Over the past year Saudi Arabia has experienced a perfect storm of factors in its favor. Asset prices in the US economy and elsewhere have gone nuts. Saudi Arabia is a country that owns a lot of stock, land and everything else, so that’s been very helpful. On the oil market front, the most important front there is for Saudi Arabia, they’ve had unprecedented cooperation on the OPEC production slow-down, and a series of competitors have given up millions of barrels a day in production due to sundry wars and dictatorships.
If Saudi Arabia’s ambitious plans for the future were ever going to work, 2017 would have been the year for it. But as this video shows, some of the key metrics that illustrate the hole Saudi Arabia is in haven’t changed much at all. As I said in last year’s video, and as I repeat in today’s video… Saudi Arabia is still finished.
Since I started laying into Saudi Arabia with gusto about six months ago, folks have been bringing any number of stories to my attention. It seems like every month or so there is a new positive story about Saudi Arabia running in every major Western news outlet. It’s like clockwork. Actually it’s just like clockwork.
Some of these stories represent real advances. Some do not. But we’re not seeing them because of their intrinsic merit, we are seeing them because Saudi Arabia gives tens of millions of dollars to the best public relations people in the business. Last week saw one of the most coordinated and sophisticated pushes yet. This video mentions an interview with the Guardian, but there were customized approaches to a number of outlets. The New York Times gave their launch of a new economic zone above the fold treatment.
So I tend to be pretty skeptical when somebody comes to me with news of Saudi Arabia’s changes for the better. There was one element in the onslaught this week that surprised me however. MBS’s claim that Saudi Arabia is now a moderately Islamic country was legitimately shocking to me. Shocking enough that I made this video.