Tag Archives: Islam

Saudi Arabia Is Finished | Everybody’s Lying About Islam 1

People are good at ignoring the obvious. Saudi Arabia is finished. The 2014 crash in the price of oil has left the ruling family in an impossible position. Since 2014 the country has been burning through around $100 Billion of dollar reserves a year. At that pace, the current regime has got about 4 years left before they can’t meet their obligations. The almost 100 billion in debt (up by a factor of 4 since 2014) that the country is now carrying will accelerate this issue. This problem has been noted of course, but most financial publications have been quick to swallow the Saudi line on the issue.

The problem has been identified, and Saudi Arabia is supposedly taking bold steps to address it. What few are talking about is how inadequate these steps are. This video covers the farcical “Vision 2030″ idea that is supposedly going to turn Saudi Arabia into a new Dubai.

What I didn’t get into, because the video was already too long, was the illusion of a Saudi Aramco IPO. Saudi Aramco, the state oil company, is supposedly a multi-trillion dollar company. Selling off the proposed 5-10% of the company would give the Saudi royal family a few more years of runway. It’s not going to work. It may very well go forward, but they are not going to get the money they want. Also, the investment is something that everybody will be excited to look into, but dramatically fewer will want to actually buy.

Aramco is a state-run black box at the moment. Getting money from outside investors would require a high degree of disclosure and re-organization that they are unlikely to be interested in doing. The country is also faced with a couple of Catch-22s. First, driving up the valuation of the company requires driving up the cost of oil. To do this Saudi Arabia has to restrict its supply, which means it would lose market share, and have less funds to deal with its many issues. Second, if they don’t get Aramco up to Western corporate standards, they’ll have to rely on local investors. Those investors have plenty of money, but as the country gets shakier, they will become less interested in investing in Aramco. A great indication of the shakiness of Saudi Arabia would be the country’s needing to rely on local investors to fund the Aramco IPO.

These issues leave me convinced that by 2030 Saudi Arabia will be a completely different country. Unfortunately US policy seems to be that the Saudi money spinner will go on forever. The new administration has been doubling down on the brutal Saudi adventure in Yemen, and seems to want to escalate with Iran. This is crazy.

My “Everybody’s Lying About Islam” video series and essay deal with these issues in detail…

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Video Transcript after the jump…

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Everybody’s Lying About Islam | ELAI 0

This is it! I’ve been preparing this “Everybody’s Lying About Islam” essay and video series for a very long time. Saudi Arabia is a problem, and nobody talks about it. So let’s talk about it. The standard establishment “Islam is a Religion of Peace” line is true to a degree. But it is deployed to deflect attention from Saudi Arabia and its very real and malign effect on world-wide Islam. Because US politicians (Trump included) spend all their effort protecting Saudi Arabia, the country most responsible for 9-11, many Americans get the accurate sense that they’re being lied to. They question why radical Islam remains a problem after 15 years of supposedly fighting it. Unfortunately this leaves them open to the Islamophobic line peddled across the political spectrum from Donald Trump to Bill Maher. The essay does what no corporate media outlet is interested in doing. It documents the US-Saudi relationship from FDR on down, and illustrates the horrific effects the relationship has had. 9-11 is nowhere near the worst of it.

This video is the first in a looong series I have prepped on the topic. Of course if you want the full story, I suggest you buy the essay “Everybody’s Lying about Islam”, available now on the Amazon Kindle. As I say in the video, it will tell you more about “what’s really going on” than a year of watching Fox News, or a year of reading the New York Times.

If you’d like to earn my undying gratitude, please click here to support this project through Patreon. Please do reach out to us through Twitter, Facebook, Youtube, or our e-mail newsletter.

Video Transcript after the jump…

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Cordoba: One House, Two Religions

The Mosque-Cathedral of Cordoba is one of the coolest things I’ve ever seen. Originally constructed in 784, over a demolished Visigothic church, the Mosque is one of the oldest in the world. Cordoba at the time was part of a Muslim Empire. Spanish Christians re-took Cordoba in 1236. Rather than demolish the place, the Spanish decided to convert it to Christian worship. In some people’s eyes, supposedly including those of Holy Roman Emperor Charles V, it’s an unholy mess. To my eyes it’s beautiful.

Throughout history, most people spend most of the time getting on well with each other. In her book A Distant Mirror, historian Barbara Tuchman made an important point:

Disaster is rarely as pervasive as it seems from recorded accounts. The fact of being on the record makes it appear continuous and ubiquitous whereas it is more likely to have been sporadic both in time and place. Besides, persistence of the normal is usually greater than the effect of the disturbance, as we know from our own times. After absorbing the news of today, one expects to face a world consisting entirely of strikes, crimes, power failures, broken water mains, stalled trains, school shutdowns, muggers, drug addicts, neo-Nazis, and rapists. The fact is that one can come home in the evening — on a lucky day — without having encountered more than one or two of these phenomena.

We know the history of religion and relations between Christianity and Islam as one of unmitigated disaster, cruelty, horror and intolerance. In fact, these moments are few and far between. Most people spend most of their time muddling along. Unfortunately, all it really takes is one bad moment to rob us of an invaluable monument like the Mosque-Cathedral of Cordoba. Think of ISIS for example. In just two years, they have destroyed physical heritage going back millennia across a wide swathe of Mesopotamia. Jokers like that only emerge every couple centuries, but when they do, the potential for destruction is immense. We’re incredibly lucky that Cordoba’s monument has survived as long as it has. Spain has had it’s fair share of religious thugs. We’re lucky. The building has many lessons to teach. The video above lays out one or two.

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Video Transcript after the jump…

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