Saudi Arabia may have a budget deficit of 19.5% of GDP this year unless it rapidly changes course and accommodates the new, cheap oil world, according to the IMF. Alas, the Kingdom has almost zero short term incentive to do so. A generous social contract rapidly fraying Saudi Arabia’s Kingdom is topped by the wealthy Saud … Continue reading
China’s staggeringly long history reaches back well at least 3,000 years, and possibly more, depending on who’s asked. If any single pattern can be pulled from so much history, it’s this: no Chinese dynasty lasts forever, and when they fall, it’s always catastrophic for China in general. Chinese political thinkers underpin much of their … Continue reading
While the stalemate against the Islamic State, or ISIS, sits just a few hundred miles away and oil receipts dropping by the day, the glittering skyscrapers and perennially superlative-laced cities of the United Arab Emirates are filled with citizens and expatriates sitting by brand-new pools, sipping cocktails, and checking their swelling bank accounts. Even these … Continue reading