For filling: Cook beef, onion & garlic; drain fat; Stir in cumin & red pepper; Cook & stir 1 minute; Stir in olives & tomato sauce; Set aside.
For pastry, stir together flour & salt; Cut in shortening until mixture resembles cornmeal. Add beaten egg & 1/2 cup water; stir until well combined. Turn dough onto lightly floured surface and knead 10-12 strokes. Divide dough in half; Roll 1 portion dough 1/8" thick; Cut into 3" rounds; Re-roll scraps & cut enough to total 18 rounds; Repeat with remaining dough portion. Place 1 rounded teaspoon of filling in center of each round; Moisten edges with water; fold in half, sealing edges with fork. Prick dough and place on ungreased baking sheet. Stir together egg & water; brush over empanadas.
Bake at 425 °F for 15-18 minutes Can also be deep-fried, if desired.