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Stock Market Trend Forecast March to September 2019

Ban Saudi Oil!

Politics / Saudi Arabia Oct 13, 2018 - 12:16 PM GMT

By: Raul_I_Meijer

Politics

According to Middle East Eye, Richard Branson, Andrew Ross Sorkin, Economist editor-In-chief Zanny Minton Beddoes, World Bank president Jim Yong Kim, New York Times, Financial Times, Uber CEO Dara Khosrowshah, Viacom CEO Bob Bakish and AOL founder Steve Case have all withdrawn from Saudi Arabia’s Future Investment Initiative conference, to be held this month in Riyadh. Branson also put a $1 billion investment plan on hold.


Also, on Wednesday, former US energy secretary Ernest Moniz said that he had suspended his role on the board of Saudi Arabia’s planned mega business zone NEOM, to which he was named on Tuesday. The Harbour Group, a Washington firm that has been advising Saudi Arabia since April 2017, ended its $80,000 a month contract on Thursday. JPMorgan CEO Jamie Dimon is still scheduled to speak at the conference, as is Mastercard CEO Ajay Banga, but they won’t risk the damage to their reputations.

All this is due, obviously, to the disappearance of Jamal Khashoggi, a former close aquaintance of the Saud family, who moved to the US and wrote for the Washington Post (how’s Amazon’s Saudi business, Jeff Bezos?) after falling out with the House of Saud.

As the what someone actually labeled “unfolding diplomatic crisis” takes shape, there is really only one thing to say about these people and organizations: they the worst group of hypocrites ever. And their reasons to boycott the conference must be questioned.

Because before Khashoggi vanished they all apparently though it was quite okay to go feed at the Saud trough, despite the still ongoing slaughter of millions of people in the ‘war’ in Yemen. Which makes one suspect it’s not so much about their principles but about their public image.

Donald Trump said he won’t stop weapons sales to the Saudi’s because they would just buy their arms from someone else, like Russia (it would be interesting to get Putin’s view on Khashoggi). And while Trump is completely wrong here, at least he’s not hypocritical about it.

Not selling guns and tanks is by no means the most forceful action vs MBS and his dad, and not just because they can buy them elsewhere. What’s much stronger as a protest against what apparently happened to Khashoggi is to hit the Sauds where it hurts: in their wallet. That wallet is being filled by the sale of oil.

Simply stop buying their oil. Tell Shell and Exxon and BP and Total to get the hell out of the country. It’s just that to top off the hypocrisy, the best -only?- replacement for Saudi oil is Russian oil, and the US and Europe are engaged in a long drawn out smear campaign to isolate Russia from their world order.

But as long as Richard Branson flies his planes on Saudi oil, what’s the use of him boycotting a conference? Well, other than he hopes it makes him look good in the eyes of the world and feel good about himself? The carnage in Yemen has been going on for years, and all that time Branson has been silent. And was planning to get into a $1 billion investment as emaciated Yemeni babies are fed leaves.

And the idea is not to single him out, those major media organizations and the World Bank are just as bad. They all just hope that no-one will notice or speak out when they grab the Saudi money, and that when they are caught in the middle they will collect applause for making their ‘heroic’ decision not to attend a conference.

That said, it’s interesting to see the story move through the media. Is it the power of Jeff Bezos that gets it so much -and sustained- attention? Did the Saudi’s know that Turkey had their consulate bugged? Isn’t that against international law? How much Saudi oil does Turkey use? Did US intelligence know what was going to happen? Did Turkey?

Why so much more interest in this case than all the other disappearing journalists? Khashoggi is/was no Christ; he was close to the royal family for years while women and gay people and dissidents were under severe threat.

Just more hypocrisy. And if we want to end that, let’s boycott Saudi oil. Let’s use different oil, or none. And until then let’s not fall for the stage performances of all those who all of a sudden want to be seen as principled actors. That’s just about as bad as sawing a guy into pieces.

By Raul Ilargi Meijer
Website: http://theautomaticearth.com (provides unique analysis of economics, finance, politics and social dynamics in the context of Complexity Theory)

© 2018 Copyright Raul I Meijer - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Raul Ilargi Meijer Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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