Saudi Arabia To Go Broke In 2 Years

[RAMROD 116,991]

I heard many nasty things about Saudi Arabian employers that torture and treat maids who work from abroad like animals.

Some maids were goubg back to their home with disfigured face or body because of that.

You can look it up if you like.

So I kinda find it hard to symphatise shall bad things happened to the country.

They got it coming. What goes around  comes around.

[Luc 4,776]

Time to get competitive, I guess. Don't really feel that empathic becauee a country shouldn't take their resources fkr granted and actually use them to benefit the general population, not the huge royal family.

I feel sympathy for Africa because infrastructure projects will get less Saudi investment which is quite important for their growth.

[Economy 52,835]

Don't forget that many EU countries and the U.S. are paring their growth with renewable energy.  Demand for oil goes up with population increase, but new fuel efficiency standards and governments adding incentives to reduce energy are slowing the demand down too.

 

 

ive seen very little political efforts to switch to electric cars tho with the exeption of a few Coutries here and there

 

again, renewable energy in terms of electeicity doesnt count, very little electricity is produced with that, the fossils for that are mostly coal and natural gas

 

ive said that like 10 times on GGD and ill keep saying it until ppl get it into their minds

 

energy for transportation is energytoo, but the way some ppl speak u can clearly tell they meant electricity

[Economy 52,835]

Time to get competitive, I guess. Don't really feel that empathic becauee a country shouldn't take their resources fkr granted and actually use them to benefit the general population, not the huge royal family.

I feel sympathy for Africa because infrastructure projects will get less Saudi investment which is quite important for their growth.

well they did spend it on their ppl... The revenue from oil was used to offset income taxes which their people dont have to pay

 

also the large wealth fund they saved up wasnt for the king it is to run Government

 

the issue is they put all their eggs in one basquet and once they wealth fund is gone they will have to borrow and peobably at high interest rates too cuz a country with no profitable industry would be seen as dangerous to lend to  

[Creyk 18,619]

I just hope they won't try to start a war/take from other countries when their resources start to get tight
Although, apparently war is expensive so who knows

[Woolfsmck 2,763]

I just hope they won't try to start a war/take from other countries when their resources start to get tight
Although, apparently war is expensive so who knows

They are already in a war ... Iran supplies and assists groups opposite the Saudi's and visa versa.  They used their air force to bomb people in Yemen recently...its not a direct war but there is little difference imo.

[Creyk 18,619]

They are already in a war ... Iran supplies and assists groups opposite the Saudi's and visa versa.  They used their air force to bomb people in Yemen recently...its not a direct war but there is little difference imo.

 

[TiphEret 1,320]

im sure theres plenty of poverty... many "rich countries" have surprisingly high levels of poverty... but u kind of made it sound like everyone besides the top wealthy were living like slums... not the case. The number of people that live well is quite high there... and i know not just from statistics but also from people who i know that lioved there

 

My neighbour didnt like living there because as a woman she said she had few rights... but economically life for most people was easier than here in Canada. Unless your unemployed there, you dont get taxed, you keep everything, and the Government does pay for quite a few services

 

Also what you said about growing population and poverty is actually a myth... During times of rapid population growth is when you have the most active economies and lots of business investment...

 

I can give you a 2 page long explanation of why people got it all wrong when they think more retired people or shrinking population leads to more job opportunities but i can assure u its quite the opposite. There historical data and life examples that even prove it. if u really wanna know PM me and ill gladly explain

 

The only exeption is in really poor lands where people cannot feed their families... in such cases, more children leads to even mroe poverty. but that occurs more so in unindustrialized 3rd world nations as that person likely wont get a producing job.

So you mean if you are jobless you pay taxes? That's weird...

I would be interested by your explanation btw :)

[Economy 52,835]

So you mean if you are jobless you pay taxes? That's weird...

I would be interested by your explanation btw :)

no i meant since u dont pay taxes unless your jobless you live well sorry if i wasnt clear

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Ok on the retirement issue... Jobs dont exist just because. Jobs exist because the business you work for is selling a service or a product and they need you to do the work that comes with it. And the money you earn workig you spend which supports other jobs...

 

Jobs are supported by business transactions or economic activity. Its basically production and consumption...

 

Now when people are retired, they do not produce anything, and because most people cut back on spending once they retire, they also consume less resulting on less economic activity from retirees. Additionally, the little consumption they do still have is sustained by the ones working who deduct for retirement and share their purchasing power with them. More retirees means more financial strain on those working who must pay the taxes and make retirement deductions for more people

 

the total size of the workforce is meaningless. Thats why you can have large Countries like the US with unemployment at 5.3% or you can have small countries with high unemployment. You can have tones of jobs taken up but as long as consumption rises along with those jobs thats what matters. Policies also matter. A larger labor force or population in itself is not an obstacle.

 

South Europe and Japan have the oldest populations in the world with lots of retirees yet their economy stinks. If people leaving workforce was suppostu be good, their economy should be booming now but instead its stalling. On the otherhand North America and Scandinavia have better demographics and guess what? Unemployment, financial and economic contions are MUCH better then in places everyone is retiring in

 

This is the same reason those when the industrial revolution began 150 years ago said machines would destroy all our jobs have been wrong wrong wrong for a century and a half...

 

So many jobs have become outdated with technology and mass production... On top of that last century women entered workforce. Do we have 90% unemployment? No! But hardly anyone needs to grow food or do our basic things anymore. If 10% of people now worked in agriculture or construction etc for our basic necessities wed have it covered.

 

However all the cheaper production from mass production saved us money and resources and labor power which we devoted to other things. Instead we developed an economy where people spend a lot on entertainment, services, and general things they dont really need and people work in those fields instead. Technology  150 years later has yet to leave everyone unemployed

 

retirement is the same thing. If you work you produce, make money and have resources to devote to things that will create more jobs. Thats the economic activity that sustains business and jobs... People doing nothing and straining the financial system does absolutely nothing for the economy and jobs

 

I dont wanna sound rude or cocky. But 97% of people have a very narrow view or very superficial understanding of macro-economics from the fundamental level and as a result say dumb myths all the time i feel inclined to correct