Saudi Arabia’s Earth-Shaking Coup

How extraordinary to see a world-historical revolution unfolding before one’s eyes and not know how it will turn out: that’s what’s happening right now in Saudi Arabia. Mohammad bin Salman, a 32-year-old too young to be a partner in most law or finance firms, has managed, by intrigue not yet fully disclosed, to supplant his cousin Crown Prince Muhammad bin Nayef as heir to the throne and to carry out a purge of the royal family breathtaking in its sweep. Imagine: not only did bin Salman order the arrest of at least ten other princes and a score of former government ministers, now held in luxurious restraint in Riyadh’s Ritz Carlton; he also supposedly had Prince Al-Waleed bin Talal, one of the world’s richest men and a major shareholder of 21st Century Fox, Citigroup, Apple, Twitter, and a host of other giant Western corporations, hanged upside down and beaten in an “anti-corruption” investigation.

No matter that “wasta”—corruption, kickbacks, and cronyism—has long governed Saudi Arabian business dealings. Now, the kingdom’s economic crown jewel—Aramco, the Saudi state oil company—is headed for sale on the public stock markets, and the financial future of the kingdom and its oligarchs is on the line. Sadly for the Saudis, Aramco is no longer as valuable, economically and geopolitically, as it once was. Natural gas from fracking has displaced oil as the fuel of the Western economy, with the result that OPEC (and, less critically, Russian oil) can no longer hold anybody’s economy hostage. For the Saudi government, moreover, no longer can cartel-inflated oil revenues pay for the gigantic welfare state that supports so much of the population in non–working, gilded, state dependency. What can’t go on, won’t, said economist Herb Stein sagely; and MbS, as the new crown prince is called, saw this reality and stepped in to take precautionary measures before a rapidly collapsing economic order sparked social anarchy, with an outcome no government could foresee or control.

via Saudi Arabia’s Earth-Shaking Coup

This entry was posted in Articles, Features and tagged by OyiaBrown. Bookmark the permalink.

About OyiaBrown

Please send me, as a comment to this page, any old material you have for inclusion in The Daily Joke Alert - to help enable us all to have our fancy tickled regularly! Never mind the state it's in as I tidy everything up prior to publication. Don't let good material go to waste - and so much does. In the interests of the environment we should always try to re-cycle everything, especially jokes. You know that makes sense! You may find some historical stuff here, but this does not really matter as humor is fairly timeless.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s