Instead of having been an uncritical ally of a cruel and oppressive Saudi Arabian culture over the years, the American administration ought now to be concerning itself with a constructive relationship for the future. The present Bush policy is destined for disaster. Any substantial landings of American troops in the Middle East -- for whatever reason -- could overturn the flimsy purchase that King Fahd and Crown Prince Abdullah have over the clerics and a revolution would almost certainly ensue.
Besides the possible loss of oil imports, which might be replacable within a few months from other sources if necessary, Bush faces an even more intractable problem if Saudi Arabian investors continue to withdraw investment funds from the US. Information such as the following ought to be keeping Bush awake at night because he won't win a second term in 2004 if the present recession continues. (Note that investment funds from Europe will not replace those from Saudi Arabia. They're already dropping apace, and two of the largest economies in Europe, Germany and Italy, are already in deficit and facing depression -- with France not far behind if its small firms continue going bankrupt because of the imposition of the 35-hour week.) Keith Hudson >From The Daily Telegraph of today: <<<< SAUDI THREAT TO WITHDRAW BILLIONS IN US INVESTMENTS Simon English in New York Saudi's richest investors are threatening to pull billions of dollars out of America in anger at suggestions that they helped fund Osam bin Laden. A lawsuit filed by relatives of 900 people who were killed in the September 11 attacks is provoking fury among wealthy investors. The suit filed in a Washington court last week seeking damages of $100,000 billion names three members of the Saudi royal family, including defence minister Prince Sultan bin abd al-Aziz al Saud. The lawsuit alleges that Saudi money has "for years been funnelled to encourage radical anti-Americanism as well as to fund the Al Qaeda terrists". Banks and charities named in the suit are calling on Saudi Arabia to review its financial and political ties to the US. Bishr Bakheet of the Bakheet Financial Consultancy said: "Naming Prince Sultan is the equivalent of saying that J Edgar Hoover was a communist spy. Assuming the court proceeds with this lawsuit, the Saudi investment community, already in shock, will start withdrawing their money. People are really going to walk out." This threat comes as foreign investment in teh US dries up because of business scandals, lower corporate earnings and the collapse of the technology boom. According to government figures, foreigners put $124 billion into the US last year, down from $301 billion in 2000. Economists say the reluctance of wealthy outsiders to expand their business interests in america is a major threat to the world's largest economy. Saudi investors have $750 billion in the US. A mass walkout would seriously impede the US's attempts to pull away from recession. >>>> ---------------------------------------------------------------------------- -------------- Keith Hudson,6 Upper Camden Place, Bath BA1 5HX, England Tel:01225 312622/444881; Fax:01225 447727; E-mail: [EMAIL PROTECTED] ________________________________________________________________________
