Publications: Notes at the Margin

The Game: Few Understand the Rules (October 26, 2015)


The world is being deluged with discussions regarding the financial reserves held by various Middle Eastern countries. All reflect ignorance of the new rules of the game. Even the economists at the International Monetary Fund have been sucked into the ignorance pit. In its new regional study Middle East and Central Asia, the IMF warns that oil-exporting nations must reduce government expenditures because oil revenues have declined. Analysts at banks and financial institutions are worse. No one can see past the state of Middle East sovereign reserves. They do not get it. The Middle East countries have enough. Furthermore, when prices are restored, the oil-exporting nations may split the developed world between the haves and have-nots. This week's report provides the details and discusses the implications.


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