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Saudi Arabia Faces Another "Very Scary Moment" As Economy, FX Regime Face Crude Reality

Tyler Durden's picture




 

"They are working for their market share, not for the price," Kazakh Prime Minister Karim Massimov told Bloomberg on Saturday, during the same interview in which he predicted that sooner or later, dollar pegs in Saudi Arabia and the UAE would have to be abandoned. 

The Saudis are essentially betting that their FX reserves all large enough to allow the Kingdom to ride out the self inflicted pain from persistently low crude prices on the way to bankrupting the US shale space. But the battle for market share comes at a cost, especially when ultra easy monetary policy in the US has served to kept capital markets open to heavily indebted drillers, allowing otherwise insolvent producers to remain in business longer than they otherwise would. It is, as we’ve noted before, a fight between the Saudis and the Fed

In the midst of it all, the petrodollar has died a rather swift if quiet death and as we documented on Saturday, the demise of the system that has served to underwrite decades of dollar dominance has left emerging markets in no position to defend themselves in the face of China’s move to devalue the yuan. With Kazakhstan’s decision to float the tenge, we are beginning to see the post-petrodollar world (or, the "new era" as Karim Massimov calls it) take shape.

Over the weeks, months, and years ahead we’ll begin to understand more about the fallout and nowhere is it likely to be more apparent than in Saudi Arabia where widening fiscal and current account deficits have forced the Saudis to tap the bond market to mitigate the FX drawdown that's fueling speculation about the viability of the dollar peg. Here’s Bloomberg on why the current situation mirrors a "very scary moment" in Saudi Arabia’s history.

The oil price was near its lowest in more than a decade, cash reserves were being depleted, emerging markets were in turmoil and Saudi Arabia was beginning to panic.

 

“It was a very scary moment,” said Khalid Alsweilem, former head of investment at the Saudi Arabian Monetary Agency, the country’s central bank. “And luckily at that point, oil prices started going up. Not by design, by good luck.”

 

That was 1998, and now Saudi Arabia’s fortunes threaten to turn again. This time, luck might not be enough as the government tries to protect the wealth of a nation whose economy has swelled by five times since then. The bastion of conservative Sunni Islam also is paying for an expanding role in regional conflicts in the face of a resurgent Iranand Islamic State extremists who have bombed Saudi mosques.

 

Economists are predicting a budget deficit of as much as 20 percent of gross domestic product and the International Monetary Fund forecasts a first Saudi current-account deficit in more than a decade. Reserves at the central bank tumbled 10 percent from a year ago, or by more than $70 billion.

 

As a result, bets on the devaluation of the riyal are surging. The Tadawul All Share Index lost 18 percent in the past three months and dragged stocks down across the Gulf region. The benchmark’s moving averages made a so-called death cross on Aug. 18, a sign to some investors that more losses are ahead.

 

The Saudis have “played a waiting game,” Robert Burgess, Deutsche Bank AG’s chief economist for emerging markets in Europe, the Middle East and Africa, said from London. “The budget for next year is going to be a very important milestone that the markets are going to be focusing on quite intently.”

 

With oil prices down by more than half over the past 12 months to below $50, Saudi Arabia faces many of the same financial problems it did in 1998.

 

The difference is the sheer cost of maintaining the state as an employment machine and guarantor of the riches that Saudis have become accustomed to since the last squeeze. Subsidized gasoline costs 16 cents per liter and while there’s the religious levy called zakat, there is no personal income tax in the nation of 30 million people.

 

“The Saudi government can’t continue to be the employer of first resort, it can’t continue to drive economic growth through the big infrastructure projects and it can’t keep lavishing on subsidies and social spending,” said Farouk Soussa, chief Middle East economist for Citigroup Inc. in London.

So here too, we’re seeing flashbacks of 1998, and indeed the size of the projected fiscal deficit is huge and some estimates for the current account deficit have increased markedly just over the last 60 days. 

And as Barclays notes, the country’s debt-to-GDP ratio is set to increase by a factor of ten by the end of 2016 as the Kingdom moves to offset the FX reserve burn.

The authorities are deploying a range of instruments to finance their growing deficits. As we expected last November, they have dipped into their central bank’s (SAMA) FX reserves which have fallen by USD60bn in H1 15. Much of the fall in SAMA’s reserves can be explained by the government’s drawdown of its deposits at SAMA by almost USD82bn in H1 15 (Figure 4). The authorities have also re-initiated local bond issuance for the first time since 2007, indicating they would aim to finance 40% of the deficit through tapping local liquidity. They have thus raised SAR35bn in local debt so far; and we expect another SAR126bn (USD33.4bn) in issuance by year-end, which could raise Saudi Arabia’s total public debt from its low of 1.6% of GDP at end-2014 to 8.2% at the end of this year and 16.5% in 2016 (Figure 5) given our base case oil price assumptions. 

 

Barclays continues: "A prolonged period of no adjustment and lack of any signal in that direction could heighten perceptions of risk regarding the sustainability of Saudi Arabia’s fiscal path, and undermine the credibility of its FX regime and eventually its medium-term creditworthiness outlook." So while most analysts don't see the peg falling in the near future - despite the widest divergence between 12-month forwards and the spot rate since 2009 - a lack of fiscal adjustment combined with stubborness when it comes to production could put the FX regime in the crosshairs, or, as Barlcays puts it, "given its fiscal challenges, Saudi Arabia will need to continue maximizing its revenues from its oil exports [but] this may not be so straight forward given the Kingdom’s stated petroleum strategy to defend Saudi market share and the market share of other 'high efficiency' producers, which would involve a longer process to balance the surplus in the market."

Indeed, expectations for devaluation have grown after Fitch cut the country's outlook to negative from stable on Friday. As Reuters notes, "one-year dollar/riyal forwards were quoted at 340 points [on Sunday], their highest level since March 2003."

Not only that, but the country's share of crude exports is under threat from the rise of the dreaded petroyuan. Once more, from Barclays: "After all downside risks to China’s growth persist and Saudi Arabia’s crude export market share with China has been facing competition from other suppliers, notably Russia, Iraq and Angola. With the devaluation of the yuan, Chinese imports of crude oil from Russia are likely to benefit as Russia began to accept payments in yuan last year." As a reminder, we discussed this at length back in June in "Historic Shift: Russia Overtakes Saudi Arabia As China's Number One Oil Supplier."

Finally, as we warned back in February, "few actually grasped the implications of what plunging oil really means in a world in which this most financialized of commodities plays a massive role in both the global economy and capital markets, not to mention in geopolitics, with implications far, far greater than the amateurish 'yes, but gas is now cheaper’ retort." And when all is said and done, the real question may be this: what happens socially and politically in EM oil producing states when, after years of depressed prices, the coffers finally run dry? And on that note, we give the last word to Citi's Farouk Soussa who said the following about the prospects for fiscal retrenchment in Saudi Arabia:

"These are things that are absolutely politically explosive. You’ve gotten accustomed to a certain lifestyle and that lifestyle is far in excess in terms of luxury that was prevailing in 1998."

 

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Sun, 08/23/2015 - 10:16 | 6457584 q99x2
q99x2's picture

Have no idea why Blankfein didn't vaporize all their evil palaces by now.

Sun, 08/23/2015 - 10:18 | 6457588 johngaltfla
johngaltfla's picture

Well, they lost another 7% today as did Dubai, and the Tadawul is down 30% in one year, 20% in one month. It's fugly in camel land:

08.23 Stock Market Sandstorm Continues in World Markets – Saudi Arabia down 7%
Sun, 08/23/2015 - 10:37 | 6457630 y3maxx
y3maxx's picture

Rumour...Per Capita, Saudi Arabian men make up the largest membeship % in Ashley Madison,

and A M is an NSA invention.

Sun, 08/23/2015 - 10:37 | 6457634 Looney
Looney's picture

It seems everybody has currency reserves – China, Russia, Saudi Arabia, et al.

How big is OUR “rainy day fund”?  ;-)

Exceptional, ain’t we?

Looney

Sun, 08/23/2015 - 10:49 | 6457650 johngaltfla
johngaltfla's picture

Or perhaps they don't have as much in reserves as advertised...

 

Saudi bank NCB selling 2bn riyal capital-boosting sukuk – sources

Sun, 08/23/2015 - 13:53 | 6458103 tc06rtw
tc06rtw's picture

 
Looney --
 
   Didn’t you know…

         WE control the weather!
     

Sun, 08/23/2015 - 14:29 | 6458239 Reichstag Fire Dept.
Reichstag Fire Dept.'s picture

The USA's "rainy day fund" is shaped like a printing press and it has been working overtime for quite some time!! ;)

Sun, 08/23/2015 - 13:32 | 6458043 GMadScientist
GMadScientist's picture

If you saw what was under those burkas, you'd understand.

Sun, 08/23/2015 - 14:25 | 6458208 Thurifer
Thurifer's picture

Actually the burka refers only to the head covering. The head to toe black outfit currently requred by the Mutawa (religious police) is called the abaya. But when I lived in Saudi we ex-pats simply refered to them as "lumps"

Sun, 08/23/2015 - 10:37 | 6457609 weburke
weburke's picture

 food is going to be scarce in that sandbox. 

 

Sun, 08/23/2015 - 11:00 | 6457659 Greenie
Greenie's picture

Who needs food in SA? Isn't that what khat is for?

And if the Saudi populace gets demanding or surly if there are cutbacks, the princes can always import cheap vodka  and make it available to the masses.

Has worked in Russia for years.

Sun, 08/23/2015 - 11:13 | 6457680 Remington IV
Remington IV's picture

huh

Sun, 08/23/2015 - 10:19 | 6457592 NoWayJose
NoWayJose's picture

"We are cutting production by 2 million barrels per day" - oil goes up $15 a barrel - problem solved.

The Saudis are doing this on purpose - to eliminate competition.

Sun, 08/23/2015 - 10:44 | 6457643 Winston Churchill
Winston Churchill's picture

Thats just a bonus IMO.

The Saudis and GCC have been very unhappy about the petrodollar for years now.

Plausible deniability may well be the real game, some of the Saudi royals are extremely

bright, not at all the sand jockeys many think they are.

Getting out of sales in dollars, without being bombed, would have to be convoluted, and

Tylers meme of the petrollar may well be intentinal , not a bye product..

Sun, 08/23/2015 - 11:11 | 6457676 algol_dog
algol_dog's picture

That's my thinking. They could stop this anytime, right? why don't they? There's more than meets the eye here. 

Sun, 08/23/2015 - 11:32 | 6457724 U4 eee aaa
U4 eee aaa's picture

If they are so bright, then why do they need gold plated Rolls Royce to feel better about themselves?

Sun, 08/23/2015 - 11:51 | 6457766 Winston Churchill
Winston Churchill's picture

Bad taste is irrelevant to wealth or intelligence.Maybe not in Wal-Mart,

but some of my billionaire clients have me scratching my head sometimes.Gaudy

is a kind description.

Sun, 08/23/2015 - 15:42 | 6457782 BurningBetty
BurningBetty's picture

I've read an article some time ago(may have been here on ZH not sure), when the OPEC or should I say the Saudis refused to cut back on production. It said something about Saudis break even price for keeping its wheels running lay at around $10-12 a barrel. Which is far lower then any other Western producer, WHILE they have for over a decade cashed in on a price levels well above $100 a barrel. Which practically meant that Saudis could keep this game going for quite some time without damaging their infrastructure? 

It seems the scenario I just mentioned doesn't seem to apply anymore? How come? 

Anyone? 

Sun, 08/23/2015 - 18:10 | 6459110 Iam_Silverman
Iam_Silverman's picture

"It seems the scenario I just mentioned doesn't seem to apply anymore? How come? "

Maybe you missed the part in the article where they mentioned the population growth.  When the general populace shares in the spoils of oil sales, then the share of profits spent to keep the proles happy also goes up.  Add in the fact that due to "Dollar Hegemony", we have been exporting inflation, and the cost of foodstuffs and other necessities have been climbing.  They are getting less of the things they need to import for the same quantity of oil exported.  That trade deficit is now starting to cause them to run fiscal deficits.

The biggest issue that the House of Saud has now is the fact that they are now having to fund the unrest in the region.  Due to Russian brinkmanship and our presidents lack of a cohesive foreign policy, SA has been having to spend their resources in places like The Sudan and Syria - places we were supposed to have dutifully bombed after some manufactured proof of malfeasance.

While the Middle East is rich in petroleum resources, they are still mighty short of refining capacity.  Try to fit that into the equation.

Sun, 08/23/2015 - 15:57 | 6458583 Baa baa
Baa baa's picture

Just askin', did you mean "intestinal or "intentional"? I mean, either one would work.

Sun, 08/23/2015 - 15:54 | 6458572 Baa baa
Baa baa's picture

That is pretty obvious if you accept the situation being presented as truth.

Sun, 08/23/2015 - 10:20 | 6457594 Navymugsy
Navymugsy's picture

Couldn't happen to a nicer bunch of mysogynistic, boy buggering, self aggrandizing people. Fuck them and their branch of islam.

Sun, 08/23/2015 - 11:32 | 6457725 Peter Pan
Peter Pan's picture

No need to fuck them. They will be doing it to one another by the time this is all over.

Sun, 08/23/2015 - 16:48 | 6458808 TBT or not TBT
TBT or not TBT's picture

Or better yet, just "fuck Islam" full stop. All variants.

Sun, 08/23/2015 - 19:28 | 6459450 Rhett72
Rhett72's picture

Read some Rumi.  It will be good for you.

Sun, 08/23/2015 - 10:22 | 6457599 fowlerja
fowlerja's picture

The Saudi oil minister said some time ago that the price of oil was determined by Allah...maybe Allah is displeased with Saudi Arabia...

Sun, 08/23/2015 - 10:31 | 6457616 JustObserving
JustObserving's picture

Re:  the price of oil was determined by Allah...

John Kerry, the US secretary of state, allegedly struck a deal with King Abdullah in September (2014) under which the Saudis would sell crude at below the prevailing market price

Saudis call Obama Allah?  Or is it Horse-face?

Sun, 08/23/2015 - 15:52 | 6458561 Baa baa
Baa baa's picture

I heard they were calling him "Easy Slider"

Sun, 08/23/2015 - 14:04 | 6458136 tarabel
tarabel's picture

 

 

I'll uh make it go higher as soon as we've put Russia and Texas out of business.

Sun, 08/23/2015 - 15:51 | 6458557 Baa baa
Baa baa's picture

Texas will NEVER be put "Out of business". Now as for the Kalifornians who have flocked to the state, I can't say but things do not bode well

Sun, 08/23/2015 - 18:23 | 6459160 Iam_Silverman
Iam_Silverman's picture

"Now as for the Kalifornians who have flocked to the state, I can't say but things do not bode well"

If many of them decide to leave, I don't think that I'll miss them much.  I'm tired of hearing how "backwards" we are here.  I like to point out to them that the interstates also have westbound lanes that they can feel free to utilize at their discretion.  Then they can return to their more "progressive" lifestyles.

Sun, 08/23/2015 - 19:33 | 6459476 Rhett72
Rhett72's picture

Most Muslims would agree with you.  The Najd (the desert homeland of the Saud family) was descrbed by Prophet Muhammad as a cursed region from which the "horn of the Devil will emerge."

Sun, 08/23/2015 - 10:37 | 6457611 JustObserving
JustObserving's picture

Saudi Arabia is America's lapdog and must obey every order from Washington, no matter what damage to their economy.

The drop in oil prices is a component of Obama's full spectrum war against Russia and Putin for Crimea, asylum for Snowden and support for Assad.

The corrupt, criminal Saudi regime is kept in power by US support.

John Kerry, the US secretary of state, allegedly struck a deal with King Abdullah in September (2014) under which the Saudis would sell crude at below the prevailing market price. That would help explain why the price has been falling at a time when, given the turmoil in Iraq and Syria caused by Islamic State, it would normally have been rising.

The Saudis did something similar in the mid-1980s

http://www.theguardian.com/business/economics-blog/2014/nov/09/us-iran-r...

The drop of oil to $10 a barrel in the mid-1908s, engineered by Saudi Arabia at US command,  is cited by many as the cause of the breakup of the USSR.

Obama wants Saudi Arabia to destroy Russian economy

 03.04.2014

U.S. President Barack Obama tried to convince the King of Saudi Arabia to coordinate actions in the oil market to reduce world oil prices, the main source of Russia's export revenues, and "punish its behavior" in Crimea. Experts estimate that if the prices are reduced by as little as 12 dollars per barrel, the Russian Federation will lose $40 billion in revenue. There has been a precedent, because this is precisely how the USSR collapsed.

http://english.pravda.ru/world/asia/03-04-2014/127254-saudi_arabia_russi....

Sun, 08/23/2015 - 12:33 | 6457819 angel_of_joy
angel_of_joy's picture

I'm getting pretty sick and tired of this great conspiracy "to collapse the Russians" that keeps being repeated ad nauseam. Nobody seems to notice that, while we are supposedly pushing the Russians around whith this brilliant strategy of low cost oil, the followings are happening:

- fracking industry in US gets totally killed;

- tar oil industry in Canada gets also killed;

- Saudis are pissing away their beloved slush funds at great speed and no with visible benefits;

- Russia is devaluing its currency proportionally to the decrease of oil price, so the effect on its budget is minimized;

- Russia sells oil to China (which is quickly becoming its main trade partner) in a different currency than USD. Incidentally most of what Russia needs to import could come from China (which nowadays makes pretty much every manufactured product under the sun).

So, tell me again how is this going to work for US ?

Sun, 08/23/2015 - 12:39 | 6457875 Winston Churchill
Winston Churchill's picture

Exactly, the moment the Silk roads are finished,so is the USD.

Sun, 08/23/2015 - 14:34 | 6458267 Reichstag Fire Dept.
Reichstag Fire Dept.'s picture

If the Saudis are leaking "reserves" and those reserves are US$'s and they think the US$ is going to zero then what have they lost? Certainly not market share...so far...

Sun, 08/23/2015 - 16:58 | 6458810 JustObserving
JustObserving's picture

Re: getting pretty sick and tired of this great conspiracy "to collapse the Russians" 

Here are the facts, Jack:

US imports 7.5 million barrels a day even today and benefits greatly from lower oil prices. US uses about 20 million barrels a day of world production of 94 million barrels a day.

Russia exports about 7 million barrels a day and is hurt by lower oil prices. 50% of Russia's exports are energy-related.

That takes care of all your worthless, ridiculous, specious arguments 

Mon, 08/24/2015 - 11:47 | 6463495 angel_of_joy
angel_of_joy's picture

So tell me then, where is the difference in US consumption coming from (i.e. 20 milion - 7.5 milion) ? And how exactly are those making up that difference being affected by the low oil price ? Yeah, I thought so...

For extra points, do you know how much has the Russian ruble devalued over the last year ? How do you think it affected their oil production costs ?

If you don't know what you're talking, sometimes is better just to shut up...

Sun, 08/23/2015 - 10:37 | 6457632 Reaper
Reaper's picture

Praise Allah, pump more oil, thus spake Barack to his Saudi tools.

Sun, 08/23/2015 - 10:49 | 6457645 thunderchief
thunderchief's picture

Moar Waor! !  Say the House of Saud...

God Bless the Yemanese. .Good people..

Sun, 08/23/2015 - 10:48 | 6457648 surf0766
surf0766's picture

I wonder if Dear Leader will step in to support the Hood again to destablilize this gov't .

 

Sun, 08/23/2015 - 10:59 | 6457658 Berspankme
Berspankme's picture

Fuck the Saudi's, turn that place into glass. That's worthy of a nobel peace prize

Sun, 08/23/2015 - 11:07 | 6457669 Peter Pan
Peter Pan's picture

"You’ve gotten accustomed to a certain lifestyle and that lifestyle is far in excess in terms of luxury that was prevailing in 1998."

So Greece hasn't been the only one living a fantasy.

Next please !

Sun, 08/23/2015 - 11:14 | 6457683 Chuck Knoblauch
Chuck Knoblauch's picture

Saudi Arabia did not exist before WW 1.

It's a holding company, not a country.

All smoke and mirrors.

Sun, 08/23/2015 - 11:28 | 6457713 EurGold
EurGold's picture

500 x 1oz Silver Vienna Philharmonic Master Box €7,159.69

https://www.eurgold.eu/silver/500-x-1oz-silver-vienna-philharmonic-2015

Sun, 08/23/2015 - 11:39 | 6457743 opencircle
opencircle's picture

1. Launch QE.

2. Get FX swaps with Fed.

Problem solved, its old school to raise taxes for spending. When will the author learn?

Sun, 08/23/2015 - 11:41 | 6457746 opencircle
opencircle's picture

Some more folks get QE'd.

Sun, 08/23/2015 - 12:32 | 6457857 numapepi
numapepi's picture

Those poor Saudis! You mean they will have to sell their solid gold toilets? The pain! The pain of it all!

Speaking of all... All the trillions of dollars they have got went into funding terrorism, exporting Salfism and naked luxury. Not one red cent invested in productive enterprises. Hard to believe that could go wrong...

No one will shed a single tear for them.

Sun, 08/23/2015 - 12:32 | 6457860 AbbeBrel
AbbeBrel's picture

In physics, jerk, also known as jolt, surge, or lurch, is the rate of change of acceleration; that is, the derivative of acceleration with respect to time, and as such the second derivative of velocity, or the third derivative of position.

Remember, it is not the stops and starts of life that get you, it is the Jerks.

Kinda like riding a camel I suppose (not having done that so far)...

Sun, 08/23/2015 - 12:40 | 6457882 laomei
laomei's picture

The US decided to jump into the market, added supply at highly subsidized prices.  Saudi just didn't cut production.  Simple as that really.   This is fucking bloodsport.  Saudi going to 16.5% ratio isn't anything to write home about, it's all low interest debt and the payoff is far greater.

Sun, 08/23/2015 - 13:10 | 6457967 AustrianJim
AustrianJim's picture

Perfect timing. ISIS has its eyes on Saudi Arabia.

Sun, 08/23/2015 - 13:22 | 6458005 KingdomKum
KingdomKum's picture

better put on our boots as the shitgum is going to get pretty deep  .  .  .

Sun, 08/23/2015 - 13:57 | 6458113 tarabel
tarabel's picture

 

 

These guys are all doing trailing analysis of geopolitical moves that have already reached their expiration date.

Yes, China was a growing customer and yes, China was interested in seeing oil purchases priced in yuan for a number of strategic and national pride reasons.

Since the yuan was EFFECTIVELY PEGGED to the dollar, what difference did it make to the producers? None. Whatever, dude, as long as we get our money.

But it is apparently about to be decoupled from the dollar and is, in fact, headed way south as fast as its bandy little legs can carry it.

So, is this likely to produce a further decoupling from the dollar and in to yuan-denominated purchases, or is it more likely to result in a move away from the dollar rivals, which are now dropping in value?

So long as the yuan held a steady value, it was a perfectly acceptable substitute for the petrodollar. Now it isn't, and another long-cherished plan of the Chinese government is up in smoke right at the edge of triumph. Curse you, round eyes.

These countries cannot take a devaluation hit to their sales price and therefore they won't. But they are all apparently doing something to cut their cost of production, and that is through a rush towards urgent reforms to their cost structure.

All of these countries are cutting their internal production costs through domestic devaluation. The price of oil is what iit is and not likely to go back up to the levels that all of these petro-kleptocracies need, want, and desire for a somewhat lengthy period of time.

Ergo, they need to dig in for a long siege and they do this by maximizing gross shipments and minimizing gross production expenses. Cut the wages of their workers and the value of the state benefits being used to bribe the population. This slows their burn rate. Sell all they can at whatever price they can get. This also slows their burn rate.

It is all about easing off the burn rate in this petro-war and hoping that they can last long enough for someone else to collapse first and take excess oil off the market.

Doesn't it occur to any of these genius analysts that the legalization of Iranian oil puts further pressure on already stressed competitors? They all know it. Witness the sudden rush towards belt-tightening as soon as an Iranian deal became likely. They do this in order to lengthen the time frame that the various klepto-regimes can hold out even as market conditions deteriorate further.

They ain't seen nuthin yet.

 

Sun, 08/23/2015 - 14:36 | 6458273 Reichstag Fire Dept.
Reichstag Fire Dept.'s picture

"...as long as I get my money next Friday!" ~ George Thourogood.

Sun, 08/23/2015 - 15:37 | 6458508 bid the soldier...
bid the soldiers shoot's picture

Quite often in history the death of one king and the coronation of another portends trouble for that kingdom. 

 

jest sayin'

Sun, 08/23/2015 - 16:40 | 6458783 tarabel
tarabel's picture

 

 

Especially if that king is a senile old duffer with alzheimers who can be manipulated easily by his family.

But the end does not come until the one Dark Lord rules all of the Arab states. Coming closer all the time.

Sun, 08/23/2015 - 18:31 | 6459199 bid the soldier...
bid the soldiers shoot's picture

I guess you mean Ronald Reagan.

I agree, honey.

Sun, 08/23/2015 - 15:40 | 6458520 stock market loser
stock market loser's picture

Saudia Arabia is doomed. 

 

http://collapseofindustrialcivilization.com/

Do NOT follow this link or you will be banned from the site!