Originally Posted by miro
First they bankrupted the west with high oil prices and then they used those profits to buy assets cheaply. The middle-east money conspiracy is one of the most amazing push-pull stories of the modern era.
My view is that the price was driven up by Chinese purchases combined with global (but primarily western) speculation.
The west bankrupted itself. (And for all its posturing China benefited from overspending by the west as it was one of the net recipients - as well as channelling funds *back* by lending it so that the west could spend more).
The failure in the Middle East is that they have insufficient internal investment opportunities to absorb their income from oil. Which is why they have to make foreign investments and they are so dependent on the west.