In Kuwait, the peasants are revolting.
Nov. 2 (Bloomberg) -- Abdullah Hajeri led a march on the Emir's palace in Kuwait last week, demanding the oil-rich nation's ruler stop stocks from plunging. Adnan Mohammed Saleh, down the Persian Gulf coast in Dubai, said he wants more government protection from the global financial crisis.
``Every day the market is crashing,'' said Saleh, a 42- year-old trader, staring dumbfounded last Tuesday as company names scrolled across the Dubai Stock Exchange's outdoor ticker in red.
It's hard to get terribly worked up about the 'plight' of the oil-rich states when we read of all the problems closer to home - some of which can be directly attributed to the high price of oil over the summer. BUT, look at the other news this weekend. Barclays has decided that it doesn't want anything to do with the British Government bank bailout as it considers the terms too onerous (the limits on the Directors' remuneration, perhaps?, Please tell us Barclays, and leave a comment here). The other news is that Gordon "SleazeMeister" Brown has been in the Gulf this weekend with a begging bowl to scrounge money from the Gulf's Sovereign Wealth Funds, to support British industry.
What we are witnessing this week is the Gulf equivalent of the Peasant's Revolt and the influx of the wealthy G7 nations all with begging bowls at the ready....while oil prices have fallen from $140 to the low $60s! If this doesn't sound like desperation and futility, I don't know what does.
The markets will not be too impressed on Monday, fasten your seat belts.
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