"My grandfather rode a camel, my father rode a camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a camel"
Rashid bin Saeed Al Maktoum, Emir of Dubai
Rashid bin Saeed Al Maktoum, Emir of Dubai
Even if your wealth comes from a business that is only temporarily viable, your wealth will persist even if the underlying business does not, if it's conservatively invested. Additionally, rich people have no problem moving around in the world, so there's no need for the "petro-millionares" to remain in a country that is collapsing economically.
This quote is obviously meant to convey some sort of wisdom from the Emir, but it doesn't ring true. That anyone beyond the grand son of a hyper-rich individual will be back to square one out of sheer inevitability is a laughable idea.
Sadly, while prescient that quote is - he still is (has?) done nothing to mitigate its reality?
[0] https://en.wikipedia.org/wiki/Oil_reserves_in_the_United_Ara...
https://en.wikipedia.org/wiki/Economy_of_the_United_Arab_Emi...
and Refined petroleum 15%
If you want to see an Arab country that has run out of oil, look at Yemen.
So aren’t they a better example of never oil rather than once had oil?
Meanwhile Eisenhower's warning on the military industrial complex has been ignored and seems to be coming true.
To be coming true? The production of military systems, like fighters and ships, has been spread across the states and counties for decades, to the point that Congress will stuff an unwanted system down the Pentagon's throat to ensure re-election in defense intense districts. And be up front about the reason why!