Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Dominoes Game and Global Crisis


Sat 13 Nov 2021 | 05:58 PM
Elham Aboul Fateh

The world is now busy talking about a wave of high prices and inflation that the whole world will face without exception.. Its effects began to hit a number of countries.

This week, The Financial Times newspaper published a long report about the high inflation and its domino effect that starts with the rise in energy prices and then the collapse of the rest of the commodities continues.

US President Joe Biden said that this global crisis begins with the fall of one piece of the Dominoes game that then all the pieces will fall, this means that the whole world will collapse because of this crisis, which has forced many countries to take measures such as China which urged families to keep stocks of daily necessities ahead of winter.

This means that it is facing a major crisis and this crisis will get worse in the coming period, which has led to global terror and confusion about how to face the crisis which forced the US to declare the utmost readiness and pressure OPEC to increase production to reduce the price of a barrel of oil as its selling prices to the consumer in the United States have jumped terrifyingly, which is reflected in the rate of inflation.

The Financial Times confirms that the inflation rate has risen in the US since last October at the fastest pace in three decades leaving its repercussions, cracks and inflationary pressures in all the edifices of the economy, putting the Biden administration in the defending corner of the wrestling ring, so that the Federal Reserve Board may raise interest rates starting from next year!

But what about the effects of this global hurricane on the Egyptian economy, and how did Egypt prepare?

Egypt announced the crisis and began taking steps to confront it, such as increasing food commodities, establishing food factories, new production lines, and fish farms, securing a strategic stock that would suffice the country for a long time, and providing meat and dairy products.

We appreciate the vigilance of Egypt and its president, Abdel Fattah El-Sisi, to take proactive measures in order to protect food and protect the Egyptian economy.

Well, the only way to survive is achieving self-sufficiency, whether at the level of Egypt or at the level of the continent of Africa, which has a lot of food and animal resources, mines and vast lands that have not been exploited so far. These plans may be delayed, but nothing is impossible.

The whole world is preparing for the crisis, and we are also preparing for it, but there must be great awareness campaigns to rationalize consumption and achieve self-sufficiency. We need to raise the level of awareness.