Harry, At 09:05 14/08/02 -0700, you wrote: >Keith, > >My impression has been that in the past, the Saudis have provided much, or >all, of the living costs for their people from oil revenue. Now, it has >changed, and their welfare state is not so nearly accommodating. This may >be why the mob is mumbling. > >If this is so, why? > >Maybe their oil revenues are down - but can't imagine that.
Yes, this is so. Saudi Arabia and the other OPEC countries increased the price of oil fourfold in 1972/3 but the free market gradually brought it down. I believe they increased prices again on another occasion, but I've forgotten when. This, too, collapsed later. According to the Economist, the average price of oil has halved in the last 15-20 years. >Are the thousands of princes salting away more in the land of cuckoo clocks >and chocolate? > >Any thoughts? My guess is that they haven't been salting away any more (proportionately) in the last 20 years than previously. But prices have gone down and there's a high birth rate (presumably, producing children is about the only thing which ordinary Saudis can do in order to increase their income). Also, the Saudi government have been sending large subsidies to the Palestinians (and also most of these have no work to do, and can only increase their incomes by producing children. And, of course, the parents of those young people who are persuaded by the mullahs/imams to become suicide terrorists also receive handsome compensation for their 'sacrifice'). Besides Swiss bank accounts, the Saudi sheikhs have large numbers of estates in America, England and elsewhere. There are several round here. In fact, where high Cotswold stone walls around some estates in these parts have been more-than-usually well repaired (that is, very expensively), then it's a fair bet that the property belong to Gulf oil Arab (or perhaps a rich Chinese). (As you'll know, our English secret society prevents curious citizens from finding out because access to the Land Registry is forbidden.) A friend of mine was commissioned to build a harpsichord for an Arab Sheikh who has an estate near here. He tunes it every summer while the Sheikh is in residence, but he's not sure that it's ever played. Keith ---------------------------------------------------------------------------- -------------- Keith Hudson,6 Upper Camden Place, Bath BA1 5HX, England Tel:01225 312622/444881; Fax:01225 447727; E-mail: [EMAIL PROTECTED] ________________________________________________________________________
