensive analysis for EGP. Appreciate having an updated analysis considering the impact of rising fuel cost, inflation, potential currency devaluation and an outlook for the Egyptian economy in the short and long term. Thanks a lot!
I've only heard nightmare experiences for tourist in Egypt and it's crazy to hear how that's such a big part of their economy. The greatest local people ran by bad mismanagement and thugs. May they turn this ship around
@@terryh1811 I'd strongly counter that. I used to go there very regularly. Out of all the ppl I meet there were only two ppl I would fully trust and I wasn't entirely sure about one of them..
New Cairo sort of needs to be built. It is overcrowded and noisy. I want to visit Egypt but Cairo won't be on my list, because it looks like a large noisy ghetto based on traveling videos on You Tube.
Being Egyptian and having lived all my life since i left after the arab spring in 2012, it hurts watching my country die slowly like this, the poor can't survive this, meanwhile si-si prefers building a huge mega city worth 150 billion dollars in the middle of the desert, i use to pay for a meal for like 3 pounds back in the day, now good luck finding anything under 100
Julian, I totally agree with you. The mega projects like the short extension of the Suez Canal, The new Capital City, the new Cairo Museum, and far too much of downtown Cairo now being torn down and replaced with hotels, condos, etc. for the top 1%. Not enough filters down to the average person and poor people.
Bro u know nothing about economy this mega project the country didn’t spend one pound on it all the billions where from investors and this city will make people invest in it and tourists go to it just like dubai
Thanks for the great video ,very informative ,I was in Egypt last week and the building boom is crazy ,road infrastructure,apartment blocks ,mega building projects ,I was totally shocked to see so much spending .
I'm surprised this is being talked about with how strict the government is. Needless to say, stay safe out there. And thank you for bringing this up when we can't
The plan was he gonna sell the capital to companies and make it pay back it worth, I think building new capital is better cuz the old one is too crowded but I do agree that the government shouldn't have built it with debts
Not only can Egypt not afford it but China is building much of it and Egypt is now in financial debt to China for this and the extension of the Suez Canal. China is taking over more of Africa, a long with many other countries in it's 'New Silk Road' project which includes trains, roads, shipping, mining, etc.
@@sbaumgartner9848 Still given that Africa will likely default on much of that debt to China, they effectively got much of those infrastructure at big discount. Just like previous debt that Africa borrowed and later on were mostly forgiven. That type of complaint is like blaming the lender for your borrowing. It's a cheap shot. Next time, don't borrow and don't elect leaders that have a penchant to borrow, like your popular president of Ghana.
Thank you for this informative and decent video; I'm Egyptian. I can clearly say that this video was useful to me, and I agree with all the points your mentioned. :))
@@monacattan3014 The Egyptian Military has un-paid workers, doesn't pay taxes, gets lands for free, and then does *the same* projects the private sectors does (for example, producing all sorts of food), and then sells such products locally. Eventually, they sell at lower prices than the private sectors (because the private sectors pays salaries, taxes, and pays for land/rent); Such actions cause the private sector to collapse, and unemployment for the Egyptians (us). Also, since they don't pay taxes or anything, any profit they make is only for them, nothing is for the country's government, which means lower & lack of money for the government, which then means lack of spending in education, medical sector, ...etc; Finally, the Egyptian army even forces profitable companies to sell their shares to them, and if such companies refuse, they get in prison (like Safwan Thabet, the owner of Juhayna, who's currently in prison for refusing to sell his company for the army).
@@bassamibrahim1114 There might be inner causes but there are also outer ones Besides, in the U.S and European Union, people complain of over spending for the military, at the expense of health and education facilities in their budget. Also , monopolies are the essence of capitalism. The bigger shark devours the smaller one. If Egypt was a socialist country, it would have been criticized also. I personally did not see any system working, and world finances are in a mess, and it is the man of the street who suffers most anyway.
@@monacattan3014 Monopoly in the US still offer paid jobs, and pay taxes to the government. While in Egypt, the army doesn't pay salaries, neither does it pay any form of tax; So, this is a whole another level of monopoly that *no one* benefits from it except for a few number of army generals (not even the army soldiers or people...). Also, how come you say a monopoly when the situation here is like "If you don't sell your profitable company to the army at whatever price they offer(when they ask for it) , you'll be imprisoned".... Now, this is no longer a monopoly, but a gang! There are 4 companies so far that the owners were imprisoned just for refusing to sell their companies to the army!
@@bassamibrahim1114 politics is run by mafias everywhere whether they employ people or pay taxes What about the privatized prisons where prisoners work for no salary for big corporations as it has been pointed out by many critics of the U.S. like Chris Hedges and others? All governments represent the interests of the few, not the whole of societies, and the 99 per cent can protest as they like, and Will not be heard.
Just have to say I really enjoy your videos and seeing the progression in lighting and set design --- because the solid research and engaging presentation have always been a feature. Cheers
Very nice and true video, the mismanagement from the leader and the military is the biggest barrier in front of the Egyptian economy to thrive and grow and unfortunately poor Egyptians are the real victims in that equation..
Hi Patrick, very interesting video. I’d like to request -if I may- an analysis of the economic situation of Argentina. You mentioned Argentina as the largest debtor to the IMF; how did it get to that point? And also: how to bring down its runaway inflation, why does it have something like 14 different exchange rates, why is it such a mess?
I expect you will find that the answer is in your question. Big Hint. Start with learning about the IMF Playbook. Maneco64 channel did an awesome video on it around summer 2019 - I think.
One thing I want to mention is just how much China now has a hold on Egypt. Even when I was there around 40 years ago I couldn't believe seeing Chinese workers rebuilding the corniche wall and sidewalk beside the Nile in the beautiful southern city of Aswan. A Chinese labourer cost less than an Egyptian labourer?? Fast forward to today and China helped finance the unnecessary short extension of the Suez Canal; it included with Egypt giving China land to use on the canal. Plus China has put billions of dollars and is providing a lot of manpower for the also unnecessary New Capital City to the east of Cairo. China is smart and arranges to get the upper hand.
Get 25% off Blinkist premium and enjoy 2 memberships for the price of 1! Start your 7-day free trial by clicking here: www.blinkist.com/patrickboyle
Only Egypt beats the 25% off
Thanks patrick for making this video, if you could create a followup on how this can be solved, it would be much appreciated from your fans in Egypt, thanks again
Patrick, Thank you for the great content. I am trying to find quality Bond ETF pricing models and reading material for my retail portfolio. Is there anything you can recommended?
I find it ironic to have a sponsor for Blinkist from someone who barely blinks himself ^^
We used to have a saying in Egypt , Egypt is the richest country that ever existed ! The reason why is Egypt’s resources always been stolen for 4000 years yet Egypt still survives.
Gold , minerals , oil, gas , Suez Canal , tourism, expats transfers , foreign aid , loans .
As an Egyptian, I saw our currency go from 0.33 USD to 0.03 USD in the span of 30 years. It is scary the amount of miss management and miss allocation from resources. Thanks Patrick for the eye opening video.
Sadly, as a Ghanaian, I Ghana's currency dropped from 1USD to 0.082USD in 13 yrs. I hope he can analyse Ghana's crisis too. His explanation on Egypt was quite clear.
Ghana is currently working on getting its 17th IMF bailout 😢.
@@edem4135 The IMF is farming poor countries. Opt out, adopt Bitcoin.
@@axnoro Why would they invest in Bitcoin and cyptocurrency is crap? Shut up.
The devaluation was necessary to curb inflation, it reflects the real value of the currency, it attracts foreign investment, it makes exporting more competitive. He is saying the government of Egypt has managed a miracle and that they have done a brave move toward reform and trade liberation.
@@MAKMoey The country doesn't export anything. Making exports cheaper due to lower exchange rates would only make sense if there was already an existing export capability. Lower exchange rate will hardly drive more people to visit the pyramids when the main travel cost is the airfare which has nothing to do with the pound.
As an egyptian follower of you, you know your country is in big trouble when patrick makes a video about it.
why?
True
Yes I agree I love Egypt and I have family there and am returning to help my family and further myself in Deen as a Muslim woman I am in America 🇺🇸
@@indiamoreno4859 you studied in Al Azhar? If so, how was your experience?
It's like when, back in the day, a CEO discovered that 60 Minutes was going to do a segment about his company.
Your coverage is better than most of the global journalism and all of the financial journalism I have ever seen.
IMF = Induce Market Failure
Progressive ruining of whatever country they deal with. VULTURE FUNDS come, cleanup whatever value is left in an ailing economy and exit with profits leaving ruins in their wake.
Every. Single. Time.
Very impressive summary of the situation.
- letting the army lead finances
-closing down the private sector
-putting to much money in mega projects at once
- corruption in police that reflects on tourism. Ex: paying extra fees to let your cameras inside the country even if you have a pre made agreement with the government. Scammers next to touristic places
perfect equation for economic disaster
Thats not all sadly
For people living inside egypt its becoming harder everyday as jobs pay soo low that its not even worth anymore
Average salary in egypt is like 3000 pounds
Barely 100$
Imagine that this same person is expected to have his own apartment
Have enough money to get married and also covers his own expenses is ridiculous when everything is extremely expensive
Even a person who is extremely minimalistic
Would have a hard time to make his salary last the whole month when half the salary is already paid in rent.
@@shards8300they were speaking of causes while you're speaking of effects. "Thats not all" isn't the right phrase at all.
Living in Alexandria Egypt here. The past year has been stressful seeing prices skyrocket and dollars becoming more scarce. Never thought I'd see bread be more than 1 pound but it's 1.50 now and the loaves are smaller. 50% increase for less food. God help the world
maybe if people like you stopped relying on god and actually did something your country wouldn't be a total shit hole
Time to return to making your own sourdough bread. Sourdough, because the yeast is free, and the bread keeps longer. But that would mean you have wheat - flour, basics. Even making home made bread takes planning.
I'm in alexandria too :D
1.5egp a loaf. that is only 5 us cents a loaf. still not the true price of imported wheat. obviously subsidized.
fuxck the world
Glad there is finally a week where Patrick doesn't need to savagely take down a bunch of crypto-bro fraudsters
During this period, one of the Egyptian governments highest priorities was building a new capital that was deliberately designed so it's far away from all the poor people and harder to do revolutions and overthrow their government.
Feels like they are about as capable as SBF
@@letsburn00 Actually that's not a bad idea.
Possibly because there haven't been any collapses in the last few weeks. But next week ....
If you see a thumbnail with the purple velvet jacket (I want one), you know Binance have folded.
@@dennykeaton9701 I mean, a friend from Vienna told me that Vienna was redesigned for that purpose a couple hundred years ago and it worked out great for them right?? They made the streets straighter and wider so that it would be more difficult for people who want to rebel to hide.
I saw the pyramids of Giza with my own eyes and like Egypt's economic problems they were a great deal larger than one might imagine
🤣
I guess you just saw the 2nd biggest ruins of Egypt then, number 1, their economy.
@@andreasrnning2339 ohhhhh the burn.
i have been to egypt twice saw the pyramids of giza with my eyes , rode and galloped on the camels with desert dunes spreading to the panorama , egypt was one the first civilization and super power . i have best wishes and i really hope things get better , historically egypt as triumph over alot of hurdles no matter how big or small .
love from Nigeria .
that egypt was not the muslim country. the present time egypt is completely a muslim state and they just destroyed the real egypt culture.
@@theexposer5303 Coptics?
Persians? Greece? The romans?
@@theexposer5303 Wow how intolerant of someone's beliefs can you be to believe that religion of all things is the reason not maybe the deep corruption in my country? You know how much current politicians and their corrupt friends are shitting on islam just because its the only thing in their way from complete domination? Many tv political reporters in egypt that cant critisise the government in any way belittle islam in a lot of ways and make fun of poor people and are taken to prison if they actually report on real politics. It is the only thing giving the poor people hope in my country. It introduces caring for one in another even under the worst circumstances. I cant sugar coat the reality that my country is suffering but its mighty ignorant and biggoted to blame islam for it instead of obvious corruption,dictatorial military rule and an uneducated idiotic leader that doesnt have the simplest economic intuition but when you have countries like saudi arabia kuwait and emirates whose citizens are literally swimming in money like scrooge mcduck somehow islam isnt the reason theyre super rich anymore huh?
@@blackdragon552 search "pakistan economy crisis"
I was in Egypt last October it's crazy that then it was 20 pounds per euro and now its 30 thats 50% more in just a few months
Hello from Egypt -
Not to mention the salaries here in Egypt are nothing near livable in the least unless you are being paid in USD (thus being that you most likely are a foreigner). Prices are sky rocketing and salaries remain the same. For a visual: to live an “okay” life you must be getting paid at least 15k EGP (around $500 USD per month) (give or take). Today’s average salary is around 4.5k (less than $200 USD per month) with many families bringing in even less than that monthly and you’re expected to feed your entire family with these amounts.
The majority of Egypt is just trying to survive and now they are making that even difficult.
I fear that Egypt will reach a point where Egyptians aren’t common and it will be a country filled with foreigners living very well due to the exchange rate being massive. Please everyone pray for us. It’s really so bad. يا رب
It was since 2016 devaluation, why are Egyptian still supporting current government?
@@9W3KYY Mubarak's and Morsi's governments are shitty. The current government is way better compared to these terrible governments.
@@9W3KYY are you dumb or something huh
@@9W3KYY egyptians dont get a say
@@paradoxi5368 in one perspective yes. The last egyptians got a say was after
2012. Then no more say after 2014..
There's definitely a tragic irony in the Classical era's breadbasket of the Mediterranean becoming an impoverished grain importer...
It is an irony I think of all the time. Global overpopulation may be untrue, but regional is a certain reality.
@@kingduckford Global overpopulation is certainly true. The strain on resources and damage to the environment from supporting the current (and still increasing) world population is real. The food security of millions of people is extremely fragile.
@@isoldam We will see regional collapses long before there is a true "global" overpopulation catastrophe. Lack of fuel and energy to keep up global trade and supply to sufficient levels to support food import dependent areas, die offs in areas that are import dependent when global supplies become strained enough. The illusion of "globalism" will die off quickly, and we will all realize that local resources and people are important.
The mass die offs will be mostly the worst affected areas, with the best places still hurting but doing much better. Just like it has throughout all of history, especially since trade and supply was not as high as they are today. Centralism has lead to the end of most famines because supply can be diverted in time, before the worst can happen.
But, it won't just be food. Even the ability to send food to famine will start to decline and begin to end.
Don't believe the neo liberal propaganda about "globalism". It doesn't exist, it never will.
All people are local. Most resources have been local, and soon they almost all will be again.
There won't be a global famine that kills everyone. But there will be hundreds of famines that starve and kill most.
That’s is a perceptive and shrewd comment.
@@kingduckford It's not just overpopulation, weather pattern changes stopped Egypt being a breadbasket like 1500 years ago.
Hello Mr. Boyle. Egyptian here. I just want to say that your explanation is spot on. The situation here in Egypt is dire, and getting worse by the day.
Please analyse Ghana defaulting on its sovereign bonds as well as the Cedis being the worst performing currency. Thank you for your excellent work.
Patrick please analyse Ghana's situation 🙏🙏🙏
Let's be honest. You could make 3 channels on Africa's ATROCIOUS financial handling, MAINLY money printing and goverment embezzlement.
As a Ghanaian, I would rather he does not as it is very low hanging fruit.
@@OffGridInvestor lol ghanas currency was killed by eu protesters because their projects were "impacting the environment" even tho the eu is one of the highest carbon emissions in the world, its easy to just turn around and say "oh its just another african country mismanaging"
@@jabbatheslut7406 if teenagers can destroy an country half a world away by holding signs, it deserves to be destroyed.
I needed a new Patrick video. Hope you’re well, Sir.
I know it's not nearly the biggest problem or the focus of the video, but I'm really sad to hear how dependent Egypt is on food imports.
I'm thinking of Egypt's role in the Roman Empire in comparison.
With a globalized economy, that isn't a big deal as long as economy is run well.
This is what happens when you are enslaved in debt to the IMF.
@@axnoro or your own military
@@badluck5647 China is the world's biggest food importer? Where do you get this? A simple google can give you the answer.
Is China self-sufficient in food?
Grain output has been above 650 million tonnes for seven solid years. The per capita food supply is well above the international standard of 400 kg. The country has achieved basic self-sufficiency in grain and absolute security in staple food. Jul 8, 2022
Which country is the largest food importer?
In 2020, the countries that had a largest trade value in imports than in exports of Foodstuffs were United States ($29.7B), Japan ($18B), United Kingdom ($15.3B), Hong Kong ($7.93B), and Saudi Arabia ($5.26B).
The former president of Egypt, Anwar Sadat, said future wars would be about water and not oil. Part of ths reason that has not happened is the import and export of foods. Some crops require huge amounts of water and it makes sense to grow them in places with an abundance.
When P. Biddy throws the exclamation point in the title and rocks the drippy tie flex, you know it's hot fire
😂😂
P. Biddy knows his shizzy.
P Biddy. That's good 😆
He forgot the funky suit today
fr fr
Finally someone speaking of Egypt!!!!! THANK YOU
Egypt didn't need the pandemic to destroy their tourism industry, they do a good job of that all on their own. The country is noted for treating tourists terribly and making tourism difficult and dangerous. Tourists need to be prepared to pay bribes daily, for simple things like not having their cameras and phones seized by government officials. Very few nations in the world are simultaneously dependent on tourism revenue while doing their best to chase that revenue away.
The beggars and people who run up to you trying to sell all kinds of crap is sickening. People get what they deserve luckily they are not part of the EU and gets any support money HAHA.
I am Egyptian and I approve your message. When the head of the nation is corrupt everyone else will be.
@@Davoodoox1 How does Egyptians deserve this exactly we are one of most hospitable and welcoming people, yeah we have high proveity and unemployment problem, that resulted from what you said many beggars and scammers or people who try to sell anything they can, but how does this make us deserve this exactly?, as the video explained the problem became magnified with the pandamic and war of Ukraine, so mean it not our false nor did we deserve this their scammers and bad people everywhere
@@sakurakou2009 Egypt is one one the worst countries to ever visit and one of the most rudest people on earth, they treat tourist terribly stop defending vile people
@@mrproducer4675 I doubt you even went to egypt, I live in egypt but the place I live in is nice, maybe you went to place with poor people.
I'm Egyptian and sad to see the notifcation of this video..
Don't worry bro, people will pull through in the long run. Just takes some years.
@@lennylikesmusicmore than a few years the situation there is terrible
Patrick, please do "Argentina's currency crisis", or even better one about its constant economic crises
Which Argentina currency crisis? They have have a economy crisis ever few years.
Which one?
Argentina exists in a perpetual state of economic crisis
Do you mean to cover Argentina's history?
@@carlsmith8176 A bit over a century ago, Argentina was one of the richest countries in the world.
This is an excellent summary of Egypt's economics in less than 23 minutes. Excellent Analysis!!!
Inflation/recession is producing a slew of problems throughout the world, including food shortages, diesel and heating fuel shortages, and housing prices and financial market crash. This global collapse might end up being a part of us for a very long time. With inflation currently at about 9%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.
Me too am approaching retirement & i think this is the last window of opportunity for me to become a millionaire before retiring, as inflation and downtrends are where millionaires are created. Currently i have some lump sum in a savings account and i don't know how to go about it
I don't have a full-time job; instead, I'm self-employed with a variety of sources of income. Regardless of how much money I generate each month, I maintain the same budget and adhere to my means-tested lifestyle.
Ironically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The banks are in a big crisis. The market looks very shaky. The bigger the red candles, the bigger the green ones. I have made over $280k in the last 4 months by investing through my financial assistance.
My adviser is “Stacie Lynn Winson” You can easily look her up. She has years of financial market experience.
it was easy to find your coach She seems proficient considering her résumé.I will write her an e-mail shortly
best coverage of the egyptian situation made. good job explaining all the nuances of the situation in about 20 minutes thanks patrick
👍👍👍👍👍
I'm not sure how you did that. I'm Egyptian, following the situation daily, and I never saw an article or tv/UA-cam channel that covered the topic with all the real aspects as you did.
Thank you, great job 👏
A notes here, the Egyptian Pound value was reduced by more than the value against the dollar, that's because the items (like bread, or a sandwich or a meal ) sizes were reduced to half or more. So if a sandwich was enough before for lunch, now a person needs to buy 2 sandwiches to get the meal he/she used to get before.
shrinkflation
جماعة انتم بتهزروا بجد يعني احنا 60% مننا عايشين في مدينة الزبالة اللي كل شوية يعرضها مع التقرير ويعممها ع الشعب؟
@@nourelsabah748 انا بسمعه وانا شغال مش بتفرج، فماشفتش النقطه اللي بتقول عليها، انا بتكلم بس على شرحه وتحليله الممتاز للوضع الاقتصادي مقارنة بشرح معظم القنوات الاخباريه العالميه.
@@nourelsabah748 😂😂😂
@@Agamista379 شرح في اجزاء كتيير صح واجزاء تانية اوفر بزيادة احنا مش 60% تحت خط الفر وعايشين في عشوائيات. دا هبل
thank you Patrick...please continue with Emerging market countries...Brazil, South Africa, Turkey and so on...
I am an Egyptian who was an early subscriber of yours. You summarized the situation pretty well. It is hard seeing yourself go poorer even though you have done nothing wrong. Currency devaluation sucks. Being ruled by egomaniac moron also sucks. Hope things will at least stabilize over the coming weeks.
The devaluation was necessary to curb inflation, it reflects the real value of the currency, it attracts foreign investment, it makes exporting more competitive. He is saying the government of Egypt has managed a miracle and that they have done a brave move toward reform and trade liberation. You politicized feeble minded sheep, watch, digest and then comment relevantly.
Here you go u Muslim brotherhood dummy. The. Guy in the comment answered. You.
@@user-or1rm1ol3q Answered what? I said it sucks to live in a country where your savings get destroyed by currency devaluation. Also fuck both Morsi and El Sisi
@@MrBumbo90 but it doesn't. Suck. When it the right think. To do to reform the economy. I happened in Israel 20 years ago dummy. And they are not. One of the richest people on the planet we are doing the same
@@MAKMoeyYou are the one who didn't watch the video. He specifically talked about the military taking over the economy and fucking shit up. Also discussed how the IMF will force the government to stop competing with the private section with these money losing military-run businesses. Devaluation doesn't curb inflation, it is the cause of inflation. While it might be good for the export sector and the economy as a whole, it still sucks for the average person, whose savings that he worked hard to accumulate will be worth nothing. It is also specifically hard on the majority of egyptians who are living below the poverty line.
I’m originally from Egypt, and I say that Egypt should move towards a currency board mechanism to keep the Egyptian Pound stable.
They should default/restructure the debt and go back to metal money (which doesn't evaporate)
that simply will not work. You're looking at the result of a bad economy, not the cause.
@@cq2solutions : The health of an economy and the stability of its currency are not automatically linked. Admiral Kolchak’s White Russian faction at the height of the Russian Civil War set up and ran a rock-solid British Pound-linked currency board without having a single Pound in their reserves, and with an economy in their area of control disrupted by the chaos of literal civil war following a world war. Stay in your lane, dude.
We are switching ti diversify currency that can be used in dealing with other countries a good step
Making a deal with the IMF is like making a deal with the devil. You think it'll save you, but it really chips out bits of your soul.
I am brazilian. The brazilians called that the IMF was pure devil, in 1980' and 1990'. A true is that our mismanegement and politician bandits was our actual problem.
They are the devil
@@noellebazzi5618 Who blame the IMF is quite good in find of Scapegoats
actually, they want the military to limit the intervention in the economy, and leave space for the private sector as a part of the deal.
that moment when the government is so bad that the IMF is literally asking them to make something good.
I suggest watching the Video IMF & Imperialism by Econoboi Here in UA-cam
You make learning financial problems somehow engaging.
I always remember as a kid being told Egypt was the bread basket of Africa and the Nile delta was one of the most fertile growing areas on the planet. Geez what happened?
APPARENTLY.... goats. They aye absolutely everything to the point of nothing surviving over a few hundred years. In my experience, it's believable. I've seen goats kill trees by eating them too much.
They had so many children that there are now 100 million of them 😂😂😂
They're bread basket bcs of surplus grain, with 100 million population no more surplus but deficit. Fertile area are limited and mostly of they land are desert, over population are their first problem
110 million mouths to feed
They never been breadbasket of Africa that is overrated thing i heard
Ive been in egypt many times. Always on work. This is a very good picture of the situation. I was there when it depegged from the dollar.
I would take 400-500 euro cash to help fellow colleagues keep their life afloat.
Egyptians are very friendly and also very willing to help others.
They are very tecnical, and that explains the massive industries they have - in the same way they can lack discipline and commitment.
I hope they can get over this hurdle, get their democracy working and become an industrial power house.
I worked with an Egyptian guy and he was a great friendly man. I have been told by a Pakistani in the oil industry that Egyptians are known for pulling some pretty great tantrums too.
"They lack discipline and commitment " I am rgyotian and i agree
@@abdelra7man87 لو عندك عقده نفسيه. ولا حاجه. خليها جواك
@@user-or1rm1ol3q لا يا خفيف بحب اوزع العقد .. جتك نيلة فى خيبتك
@@abdelra7man87 طب ما تخليها. لكصمك. عشان الفضائح
when I was young I thought of egypt as a modern western country, it's sad to see how far it has regressed...
Which year was that? 🙄
@@jewellui late 90s and early 00s
it was a modern eastern country where loads of western people lived and operated their businesses.
@@XerrolAvengerII yes you thought the the country that was in africa with arab population is a "western country" whatever that was supposed to mean, stop watching pyramid documentaries and wake up to the real world
@@waleed8530 didn't say i thought correctly
Thanks from Egypt for your content 🙏
thanks for the video, as Egyptian i watch the news of Egypt from external channels
The biggest reason for the total failure of Egypt as a state is the corrupt military rule, which unfortunately is strongly supported by the West for some reasons
Top video Patrick. Thanks for doing these!
Thank goodness. I had shorted stability and a sense of calm.
Good call. No pun intended.
Thanks for sharing this information on Egypt
Been waiting for a proper analysis on egyptian economy for a while now. Thank you for such video
That light is POWEFULL! 😸🙃🐱
Usually I am not one to like ties with unusual patterns but I really like the tie you're wearing in this video.
Tone down your main light, add a warm filter like wheat or amber. Love your videos.
Happy 2023 Patrick!
Great vid to start the year.
What a story! I truly appreciate the straightforward style, complete lack of hyperbole. Thank you.
Two observations since I was in Cairo in 2010. The price of petrol was so ridiculously cheap it may as well have been free. Although Cairo looked like a pile of crap especially while driving into the center with a countless number of unfinished buildings masking the skyline and obvious signs of poverty all over the place this all seemed to mask something of importance. Cairo has several large modern shopping malls that while I was there were doing a tremendous turnover. All of the most expensive American and European brand names at top prices with long queues at every cash desk. The people in the queues dressed, smelt, and looked very similar to the people seemingly living in poverty in the surrounding areas. Make of it what you will. Things may have changed, however, for all I know, the queues may have become longer.
Interesting lighting choice for today's video. Alright Mr. DeMille, I'm ready for my close up...
Get ready! This won’t be the last currency crisis video you’ll be doing this year Patrick!!
This is called foreshadowing
Wait until the United States will have more trouble. They are thinking of raising interest rates again, when they did so already in December 15, 2022. Hopefully I will pay off my credit card by the end of February. I won't be using credit cards for anything except for stuff for like personal development ONLY that would help me get a better job at higher pay to make the high interest rates be worth it.
All Arab countries secretly depend on charity and scams to pay the bills.
@@gregyoungman That's why I heard: Dun, dun, duuuuuun, after reading the OP.
You are seriously mistaken if you are implying that the United States will have a currency crisis.
So much to unpack, few blinks. Thanks Patrick for taking me to school
I must admit, your pronunciation is one of the clearest that I have heard in a while
As an Egyptian, hearing the price of the pound to the dollar decrease day by day has become depressingly comedic. The Egyptian regime one is a failure from the start, as it is a military dictatorship, and those who initially supported it are now pulling their hairs out. Lesson to be learned, a militaristic authoritarian government will never work out, and sadly this has been the case since the reign of Gamal Abdel-Nasser, who is cherished in the west as a socialist hero, when in reality most of the country's problems can be traced to him
It was 32. Pound now. It is 29.60 you dummy
Whether the currency is falling or not, it's low season in Egypt and decent hotels are still $50+/night in Hurghada and Luxor. Doesn't look like the exchange rate is affecting anything like it was in Turkey last year.
I really enjoy your videos. I inevitably learn something, and I appreciate your delivery. Keep up the good work!
Excellent and comprehensive analysis of the current situation. Thank you!
The Arab Spring in Egypt was already caused by the military not allowing people to set up shops etc. This is a totally ridiculous situation. Nobody is threatening Egypt, which is mostly desert anyway, they should shrink the military and pay the soldiers a normal wage, and ban the military from doing anything other than training.
It was setup by americans. Ask Hillary Clinton
And. Yes. You created the Afrocentric $hits. In your country to threat us
I'm going to Egypt next month and everything is way more expensive than what other people who've been there in the last 2 years have been saying, maybe this is why
not if you have usd in the black market.
Thank you Patrick. I’m afraid that the poor of Egypt (at least %60 of the population) can no longer cope with results of inflation and devaluation. I know that this is not a political channel but this is a political problem. The people can’t afford to feed themselves and the government is offering them next to nothing. The result can only be that this regime will implode and because all political actors in the country are in Jail or exile and political parties outlawed, there is no possible smooth transition to an alternative. The worse case scenario here is really bad and will reverberate beyond Egypt’s borders. Other factors make a solution difficult, like he reluctance of the Gulf states to help and the high interest rates on the global market.
I’m really scared of how this could end up.
So tell me what is the regime supposed to be doing here with a global economic crisis that went beyond America's control !?Given the fact the greatest inflation the US market has ever experienced in history , as a result of that , the US Federal bank raised the interest rate which led to a scarcity of the USD in all developing economies including Egypt, Turkey , Algeria, India.. Algerian and Turkish currencies have also fell down to the USD. Bear in mind , the Egyptian government has been taking counter measures to be a self sufficient in many goods and food products which we used to import for long decades such as wheat , and other seeds. Egypt managed to increase Wheat production within the last 3 years approximately 9.8 metric tons which represents an increase of 8%.. Despite all of these rattling you and that British Based guy in the video are making , the country's still standing. You're talking about government's implosion or a fall , Ain't you ? Let me tell you, that's NOTHING MORE THAN A WISHFUL THINKING, exactly what you've all been trying to do all these past 8 years since we ousted your Islamic Morsi, which I'm pretty sure you're one of those MB rats !
والله ياسطا احنا ماشيين ببركة ربنا
This video made a lot more sense when I realised you were saying 'wheat' and not 'weed'...
Impressive Analysis, Thanks for sharing
Nice paisley patterns. Really appreciate the style.
As an Egyptian, this is an extremely well-researched video.
how is the quality of the video related to your being egyptian ?
@@michaelzloczower7321 cause maybe just maybe egyptians are more researched on the economic state of their country cause these policies directly affect their daily life? What a weird comment
Dang, I had an entire semester on Egypt and learned more in 20 minutes from Patrick. College is just a legal FTX.
IT IS...
Like, man 🤣🤣🤣. Do you know that Patrick is literally a college professor of economics? 🤣🤣🤣 If you learn from this video more than from a semester of a college, it is your problem, not a problem of college. 😉
Coming from@@stupidbro2301
That's your problem.
@@whatdidustepn9739
Yes, coming from @StupidBro
Patrick at times doesn't know what he's talking about.
It’s so crazy to think that Egypt is the world’s largest importer of wheat, where once it was the largest supplier of wheat to Rome 🤯
Everyone is claiming to be the largest supplier of wheat to rome
always great. Your vids on financial history are fascinating. I would love to see vids on specific countries financial histories and how it impacted the history that is generally taught...
WoW! Amazing job Patrick!
The new capitol seems like it's going to be a massive waste that will completely shaft regular Egyptians. Such a shame.
True, the government is spending on expensive airplanes and new capital that 90% of egyptian won't benefit anything from it while literally residents are hungry and not able to pay their bills!
True but it was never meant to benefit the people, it was designed to make demonstrations and civil uprisings impossible.
@@kw9172 while the currency and the economy downhill ride? I think it isn't a wise idea taking IMF high interest loans for building a new capital while they are people really can't afford the basic human needs, egypt is 185 billion in debt ranking the second in the world! That number is 5 times the number in 2012 when the country was in its rock bottom.
@@kw9172 how so?
@@jarvisaddison8560 this explains it quite well: ua-cam.com/video/jaCkZvrDtC8/v-deo.html very evil, but plain autoritarian "logic". Happend in Burma in the 90ies already.
that was spot on. great job
Nationalization. Egypt is notorious since 1952 military junta for nationalizing foreign investment.
An afterthought.
Subsidizing bread is a thing many middle eastern countries do, and it leads to economic doom in each one. Egypt, Syria and Lebanon have an agricultural sector of potatoes and other foods. We should refocus the culture to simply consume what we grow.
Great summary and work!
Love your work Patrick, you’re my fav financial channel. Thanks for the high quality content, keep up the great work.
The main thing I learn from Patrick's videos is how stupid people in charge of anything usually are. It's actually insane.
This channel largely deals with crises and mismanagement, not with success stories. It would be like watching an NBA match and drawing conclusions about population height.
I mean Egypt's problem isn't really central bank mismanagement, it's a corrupt military messing up the economy
Are you in America? If so, that should be common knowledge for even 3 year olds.
Egypt hasn't been able to manage ANYTHING even in the 1970s.
IMF = Induce Market Failure
Progressive ruining of whatever country they deal with. VULTURE FUNDS come, cleanup whatever value is left in an ailing economy and exit with profits leaving ruins in their wake.
Every. Single. Time.
Given the extent of the Egyptian military industrial complex, telling the Egyptian government to eliminate competition from the military would be like asking the United States to tear up its highways in order to encourage people to take the train.
the world's biggest importer of wheat....let this sink in...1500 years ago Egypt was the breadbasket of the Mediterranean world.
i'd import tons of bread too if the government subsidized it
A breadbasket, not THE breadbasket.
1500 years ago we didn't produce. 10 million tons of wheat like we do now dummy
Amazing video. It has so many parallels to Argentina. Do a video on us next!
Very well done! Great piece of work and comprehensive analysis for EGP.
Appreciate having an updated analysis considering the impact of rising fuel cost, inflation, potential currency devaluation and an outlook for the Egyptian economy in the short and long term.
Thanks a lot!
I've only heard nightmare experiences for tourist in Egypt and it's crazy to hear how that's such a big part of their economy. The greatest local people ran by bad mismanagement and thugs. May they turn this ship around
Kindest people don't believe everything you hear
yea that is what happens when a country is ran by a military dictatorship
@@terryh1811 I'd strongly counter that. I used to go there very regularly. Out of all the ppl I meet there were only two ppl I would fully trust and I wasn't entirely sure about one of them..
@@CosmicSeeker69 why did you go regularly if you didn't like the people 😎
@@terryh1811 Egypt sucks dude
While Sisi builds palaces in the desert...
The Austrian princess?
New Cairo sort of needs to be built. It is overcrowded and noisy. I want to visit Egypt but Cairo won't be on my list, because it looks like a large noisy ghetto based on traveling videos on You Tube.
That's been off and on a consideration for years.
Government: We're going to reduce military commercial activity.
Military brass: Oh yeah? You and what army?
HAHAHAHAHAHAHA
I love your straight forward analysis
Glad to be here!
Being Egyptian and having lived all my life since i left after the arab spring in 2012, it hurts watching my country die slowly like this, the poor can't survive this, meanwhile si-si prefers building a huge mega city worth 150 billion dollars in the middle of the desert, i use to pay for a meal for like 3 pounds back in the day, now good luck finding anything under 100
Julian, I totally agree with you. The mega projects like the short extension of the Suez Canal, The new Capital City, the new Cairo Museum, and far too much of downtown Cairo now being torn down and replaced with hotels, condos, etc. for the top 1%. Not enough filters down to the average person and poor people.
Don't forget the biggest mosque , the biggest church, the tallest tower lol the guy is a joke
حسبى الله ونعم الوكيل 😢
Bro u know nothing about economy this mega project the country didn’t spend one pound on it all the billions where from investors and this city will make people invest in it and tourists go to it just like dubai
@@mohndmohnd6545 🤣 the government will rent from the army for millions daily ? Yeah it will bring a lot of money
Patrick please cover Ghana’s currency crisis
Hi Patrick can you do one about Pakistan, they seem to be having a lot of similar issues
it's dead....buy stay there only to get Jannat.
@@duttaabhi86 pajeet salivating on the fact that millions of people will face misery.
@@CCCP_Againpork is tasty
Thanks for the great video ,very informative ,I was in Egypt last week and the building boom is crazy ,road infrastructure,apartment blocks ,mega building projects ,I was totally shocked to see so much spending .
Thank you Patrick!
Was Egypt the main wheat supplier to ancient Rome? What the heck happened?
modernity.
Egypt decided to stay a stone-age religious and ridiculous society just like every other failing Islam-lead place in the east.
Corruption happened
I would never go back to Egypt.weird place
fantastic analysis yet again...he never misses
Lighting has improved Boss 👍
I'm surprised this is being talked about with how strict the government is. Needless to say, stay safe out there. And thank you for bringing this up when we can't
Crazy how Sisi wanted to build a new capital when he can’t afford it.
hes doing it to move the government very far away from the whole population to make it almost impossible to make a riot and hinder them
A prime example of systemic corruption - backed up by the Army.. It's the Elephant in the room and if you can't see that then there's little hope
The plan was he gonna sell the capital to companies and make it pay back it worth, I think building new capital is better cuz the old one is too crowded but I do agree that the government shouldn't have built it with debts
Not only can Egypt not afford it but China is building much of it and Egypt is now in financial debt to China for this and the extension of the Suez Canal. China is taking over more of Africa, a long with many other countries in it's 'New Silk Road' project which includes trains, roads, shipping, mining, etc.
@@sbaumgartner9848 Still given that Africa will likely default on much of that debt to China, they effectively got much of those infrastructure at big discount. Just like previous debt that Africa borrowed and later on were mostly forgiven. That type of complaint is like blaming the lender for your borrowing. It's a cheap shot. Next time, don't borrow and don't elect leaders that have a penchant to borrow, like your popular president of Ghana.
Blessed Egypt needs a new leader who will stop with its military the outright theft of its water. Much Blessings To All ✝️⛪
Thank you for this informative and decent video;
I'm Egyptian. I can clearly say that this video was useful to me, and I agree with all the points your mentioned. :))
The Pentagon deals with the private sectors in the U.S. Why is the Egyptian Military criticized for doing the same?
@@monacattan3014
The Egyptian Military has un-paid workers, doesn't pay taxes, gets lands for free, and then does *the same* projects the private sectors does (for example, producing all sorts of food), and then sells such products locally.
Eventually, they sell at lower prices than the private sectors (because the private sectors pays salaries, taxes, and pays for land/rent);
Such actions cause the private sector to collapse, and unemployment for the Egyptians (us).
Also, since they don't pay taxes or anything, any profit they make is only for them, nothing is for the country's government, which means lower & lack of money for the government, which then means lack of spending in education, medical sector, ...etc;
Finally, the Egyptian army even forces profitable companies to sell their shares to them, and if such companies refuse, they get in prison (like Safwan Thabet, the owner of Juhayna, who's currently in prison for refusing to sell his company for the army).
@@bassamibrahim1114 There might be inner causes but there are also outer ones
Besides, in the U.S and European Union, people complain of over spending for the military, at the expense of health and education facilities in their budget. Also , monopolies are the essence of capitalism. The bigger shark devours the smaller one.
If Egypt was a socialist country, it would have been criticized also.
I personally did not see any system working, and world finances are in a mess, and it is the man of the street who suffers most anyway.
@@monacattan3014 Monopoly in the US still offer paid jobs, and pay taxes to the government.
While in Egypt, the army doesn't pay salaries, neither does it pay any form of tax; So, this is a whole another level of monopoly that *no one* benefits from it except for a few number of army generals (not even the army soldiers or people...).
Also, how come you say a monopoly when the situation here is like "If you don't sell your profitable company to the army at whatever price they offer(when they ask for it) , you'll be imprisoned".... Now, this is no longer a monopoly, but a gang!
There are 4 companies so far that the owners were imprisoned just for refusing to sell their companies to the army!
@@bassamibrahim1114 politics is run by mafias everywhere whether they employ people or pay taxes
What about the privatized prisons where prisoners work for no salary for big corporations as it has been pointed out by many critics of the U.S. like Chris Hedges and others?
All governments represent the interests of the few, not the whole of societies, and the 99 per cent can protest as they like, and Will not be heard.
Just have to say I really enjoy your videos and seeing the progression in lighting and set design --- because the solid research and engaging presentation have always been a feature. Cheers
As an Egyptian.., thank you for these information
Very nice and true video, the mismanagement from the leader and the military is the biggest barrier in front of the Egyptian economy to thrive and grow and unfortunately poor Egyptians are the real victims in that equation..
Yes the average and the poor Egyptian rarely gets ahead. It's heartbreaking.
Hi Patrick, very interesting video. I’d like to request -if I may- an analysis of the economic situation of Argentina. You mentioned Argentina as the largest debtor to the IMF; how did it get to that point? And also: how to bring down its runaway inflation, why does it have something like 14 different exchange rates, why is it such a mess?
I expect you will find that the answer is in your question. Big Hint. Start with learning about the IMF Playbook. Maneco64 channel did an awesome video on it around summer 2019 - I think.
One thing I want to mention is just how much China now has a hold on Egypt. Even when I was there around 40 years ago I couldn't believe seeing Chinese workers rebuilding the corniche wall and sidewalk beside the Nile in the beautiful southern city of Aswan. A Chinese labourer cost less than an Egyptian labourer?? Fast forward to today and China helped finance the unnecessary short extension of the Suez Canal; it included with Egypt giving China land to use on the canal. Plus China has put billions of dollars and is providing a lot of manpower for the also unnecessary New Capital City to the east of Cairo. China is smart and arranges to get the upper hand.
What an exceptional video. Brilliant work. Thank you