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I suspect it's not doom mongering for some of the goofier regimes propped up by oil money. Would not want to live in Saudi Arabia when the money runs out.
by krakensden 13y ago
I suspect it's not doom mongering for some of the goofier regimes propped up by oil money. Would not want to live in Saudi Arabia when the money runs out.
- jrockway 13y agoMoney doesn't expire after oil runs out. The oil-dependent countries can live off of investment income for a long time. Doesn't Norway's oil fund control like 1% of the global equity market?
- barry-cotter 13y agoHe did say "some of the goofier regimes". The Gulf monarchies might be comparable to Norway, Saudi Arabia isn't. There are so many Saudis that even though it's a petro-state there are some who have neither professional jobs nor do they live on the dole.
- caoilte 13y agoI wonder what the global equity market will be worth once the oil runs out?
- jrockway 13y agoMy guess is a lot. The equity market represents most of humanity's value output. Will we stop generating value when energy gradually becomes more expensive over a few decades? I doubt it.
- shirro 13y agoYeah, it could turn into a corrupt feudal state ruled by religious police. What a nightmare.
- barry-cotter 13y agoIt's not feudal, the religious police don't rule and as is the people there have enough water to drink, food to eat and mostly live in something resembling peace. After oil Saudi Arabia will look like Yemen does now, if they're lucky. I'm sure the royal family/clan/tribe will be fine but the average Saudi will be in a much, much worse position than now.
- waps 13y agoThey only have enough water and food because of constant imports of both. Without oil, Saudi Arabia couldn't realistically sustain 1% of it's population. Realistically, if the oil runs out, except for a few pockets and islands, Saudi Arabia will have to be abandoned.
- krakensden 13y agoIt could always be worse- like a collapsed state ruled by religious militias without enough water to keep people alive.
- dobbsbob 13y agoThey've already prepared for this by offering every single Saudi citizen free overseas education. That's why places like Vancouver and London are swamped in Saudi foreign students right now.