Bobko
17 Sep 2023 #2101
Those countries were smart enough to invest money into alternative revenue systems
Is this a joke? Buying landmark hotels in Mayfair and Manhattan, football clubs and owning shares of Western banks is a great "alternative revenue system".
For what it's worth, our government also has a sovereign wealth fund, and some of our oligarchs have also bought football clubs and historic hotels. Some have even bought newspapers, like The Independent.
However, at the end of the day, with 150M people - for the overwhelming majority of Russians oil plays no role in their lives. America also exports enormous amounts of oil, and nobody in NY asks to see his oil check. Contrast this to life in the Gulf, where there are zero taxes, essentially guaranteed employment, South Asian expats that do all the undesirable work, and a government that takes care of everything: from healthcare to funeral burial.
Which society will have a more explosive encounter with the end of the fossil fuel age? I'm afraid that no trillions parked in Western stock markets and real estate will be enough to save maladapted Khaleejis from what awaits.
