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Arabia
Arabs lost 2.5 trillion in credit crunch
2009-01-17
Arab investors have lost 2.5 trillion dollars in the US inspired global credit crunch, Kuwaiti Foreign Minister Sheikh Mohammad al-Sabah says.

"The Arab world has lost 2.5 trillion dollars in the past four months" as a result of the global financial crisis, Sheikh Mohammad told a press conference following a joint meeting of Arab foreign and finance ministers in Kuwait on Friday.

He also said that about 60 percent of development projects "have either been postponed or cancelled" by the six-nation Persian Gulf Cooperation Council (PGCC) states because of the global meltdown.

Arab leaders who held their first ever economic summit on January 19-20 will discuss the impact of the worldwide economic meltdown on the 22 Arab countries.

The main losses came from an estimated 40 percent drop in the value of some 2.5 trillion dollars of Arab investments abroad, losses of more than 600 billion dollars from falls on stock markets and a sharp decline in oil revenues.
Posted by:Fred

#10  Wait till you see what happens to China and then tell me how much you want manufacturing. And there is a fair amount left. Just not the low paying jobs.
Posted by: Nimble Spemble   2009-01-17 22:17  

#9  Financial and tech are going at fire sale prices .5MT. Not much manufacturing there.
Posted by: ed   2009-01-17 22:06  

#8  I sincerely believe that the only healthy economies are those with a large industrial base.

Our "service based" "consumer driven" economy is a mess. We've driven most of our hard smoke stack industry out of the US and all we have left is a bunch of drones shuffling paper.

The only real manufacturing we do these days is automobiles and construction. Everything else is paper.

Why do we paper pencil necks with MBA shuffling meaningless piles of paper, playing with other peoples money more than we pay architects, engineers, doctors or teachers?

Posted by: James Carville   2009-01-17 20:17  

#7  Manufacturing base Ed... you're off message.
Posted by: .5MT   2009-01-17 19:27  

#6  Or they will use the remaining money to buy out what's left of our corporate base at 20 cents on the dollar.
Posted by: ed   2009-01-17 14:09  

#5  Hot damn. Our hearts pump purple piss in their behalf. Mebbe Allan is upset with the current batch of half-asses.
Posted by: Woozle Elmeter 2700   2009-01-17 12:56  

#4  Seeing that the world is heading down the Zimbabwe Keynesian path, I think its about time that some order was brought into the use of Long Scales and Short Scales. I'm assuming the trillions in this article are Short Scale.
Posted by: tipper   2009-01-17 09:13  

#3  No worry, Obamaland will repay it with intrest.
Posted by: g(r)omgoru   2009-01-17 06:26  

#2  That's the first good news coming out of this whole financial mess.
Posted by: Alaska Paul   2009-01-17 01:57  

#1  Trilyuhns and Zilyuhns and Qilyuhns and......
Posted by: JosephMendiola   2009-01-17 01:19  

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