Writing Worth Reading
Writing Worth Reading
Reflections on global economy, Occupy movement. "Much of what has gone on can only be described by the words moral deprivation. Something wrong had happened to the moral compass of so many people working in the financial sector"
The headline perhaps promises more than this somewhat sympathetic article delivers. But it's still worth reading if you're interested in Egypt, for the interview with Hassan Malek, Muslim Brotherhood millionaire
"Why do oil prices remain stubbornly high? The reason is simply that Saudi Arabia deliberately refrains from using the market power that it might command." So here is what it should do, and what it would mean
"If the ethical values in Islamic finance can further deter moral hazard and the abuse of fiduciary duties by financial institutions, Islamic finance could prove to be a serious alternative to current models of derivative finance"
Security has improved, the economy is picking up, Iraq is open for business. Well, that's the Iraqi prime minister's message. But what do Iraqis themselves feel about Nouri al-Maliki and the future of their country? Good sit-rep
Problem of oil economies can be that only incentive is to compete for privileged access to commodity rents. Often leads to authoritarian government. In extreme cases, civil war. But there are alternatives. Here are a few ideas
Critique of "Cairo 2050", Mubarak regime's series of outlandish master plans and megaprojects for Egypt's capital. Won't be built now. But "by no means has the State been divested of all of its self-serving land grabbers and elites"
![Arab Spring [LP] by Painted Tapes](http://farm7.staticflickr.com/6190/6157149068_8a8257c460_s.jpg "Arab Spring [LP] by Painted Tapes")
Many Arab economies are dominated by the state, with unhealthy subsidies, anti-competitive practices and reliance on foreign aid. Private sector opportunities driven by privilege and patronage. Change is needed. Will it come?
Probably makes more sense to understand "peak oil" as economic not geological phenomenon. That is, there is a price economies cannot afford, which will constrain production. But what if China can tolerate higher prices than others?
Argues that Egypt and Tunisia's revolts expose global fault lines: "What we're watching is a massive malfunctioning of the global economy." Root cause cited as "dumb growth" - bogus prosperity rather than genuine wealth creation
Shocking account of US-led sanctions regime 1990-2003. "Invisible war" that caused horrible hardship, radicalised Iraqis, promoted corruption, strengthened Saddam's dictatorship
Supposed revelation of Afghanistan's "trillion-dollar" mineral wealth smacks of US attempt to make new case for occupation. In any case, doubtful whether reserves can be exploited
Hernando de Soto discusses how economic factors helped to bring about the Arab uprisings
