Do not listen to your allies in the Muslim Brotherhood, Mr. Sabahi said he warned President Mohamed Morsi, of the Brotherhood’s political arm, in a private meeting a few weeks ago. “Because the Brotherhood’s economic and social thought is the same as Mubarak’s: the law of the markets,” Mr. Sabahi said he had told Mr. Morsi, referring to Hosni Mubarak, the former president. “You will just make the poor poorer, and they will be angry with you just as they were with Mubarak.”
Mr. Sabahi insists the I.M.F. loan would be unnecessary if the country followed his radical prescriptions to turn away from Western economic orthodoxy. In addition to steeper annual taxes on the rich, Mr. Sabahi is calling for Egypt to meet its deficit with a one-time 20 percent tax on the wealth of anyone with more than about $17 million, which he says is about 1 percent of Egyptians.
He is calling for a ban on all exports of raw materials, including the important commodities of natural gas and cotton, so they can be used for domestic production. He proposes to increase fees on businesses that use natural resources as well as on real estate and stock market transactions. And at the same time he wants to expand Egypt’s already bloated public sector to create more jobs for the poor.