I’m not an economist but I had some basic training upon my studies in economy and I’ll try to explain how things work in normal life.
Gold reserve one calls national gold reserves, which stand usually in the area of responsibility of a central bank or a Treasury. The purpose of national gold reserves existed in former times mostly in the covering of currencies (gold standard). Today gold is predominantly kept as national reserve for crisis periods. The state can deny e.g. unexpected extra charges by sales of the gold, and secure itself thereby thus against disasters.
In last week article I spoke of the expected bankruptcy of Egypt announced by the resigned managing director of Egypt’s central bank M. Farouk Okda who said it clearly he could not stay in position to the moment he would have to announce this bankruptcy! Really what is going on?
A good while ago and since the 15th of January revolution that chook the whole country, and nothing effectively was done to recover the collapsing Egyptian Economy we keep hearing of a fire in a factory or the fire that burnt the refinery in Suez, the gas pipes being blown up more fires to institutions helping in the national economy like if some one is trying to damage the remaining productive institutions to collapse the national economy for good! Is it a plan or plotted to bankrupt Egypt so that some country like Qatar steps forward to save Egypt towards some financial benefits like getting the ownership of Suez Canal? Or may be sell the whole of Egypt to Qatar?
Since weeks ago when Dr. Morsy took over all dictatorship powers and decided to force his constitution by faking the results and altering votes or preventing people from voting and the world is watching and standing away, they would never risk their resources with a dictatorship country. Investors would never invest in such a country and fewer opportunities become available and may be investors will wind up their business and get away before too late, and Egypt looses more and more.
Is there any hope to save this collapsing economy when Dr. Morsy says things are going well, pretending he did a good job with Suez Canal ignoring that Suez Canal income has nothing to do with his policies and is only depending on worlds trading standards and trading countries that uses this Canal?
If we keep going this way in a month or two people will not receive their pay check salary or pension! Is it then that Qatar will come to rescue Egypt’s Economy? But by then people will be hungry, and hunger will not be on Liberal, Islamist, Christians or Jews hunger will be on all of them and then I guess a real revolution will take place; The revolution of hungry people! People who need to eat to survive!
Really Dr Morsy or the head of the snake or its tail without names all Muslim Brotherhood they have no bright people or let us say people capable to run a country. What is the background and studies of those people? They were in Jail most of the time or working underground and learning wrong meanings of the Koran El Sharif as any word event or Hadith Sharif taken out of its context and occasion gives wrong guidance and leads to wrong ideas!
We can see the contradiction clearly if we recall sister Camellia who declared become Muslim –true or false not my point- we saw hundreds and lots of voices requesting their dear sister Camellia and we saw or heard not a single objection on Hema Abdin –Clinton’s personal secretary and a Muslim Sisterhood member- she was married to a Jews, and none of them both changed his religion! We did not see the people who forced all Christians of an Egyptian Village out of their home, because a Christian fell in Love with a Muslim! Why those so religious people did not set New York on fire for Hema Abdin? Why this total silence on this subject.
Muslim Brotherhood skilful people who can run a country proof of total failure and there is no 2nd line which can take over! The dismissed chief of Egyptian Army intelligence dismissed by Morsy in August this year was officially assigned by the chief commander of the Army to inspect security in Sharm El Sheikh does it tell any thing it is not a clear and nit pointer that Morsy have no other alternative within his [ASHIRA]?
I have nothing more to say, I did what I had to do, so help me God!
And I still have faith that Egypt will survive because almighty God blessed Egypt.