First COVID-19 and now the sharp drop in the price of oil has investors even more worried about global security. In the United States where tens of thousands of good paying blue collar jobs are threatened if prices do not increase, White House counsel Larry Kudlow described it as a “national security concern”. While the US benefits from a diverse economy, other countries are not so fortunate.
I recently spoke with a Saudi national about the concern in his country. Mohammad (real name withheld) told us that everyone he talks to is nervous about the prices of oil.
“I’m afraid for my family. I promised my son Mohammad (real name withheld) for his 10th birthday I would build him a skyscraper big enough to land his Gulfstream G500 on. Now it may only be big enough to land his collection of Chinooks on. How do you tell that to a boy?”
Mohammad went on to say that for the most part his children are carefree and don’t seem bothered while driving their Range Rovers over 100 miles per hour on two wheels while Raytheon made DeepStrike® missiles fire over head at Yemenis civilian targets. However, the Saudi leadership is not so relaxed and there are talks of slowing the expansion of the Sunni caliphate.
“It is not a sign of weakness or lack of faith,” Mohammad assured me. “But we may have to slow down on funding our â€˜missionaries’ (he then told me he was making the air quotes gesture with his figures and I should include that in the article). The kingdom needs to be wise with how our fortune is spent. If oil stays below $40/barrel indefinitely, then the nation’s cash position could go to 0 by the time the Voyager space craft orbits the Milky Way.” It’s a sobering thought.
Defunding terrorism may already be happening as stories of Palestinians struggling to turn ventilators into rockets and suicide bombers killing only themselves because of strict social distancing guidelines continue to circulate. If defunding terrorism does become widespread, then it can be certain Iran would also be participating. I was unable to reach any Iranian journalists for comment as they are all “Ascending into paradise under the guidance of the Ayatollah” according to the government censor.