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Politics : Politics for Pros- moderated

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To: LindyBill who wrote (357702)	4/5/2010 10:53:24 AM
From: Elroy	of 793931

The ME will be the same as before when their oil is depleted. The only place that has handled oil wealth right is Alaska. I don't want to sound like too much of a cheerleader for them because I'm not, but let me point out something that the UAE (and Norway) have done right with regarding their oil wealth. Both have huge ($300billion-$600billion) sovereign wealth funds built out of their oil wealth. This money isn't in US treasuries (like Chinese surplus). It's in global equities mainly, then global bonds, then a small bit in stuff like commodities, infrastructure, property. The UAE only has about a million citizens. So if they stop pumping oil today, they can perhaps make 5% per annum off their fund. 5% of $500 billion is $25 billion per year. That's not a bad budget for a million people. I doubt they'd be smart enough (or concerned enough about their citizens) to do that if say oil was made obsolete tomorrow, but it's a nice pot to have put away for a rainy day.

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