Discover and read the best of Twitter Threads about #petrodollars

Most recents (5)

Skill harvesting is akin to cropping agriproducts.
You till the fertile place, select the seeds, provide exposure to sunlight, start the soil sowing process, apply fertilizers, waters, and other chemicals, wait for the germination to turn into a crop, & start harvesting.
Governments that invest in Human Capital have benefited a lot in terms of socio-economic development.
It is not just about making money to sustain oneself, but, liberating a human being from slavery.
The political dividends reaped from such a policy are immense!
E.g. Singapore.
Compare #Singapore or other SE-Asian Nations with the Energy Rich Nations, which rely on #petrodollars in addition to Natural Gas/LNG Exports, such as the #GCC Nations.
The quality of economic development is completely different, in nations where knowledge capital exists
Read 16 tweets
The #ZanzibarRevolution was a “lumpen uprising” that was given leadership and strategic direction by the radical socialist / PanAfricanist Umma People’s Party led by #AbdulrahmanBabu. Source:… #Babu  #EastAfrica #BritishColonialism Image
#Babu was close to the Chinese leadership and helped broker the Chinese funded/built #Tanzania/#Zambia railway #TAZARA which helps Zambia overcome transport/economic dependence on apartheid regimes. ImageImage
#Babu opposes 1990/1991 war on #Iraq saying Iraq’s Arab radicalism / nationalism is challenging global US dollar hegemony. Image
Read 9 tweets
OPEC was formed in the 1970s and the cartel could control prices - because the global economy runs on oil, and bulk of the reserves were in the Middle East.

They figured out, Oil Demand is inelastic. People have to buy no matter what price. It’s the most dense form of energy.
Price Elasticity if Demand in the short run was 8x.

1% cut in Oil production would lead to 8% rise in price.

But if prices are too high, then people start saving energy and demand falls.
Read 37 tweets
The Green New Deal uses some legalese to describe its coalition of "frontline and vulnerable communities," says @adam_tooze.

Almost bizarre to see FDR and enviro mantel invoked for this very different coalition.
The confusion at the launch over foundational enviro issues like what is the new coalition's stance on nuclear power and carbon capture is telling of how this is a different movement, says @adam_tooze.

Sanders, with his longer record, has helped reanchor these concerns.
The China Shock in the Midwest plus collapse of coal mines in Kentucky v. Corporatist smoother transition in Germany shows how much more poorly US manages adjustment process, says @adam_tooze
Read 17 tweets
#Burkas are like wearing a crusifix&should b defended,said Scots leader liberal+lesbian,irresponsibly ignoring that a crusifix is a symbol of #Christianity,which holds t western civilisation,while #nijab is a symbol of oppression enforced recently in #Islam by the #Saudi #Wahhabi
#Liberals accusing #Iranian govt of"oppressing women" who must wear a lose scarf,but do not protest against the #Saudi #Wahhabi reactionary dogma,while it's creeping as political #Islam to combat western #civilisation at the end.If it's sounds like fiction,think Saudi investments
Serious problem wth "western civilisation"mental health.Giving up easily to full veil wearing wthout asking what the cover symbolises,wthout questioning why it came from archaic #Saudi #Wahhabi #Sharia #Regime by force,is👉rejection of progressive western values.Period
Read 24 tweets

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