EpiiC
FULL MEMBER
- Joined
- Dec 4, 2016
- Messages
- 1,153
- Reaction score
- -1
- Country
- Location
Your correct about gulf nations being least capable and 'dumbed' down.... Source for Saudi giving us $2Trillion? And source for Kuwait handing over $1Trillion sovereign fund?Yeah..........US selling junk is old news now.
Since 911 event these Sawdi's have handed over well over 2 trillion to the US. And before this back in 1991 war, Kuwait handed over its trillion dollar sovereign fund too.....lol
All this while the populations in these defacto colonized gulf nations remain dumbed down and are worthless.
MbS has a lot of money to spend in the next few years and it is quite right for businesses to try to get a slice of this pie. That’s what businessses are for. But let’s just be quite clear: MbS has a reform programme for Saudi Arabia. That reform programme includes ambitious economic change to create a modern, diverse industrial economy in Saudi Arabia. A modern, diverse industrial economy requires an educated, skilled and flexible workforce. Saudi Arabia does not have that workforce and cannot get it. The current generation of Saudis have had the wrong education, focused on Koranic learning and conformity. They are utterly incapable of being the doctors, engineers, architects, retailers, bankers, journalists, surveyors, restaurateurs, technicians, entrepreneurs and bankers that MbS’s dream of a reformed economy needs. They also lack the work ethic required. For those simple reasons, the reform programme is bound to fail. The failure will be protracted and at some points probably blood will be shed. That is a tragedy. Nobody can prevent it.
What distinguishes the member states of the Gulf Cooperation Council – Saudi Arabia, Oman, Kuwait, Bahrain, the United Arab Emirates (UAE) and Qatar – is that their workforces are mostly foreign. In most of them, foreigners are even a majority of the population: in the UAE and Qatar, they are almost 90%. The exceptional autonomy of the state thanks to the oil and gas rent has ensured these archaic systems endure, grafted onto modern state institutions and capitalist economies. The more concentrated power is, the more the state has been able to ignore a socioeconomic rationale in which the interests of a capitalist class or a layer of bureaucracy act as a constraint. The smaller the ruling elite is, while oil allows it to treat the state as its private property, the less it heeds structural constraints, and the greater is its freedom to manoeuvre. It can make sudden decisions that appear erratic and capricious. Large state machines change course slowly; but states in which power is highly concentrated can veer abruptly.
"A stable place to invest" ... poor legal institutions, a rule of law based in ancient religious ideals, no system of legal precedent, an abysmal accounting profession, an even worse pool of audit firms, corporations riddled with cronyism and nepotism. Don't even get me started on the bad stuff.