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Re:Saudi stocks slump as minister warns of ‘painful’ measure... by emilsedgh on Sunday May 03, 2020 @06:51PM (#23062549)
I'm an Iranian who moved to the U.S. only a few years ago.

Something most people here in the U.S. don't understand is that countries like Iran have a far different threshold of pain.

Iran, as a result of sanctions had already entered starvation-levels of economic collapse. There are people who are sleeping in open graves. Yet, the regime is not backing down in any way. It hasn't change course at all.

Re:Saudi stocks slump as minister warns of ‘painful’ measure... by smnrchrds on Sunday May 03, 2020 @08:19PM (#23063047)
Hi Emil. I just wanted to tell you I had a burst of nostalgia when I noticed your username. I got interested in computers and software browsing TechnoTux forums and trying (and failing) to install Parsix. I really appreciate the work you did on open source software and bringing them to Farsi speakers. I wish you the best wherever you are.
Re:Saudi stocks slump as minister warns of ‘painful’ measure... by emilsedgh on Sunday May 03, 2020 @09:37PM (#23063675)
Oh a fellow Technotux member! I also burst into nostalgia reading your comment. I'm glad I was able to help. I Wish the same for you.
Re:Saudi stocks slump as minister warns of ‘painful’ measure... by bpodgursky on Sunday May 03, 2020 @07:50PM (#23062877)
I'd draw a pretty significant distinction between Iran and Saudi Arabia.

Iran has a theocratic regime, and gets a lot of oil revenue, but is a fundamentally diversified and surprisingly self-sufficient economy. They have factories, an educated population, and they produce a fair number of things other than oil. Agriculture exists (if not self-sufficient).

Saudi Arabia is oil rich. The princes are oil rich. The wealthy are oil rich. Normal people are oil rich. It's oil, all the way down.

The country simply doesn't produce anything else. Most of the citizens simply don't work -- at all. There's no plan B.

Iran can fall back to "hard times" and a pre-oil-wealth economy. SA can't. There's nothing else there except sand and starvation. They aren't going to "grin and bear it".

Re:Saudi stocks slump as minister warns of ‘painful’ measure... by TheSpiceIsLife on Sunday May 03, 2020 @08:00PM (#23062925)
Fairly sure I'v seen news over the past few years about Saudi Arabia diversiftying.

From https://saudiembassy.net/agriculture-water -:

Today, Saudi Arabia exports wheat, dates, dairy products, eggs, fish, poultry, fruits, vegetables and flowers to markets around the world. Dates, once a staple of the Saudi diet, are now mainly grown for global humanitarian aid.

...

As a result, there has been a phenomenal growth in the production of all basic foods. Saudi Arabia is now completely self-sufficient in a number of foodstuffs, including meat, milk and eggs.

From https://saudiembassy.net/energy -:

In addition, with the discovery of deposits of precious and semi-precious metals, Saudi Arabia expects to become a major exporter of minerals in the coming decades.

...

Exploration projects over the past two decades have unearthed extensive deposits of precious and industrial minerals throughout the country. These include not only gold and silver, but also copper, tin, tungsten, nickel, chrome, zinc, lead, phosphates, iron ore, bauxite, potassium ore and even table salt.

Re:Saudi stocks slump as minister warns of ‘painful’ measure... by haltingproblem on Sunday May 03, 2020 @09:34PM (#23063646)
I would speculate that most of what SA exports is heavily subsidized and unprofitable. Dates flourish in the Arabian desert around an oasis. Where are they getting the water for the dates and water for milch for dairy, ...?

Probably desalination plants run on Oil.

I am sure they can keep doing this but this is not a natural extension of any of their strengths. Their labor is over priced and mostly imported south asians, overburdened by heavy bureaucracy and lacking in the inputs of production.

Would you open a dairy farm in Namibia? If they really have to tighten their belts they will have to cut down on all these "extra-curricular" economic activities.

Re:Saudi stocks slump as minister warns of ‘painful’ measure... by bpodgursky on Sunday May 03, 2020 @08:08PM (#23062983)
I mean, sure, they've made nominal efforts. I hope they succeed. But the fact is, here's the current breakdown of exports: https://oec.world/en/profile/country/sau/
Re:Saudi stocks slump as minister warns of ‘painful’ measure... by everybodyknows on Sunday May 03, 2020 @08:25PM (#23063099)
>current

Data is from 2017. Single largest non-petro export being aluminum, at 0.51%.

Re:Saudi stocks slump as minister warns of ‘painful’ measure... by mataralhawiti on Monday May 04, 2020 @01:36AM (#23064885)
I'm a Saudi citizen, and most of you just wrote is false & completely not true..

" Most of the citizens simply don't work -- at all"

Where in the world you got this??

Re:Saudi stocks slump as minister warns of ‘painful’ measure... by darkerside on Sunday May 03, 2020 @07:44PM (#23062849)
What does sleeping in an open grave mean?

While you were in Iran, were you involved in what the US called the Arab Spring? Was it really spread by Twitter? Did it seem like the regime might topple?

Re:Saudi stocks slump as minister warns of ‘painful’ measure... by emilsedgh on Sunday May 03, 2020 @09:33PM (#23063638)
That means they find an unused grave and sleep in it [0]. Google images has some pretty disturbing pictures of the phenomena.

Iran had green movement [1] which happened earlier than Arab Spring. Peaceful protesters rushed to the streets after a fraudulent election and hundreds were murdered by the regime.

The other candidates have been under home arrest ever since.

[0] https://en.wikipedia.org/wiki/Grave_Dwellers

[1] https://en.wikipedia.org/wiki/Iranian_Green_Movement

Re:Saudi stocks slump as minister warns of ‘painful’ measure... by darkerside on Monday May 04, 2020 @08:37AM (#23067185)
You're right. I was thinking of Green Movement, not the Arab Spring. Thankss for correcting.
Re:Saudi stocks slump as minister warns of ‘painful’ measure... by darkerside on Sunday May 03, 2020 @08:38PM (#23063198)
The fuck is up with the downvotes?
Re:Saudi stocks slump as minister warns of ‘painful’ measure... by lowdose on Monday May 04, 2020 @06:00AM (#23066229)
It seems like the Arab spring was mainly caused by a spike in food prices.