Thousands of businessmen across GCC have gone into turmoil ever since, property prices have collapsed and thousands are in jail or have run away or are involved in multiple litigation while Govt's are not making payments leading to freezing of thousands of business.
Trump is openly humiliating and challenging Saudi, Etihad is at the verge of a slow death like collapse and bailouts of large corporations and entire countries are in full swing.
Last week, we elaborated how bad things were in the UAE.
In all, at least 19 major banks have merged across GCC within the last 12 months approx.:
8 banks have announced mergers in the UAE alone (2 completed in 2017 and 6 shall merge in 2018).
3 merged in Qatar in Aug 2018.
2 merged in Kuwait-Bahrain in Aug 2018.
Now 2 oldest banks have merged in Saudi in Oct 2018.
2 were merged in Oman in Aug 2018.
Yesterday, 4 Oct 2018 was a terrible day across GCC.
2 more banks were merged in Oman.
Aside from banking mergers, sovereign fund closures/mergers, aluminium company mergers, the largest petrochemical companies in Saudi are also in trouble and are now being merged.
These companies are and were the heart of Saudi and UAE economy and they are almost all insolvent.
Early this week, a major USD 200b solar power project with Japan was also shut down despite being launched just in early 2018.
All these are signs of rapidly evaporating trust of foreign investors and fleeing of local assets and lack of any cash with the Saudi Govt to even save their own reputation, never mind their corporations.
To prove that what we say is true, Govt of Saudi (until few years ago that was the richest country in the world) is taking loans. This is like blasphemy.
Never before a rich country has gone downhill so fast in just 3 years since 2015.
USD 11b is needed by Saudi every month as their deficit. This is just 1 month worth of borrowing. The public sector salaries and Govt spending on empty shell towers and mini cities and security are enormous and completely unsustainable.
Ejecting expats is not the solution because expats were paid the lowest while locals are paid the highest. How can Saudi Govt eject the locals?
However, Saudi Govt did the unthinkable when they arrested the top 2,000 princes, royals and elites and took way their financial and real assets worth trillion dollars or more.
This is a complicated subject because it is linked to Trump, petro dollar, US hegemony status, price of oil (which went above $60 after this event and broke our unbroken perfect record that oil will stay between $20-60 since Dec 2014) and is also linked to the US military over which Trump is now very upset, accepting yuan for oil and China, Russia etc.
In June 2018, Jordan was bailed out with USD 2.5 billion.
Yesterday, 4 Oct 2018, again Jordan was bailed out.
And by the afternoon of 4 Oct 2018, Bahrain also had to be bailed out (again!).
On 4 Oct 2018 itself, Dubai announced that 2 multi billion dollar projects were halted and one major Abu Dhabi fund (despite a merger with IPIC recently) also went into a default (whose fancy word these days is "restructuring" since 2008).
With EXPO 2020 approaching, the collapse of Schon Properties who was building several towers in that area and now the shut down of expansion of Al Maktoum airport seems things are worsening every month for the over marketed EXPO 2020 project.
And we have not even talked about the high chance of increase of VAT from 5% to 10% by next year in the UAE and Saudi yet.
Sobha Group launched this new project last year and promised in April 2018 that they will do ground breaking by Oct and when October arrived, they shelved the massive project as well as put their future 2021 IPO on hold due to "financial consolidation".
Things are so bad on 4 Oct 2018 in Saudi that although the King of Saudi cancelled the plan for Aramco IPO last month (which also we had predicted that it will never happen) and now Aramco has no money to pay salaries.
What better proof than an actual video of police shooting on hundreds of Aramco employees on 3 Oct 2018 who were protesting over unpaid salaries.
EDIT: 7 Oct 2018:
It has just come to our attention that unpaid salaries are not by Saudi Aramco but some Saudi contracting company.
We apologise for the error due to the news release above by the Tasnim News article.
Another author wrote about Saudi as a failed state where ISIS and Al Qaeda are taking hold, also on 4 Oct 2018. This is mostly due to the economic collapse that will allow the unemployed and the disenfranchised to join the militants instead of getting to work.
Well, we have predicted this since 2015 and it is now building up, so no surprise to us.
For multiple reasons, GCC have been forcing expats to leave in millions that has created a massive problem for all sorts of businesses from banks to retailers to hotels and Govt services.
Yesterday, 4 Oct 2018, FT opined on this matter which we have said since many years that if expats leave, it will not bring back the good ones. While locals can fill the gap but barely 10-20%. Which leaves a massive gap of 80% plus due to which service levels, business levels and investment levels will plunge to such pathetic levels that it will be beyond alarming.
All we can do is wish good luck to all the businesses and customers operating or residing in the Gulf because they will never find good employees (due to tensions/missiles/wars in the region and lowest wages being paid over the last 5-6 years) and will also never find good employers (since employers don't get paid by their customers or the Govt hence they cannot pay exorbitant rents and hefty business costs and decent salaries causing them to run away, go to jail or simply collapse).
Ask anyone in the Gulf and they will all say the same thing - there is absolutely no business (except a little bit in online e-commerce or a bit of tourism). But shhhh, there are laws in the Gulf to arrest and give multi million fines for anyone who speaks of the harsh reality.
"Businesses complain of a mismatch between their needs and young workers’ abilities"
Meanwhile, Etihad is in terrible shape.
They shut down their business and first class lounge in the world's most important city for travellers being London this week.
They will close many more lounges every week in the weeks ahead.
They have turned into a budget airline where one needs to pay for food, are closing exclusive lounges, have shut several destinations, sold 20 plus planes, shut limo services in almost all countries except UAE, reduced several meal types as well as many amenities on board.
They have turned into a budget airline where one needs to pay for food, are closing exclusive lounges, have shut several destinations, sold 20 plus planes, shut limo services in almost all countries except UAE, reduced several meal types as well as many amenities on board.
The investors in Etihad are fearing a collapse and just today, 5 Oct 2018, they have written a letter to Etihad and Dept of Finance (and most likely copied to the Ruling Family of Abu Dhabi) to help them get their billions back.
It will wise for Abu Dhabi to bail out Etihad investors but the million dollar question is, how can they do so if they simply don't have enough cash?
And if they pay 1 bond, then the second bond holders will come forward who were defaulted last year. They are doomed if they pay and doomed if they don't!
And if they pay 1 bond, then the second bond holders will come forward who were defaulted last year. They are doomed if they pay and doomed if they don't!
Etihad bankrupted Air Berlin and Alitalia last year and could not pay off that bond, therefore, chances are very low that they can help Etihad bond investors who are demanding USD 1.2b in 2 bonds while the next interest payment date of 29 Dec 2018 is coming closer every day. The bond is now trading at USD 57 level today which is at severe distress levels.
There are almost no solutions to the problems of the GCC because they are so acute and almost all are self created. They cannot print money nor borrow more and don't have much cash to pay for all their margin calls either.
The house of cards is crumbling down faster and faster in 2018 across GCC and proving us correct in our prediction for every year about the GCC since 2015.
We can only warn everyone that the worst is yet to come.
Be safe!
The reason behind all these crisis are very clear. Mainly because of the mismanagement of the companies management staffs from CEO to down. No pre planned programmes to keep enough fund for their future functioning, unfaithful staffs, those only focus for their profit and wellbeing, no commitment to their bread earners. You can find a very big gap between the management staff and the labourers in most of the companies. Out side it seem like they are in good terms . but they really have a very big gap in functioning .Sometimes because if the more stubbornness and arrogance by the superiors. Or because of the malpractices by them. I have noticed all these things from the past, when I was working in the gulf. Much more thing to write but.......?
ReplyDeleteI fully agree with you. However, that is just one part of the massive problem. Wish the GCC employers and Govt had placed focus on education and inculcating values in their own citizens at all levels from nursery to schools to colleges to people working in jobs. They always had excess money so whatever leaked away was irrelevant to them (they treated all employees as slaves and as always replaceable instead of bringing their own sons of the land to work) and everyone thought (and actually believed) that good times will last FOREVER. If they had started reducing expats when times were good instead of relying on expats more and more and invested in education and training and building solid companies instead of investing frivolously in ever so big vain projects on borrowed money mindlessly, they would not be facing this mess today. Wish this was not happening but alas, they relied on foreigners until today including as investors, workers, doctors, accountants, lawyers, engineers etc so they never built any universities of their own. Their advisers were all the same for several decades who only think of today and never of the future. Everyone gets the blame including these greedy and selfish advisers. All money is gone and they are stuck with the bills and are unable to pay. Default and going back 30-40 years is their future. Let's hope that Trump does not get any more angrier because Saudi and UAE hold the key to the petrodollar and are the very last obstacle on the plunge of US dollar and once they accept yuan (which they must within the next several months), Trump will unleash the wrath of hell on everyone with the greatest damage on Middle East.
DeleteHi Manoj, Is restructuring of economies a bad thing, pain notwithstanding? All signs that you suggest are ways of setting things right. But to leapfrog thinking to 'say' what you say about the region is an inappropriate comment. all resource rich countries and those dependent on consumer businesses have taken a hit because Amazon has compressed margins, eliminated price and information arbitrage that gave excess margins to local players. Welcome to a flat digital world! America's midwest elected Donald only because of this. He can erect trade walls and influence regional narratives to oil suppliers but the trends are clear. We have to manage the transition. e
DeleteI dont think so the economy is in a bad shape like it was in 2008-2009 fiscal year. A sharp fall in gdp was during that time for middle east nations. And it was a 16% fall for UAE. The worst fall. But in 2018, UAE has announced a 180 billion aed zero deificit budget for the next three years. As per the world bank statistics on 2015 UAEs gdp was 358 billion dollars and on 2017 it was 382 billion dollars. A 3.3% annual growth. Then how come the author of this blog claim that since 2015 UAE economy (one of the major economies in middle east) is going down?! Similar is the case with all the major players in middle east. Saudi Aramco financial report that was leaked recently, read a $100 Billion generation of cash by an asset that is worth $2 trillion! Then how come you say, Saudi is affected by crisis. I personally know many contractors who are happy doing business in Saudi arabia & they say that the price in BOQ is contractor's price (No budget for client. Contractor makes huge profit by quoting high prices). Moody's credit rating for UAE at 2017 was a ''Aa2'' rating signaling a great stability in the economy. Then how can the author of this blog claim economy is running down?! UAEs unemployment rate for 2017 was 1.72% comparing to USAs 4.1% at the same time! I think everybody, prior reading this article should google the economic prospects of each middle east nation or some people are going to guide you into wrong economic directions. LOL
DeleteFYI, Etihad airways case is not a new one. Airline industries around the globe always falls in price competitive sector. Jet airways, Air India, American Airlines / Delta Airlines (before a few years) are in loss. Its always a cycle for them. many years in profit and other years in loss. Why you didn't speak about Emirates airlines that made a huge profit of $2 Billion in the last fiscal year ?! People prefer a little mixture of positivity also with the negative information's. The condition of banking sectors in middle east is not as worse as the AIG, Lehmann Bros & Goldman Sachs during 2008-09 recession. As long as they avoid the rolling over debt attitude & flooding out a lot of loan for managers bonuses, the banking sector will stay stable. How many banks & PSU companies got merged in India! At some point merger is more profitable or stable than staying individual. pls Don't try to picturize the common economic processes as a horror fantasy to common people. Okay, the prices of real estate homes might have come down, that is also a normal phenomenon which happens wen supply exceeds the demand. But most of the properties are being rented out at decent returns. Returns far better than the US government bond yields. Don't forget that, same like USA or other developed nations, The God Almighty has also blessed middle east nations with the largest oil reserves. And oil was, is & will be one of the most important commodity in man's life on earth. There might be some fear in the market & some people will try to utilize it by buying the houses or business's at very cheap price. But this fear is not forever. It is the fear of mankind that will pull down the market even if it has got a stable economic engine. Be positive & stay positive. UAE has got the best business analysts & Economists around the globe ;)
DeleteI have to agree with Amjad Ali Navazbut that doesn't mean that they don't have a problem.
DeleteIs this another Nigerian scam?
DeleteHarsh reality...These countries exploited lower runf employees like animals...snatching away passport...denying salaries etc..Pity they work as slaves..where is UN..and other countries that fight for civil rights...equality...etc...Who cares...
ReplyDeleteYes. Karma is catching up. Millions of poor have been saying this at least since 2008. Thank you for your comment.
DeleteTrue...karma
DeleteThis is the New World Order.
DeleteThe only shining star in GCC is Sultanate of Oman, whose Sultan did not copy the life style of Sheikh's of neighbouring GCC countries &is least affected byBusiness Bankruptcy & Post Dated Cheque practice..May be the reason is Sultan himself..He allowed Hindus to build Hindu Deities Temples & allowed Indians to celebrate HinduFestivals , as early as 1980 , thereby Oman getting blessings!
ReplyDeleteLET THE HINDOOO GODS FIRST BLESS INDIA WHICH IS BEING FLUSHED DOWN THE DRAIN FASTER THAN THE GULF COUNTRIES......
DeleteStupid man hindu culture is the oldest best n everlasting religion n belief. Will go on forever n India will once again become land of flowing milk n peace loving n pious one. Wait n watcg
DeletePlease let us not bring religion into an economic situation impacting millions of expats (of all religions). Religion has got nothing to do with anything. All GCC countries are very good and welcoming towards all religions. Thank you.
DeleteOur oman under his majesty sultan qaboos bin said is safe n well our sultan never enjoyed his life sacrificed his life n wealth on oman n hon his people long live our majesty god bless him our oman is peace full loving country simple n d best
DeleteOman too is going through tough times and employees were told to resign and many banks going for mergers. Govt projects are on hold but one good thing about the ruler and locals are good and friendly.
DeleteWhy you're involving religion in a conversation like this? We are not in a depat who's got is a batter God....
DeleteLETS NOT FORGET THE "GREATER ISRAHELL" PROJECT....WHICH IS THE MAIN MENU FOR THE "SATANS AXIS"(ISRAHELL+USA+FRANCE+UK)
ReplyDeleteStill is Israel is shining. V
DeleteMajor Khan!
DeleteHow is Pakistan faring economically these days? Are you'll scoring millions of sixes or millions of sixes? Pakistan's solution to economic progress "bombs and 72 virgins for everyone."
If I’m doubt who to blame, blame the western governments. Sort out your own financial problems instead of bringing in The UK or any other Western country. Stand up for yourselves, stand as one, look after each other rather than trying to see who is the biggest.
DeleteHow foolish to think Oman survives bcoz of Hindu deities Blessings to Oman. First compare the Indian states in the order of prosperity and literacy and know what Hindu gods have done to Bihar Rajasthan Chhattisgarh etc., The problem with the Gcc is that they have deviated from teachings of the Quran and that might have invited the Wrath of Allah.
ReplyDeleteWrath of Allah???
DeleteIsn't Allah the most merciful & most benevolent?? Do you, Nazar Sherif, doubt it?
Next place going down the chute is Terroristan !! It's a matter of time, they have a death wish and it will be fulfilled heartily !! Ali Baba and 40 thieves are going to sell the country piece by piece to China. Soon you can eat pork chops Manchurian in Terroristan instead of Nalli Nihari !!
DeleteMay Allah guide us all.
DeleteSo many factual inaccuracies.. Nothing but fear mongering... Just name the 6 banks that have merged in 2018 in UAE.. All sovereign wealth funds leverage capital with debt to boost returns to shareholders... Such routine corporate finance is Greek to author.. Arguments Totally devoid of rationale and interpreted per convenorcon
ReplyDeleteThank you for your comment. It is not our fault that you never learnt to use the internet and click on the links provided and care to read everything that is provided with facts nor being aware of the most recent market news. Typical fast food mentality of living in denial and hope and self opinionated world without rebutting anything with facts or data. Readers who do not have the time to read all the links on such a serious matter are not welcome here. Thank you.
DeleteAgain a reply without facts.Fyi I read through the links and can only sympathise with your ignorance. Per your earlier amusing shot, NBAD/Fgb/ADCB/Al hilal/unb 'all the above banks have merged'. Immediately following that you give link that they're 3 are taking about merger. Restructuring is interpreted as non-payment in your traditional brick and mortar world.. Your penchant for simplicity is crazy.. Get facts and life if possible
Delete3 banks: UAE's Bank of Sharjah, Invest Bank, UAB in merger plan –sources
Deletehttps://www.reuters.com/article/sharjah-banks-ma/update-1-uaes-bank-of-sharjah-invest-bank-uab-in-merger-plan-sources-idUSL8N1WD49B
3 more UAE banks: ADCB, UNB confirm talks on possible merger
https://gulfnews.com/business/sectors/banking/adcb-unb-confirm-talks-on-possible-merger-1.2274525
Mergers are part of evolving markets..just look around..Microsoft acquired GitHub for ~$7.5B..flipkart in India is being acquired by Walmart for ~USD 16B. UAE as a country has too many banks chasing limited clients and consolidation is natural way forward. Further, refer below on denial by Bank on the reporter merger story http://gulfbusiness.com/sharjahs-uab-denies-reports-merger-bank-sharjah-invest-bank/.
DeleteAs regards to Etihad making losses, have a look at airline industry and its too obvious that it has historically been a difficult industry. On publicly available info., between 2002 to 2011, American , United and Delta – each filed for bankruptcy. Not only that, but each has or had merged with another large carrier – US Airways, Continental and Northwest respectively – that had also sought legal protection from creditors. The official reasons given ranged from the dubious (increased fuel prices, which would seem to affect every player in the industry equally) to the more candid (competition from low-fare rivals). Lot of information in public domain if you've the time and inclination to delve deeper. Airlines in India continue to struggle to stay profitable (FY16 was the only profitable year for the industry as whole). Air Berlin was already struggling when Eithad pumped in money hoping for a turnaround. Put simply, it was easily good money chasing bad and turned out to be a bad decision for Etihad. Same can be said for other acquisitions by Etihad. It spent billions on acquisitions that failed to deliver returns. The bonds were structured without cross-default to Eithad.
GCC will not and cannot crumble with any of the above largely systemic progression of economy and markets.
Amtauras, we respect it feelings. but it can only be fit for your own religion. By the grace of Almighty, our religion is the best in the world..
ReplyDeleteI'm sorry, OUR religion is the best in the world. Our Almighty is mightier than your Almighty!
DeleteWe would wish prosperity in GCC countries to continue. Today's world is connected. People should not live in ivory towers. Any economic disaster in GCC countries will quickly affect countries like India and Philippines which have large workforce benefitting and partaking of GCC prosperity.
ReplyDeleteWhat is the future of Bahrain economy can someone please comment...
ReplyDeleteHello, It will remain same as the last decade, it will keep slowing down. However, much depends on when Saudi/UAE decide to accept yuan for oil or America gets more angry on GCC. It is all an unknown but overall expect gradual slowdown continuing.
DeleteWhy don't we understand that religion is a man made thing, not made by the nature that real Almighty. Everything will vanish who is the flow of time.
ReplyDeleteThis article is a joke and the writer has an agenda. As simple as, how can the largest oil company in the world with oil prices increasing not pay employees salaries! And to claim there were shootings?! W social media, this would have been spread like wild fire. I can confirm that all employees were and have always been paid on time and it was never a concern. I know people working on many of the projects listed in this article, and from this I conclude the writer is simply a writer and not a true journalist.
ReplyDeleteThanks to you we dug some more and found that it was indeed not Aramco. Thank you for pointing it out. We have edited the headline as well as the content. The source had written Aramco and we used that as evidence, however, it turned out to be false for which we sincerely apologize for our error and due sincere apologies to Aramco as well.
DeleteWhat is the full name of GCC ?
ReplyDeleteHello, Gulf Cooperation Council is a union of 6 nations in the Middle East. You may read more here: https://en.wikipedia.org/wiki/Gulf_Cooperation_Council
DeleteThank you for visiting.
Are these news true?
ReplyDeleteYou may read all the links above and then make a judgement for yourself. Thank you for visiting.
DeleteDear Brothers and Sisters in Humanity .. I read the comments of different brothers on this subject here from varied spectra. Kindly read my comments not associating me to any religion. My views are and will be focused only as an individual of humanity. First : We all should accept that WE ALL are created by ONE CREATOR and all are part of the same human race. We all are sent to this earth for a specific purpose of establishing the SOVEREIGNITY of our ONLY ONE CREATOR .... for this vision we all are blessed with HIS guidance through HIS CHOSEN individuals in human race (PROPHETS ... the first one is Adam followed by a chain of 124000 Prophets like Nuh Abraham Isaaq Ismail Moses Easa ending with Mohammed peace and blessings be upon them all). Together HE also provided with resources to lead a life for the assigned mission. These Prophets were guided through revelations from our CREATOR with the responsibility of conveying the truth of OUR CREATOR and the mission assigned to us. Our chain of Prophets accomplished their mission by guiding in every aspect of life even the minute one of cutting our nails but we as individuals deviated from their guidance and divided ourselves in different borders on the instigation of the invisible CREATION the devil and have landed in this mess of finance, desires, injustice, killings, destrctions and claim our own rules will give us success and happiness. This was, this is and this will only lead to more and more destructions. Hence we all as one HUMANRACE should return back to the Guidance of Prophets to search for success. We all as one family of different colours have to search the truth through this guidance. Alternatively we all will be grooming in utter darkness without the perfect light and will be leading a life of BLAMING each other. The standards of survival have already been established by our only CREATOR before sending us to this universe which has been revealed through revelations. This blame game of different myths of deities, military power used for destroying others, survival of fittest, selfishness, greed, hate, lust, lavishness, wastage, grabing others rights of land wealth ...the list goes on .... will never provide us any solution to our own created troubles of the present and of the future. Yes with certainty the GCC and Arab countries have been colonised by the districting military powers of the world. Hence ALL including these distructing military powers, Arab / GCC countries, Asian Countries, African countries have to face the truth and witness humanity being destroyed due to egoist acts, greed, hate. The present financial balloon as a pack of cards have to have its result for humanity at large. I as an individual can try to search the truth through the Guidance of our Prophets, can try to implement to the best of sincerity and depart this world expecting our Only CREATOR would reward every action of every individual irrespective of the place HE sent us to. We can only pray every second of our blessed life for a better human race who could live and enjoy the blessings of our creation. AAMEEN. Your brother in Humanity Syed Ziauddin Ahmed Chennai India.
ReplyDeleteWe know which religion u belong to. Your article is clear enough
DeleteWell said. Absolute truth May Allah s w t bless you
DeleteHaving read through all views after my comments I can as an individual of the human race pray that our only ONE CREATOR has to bless us with the perfect guidance to overcome difficulties and HE alone can detach us all from the materialistic vision of crab hate greed. Solution us very simple and realistic ..... turn to your ONLY CREATOR and seek HIS guidance through the practices of the guided ones (Prophets). Aameen. Our descendants have a tough time for their future due the mess we the present generation have created.
DeleteIPODOCTOR: Oman survived the crisis because he allows pagan rituals to thrive which are nothing but bunch of absurd mumbo jumbo?
ReplyDeleteStatement on potential merger or combination by ADCB:
ReplyDeletehttps://www.adcb.com/about/news/2018/September/Statement-on-potential-merger-or-combination.aspx
Good service Mr Nathani. Keep updating.
ReplyDeleteDear Mr Vipin, Thank you very much for your appreciation and kind words. Thank you.
DeleteInvestment in infrastructure should be based on growth of other industries like manufacturing, tourism etc.
ReplyDeleteGcc invested straightly in to infrastructure as towering growth and others industries followed.
This could have made it right if is proportional.
Unfortunately investment in Infrastructure became over ambitious.
Oman differed little than others focussing on manufacturing and recently in to tourism. Also they lead lead life based on income not fantasy.
Gcc came long way and being a job provider so many expatriates, it's for sure experts will find a way out,
Once for all.
Manoj thank you for your analysis. While I dont necessarily agree with all your views I do agree directionally that there are some serious issues within these economies that require redress. One major reason why the entire economic infrastructure is challenged are the proxy and direct wars being fought in Yemen, Syria, Afghanistan and Pakistan. The spend on these unsustainable and unnecessary wars is increasing and likely to bankrupt some of these economies.
ReplyDeleteI am also somewhat perplexed by the simplistic comments on your blog. Religious tolerance is necessary for any society to advance. Also to call someone a terrorist is somewhat convenient to blame them for the problems of ones own society.
While I admire India for being a diverse and vibrant society I do not like the politics of hate that are espoused by those in government and the immense pressure on minorities. While I have enjoyed the immense generosity of Pakistan I dislike the religious bigotry that has permeated its society. I love the gentleness of the simple Bangladeshi populace but do not like its kleptomaniacal leaders who run the country like a mafiosi clan.
The GCC has made itself into a vibrant and important economic hub with the wise policies of its leaders like Shaykh Zaid bin Sultan, Shaykh Rashid AlMaktoum, Sultan Qaboos, Shaykh Sultan and King Faisal. Sadly the wisdom, generosity and tolerance of these rulers hasnt necessarily been followed by many of their children. Many are enamoured by the glitz and false promises of an American type world order. But sadly this is a chimera and something not appropriate for the Middle or Near East.
Keep up your good work and continue your analysis and blogging. We hope that your readers will stop commenting in such immature ways and focus on the content of your writing.
Thank you. I appreciate your time taken for the comment.
DeleteThe world will not work well if we all agreed with each other. :)
I am expecting major defaults, shutdowns and collapses in the months ahead. Most don't have any idea how many have run away, how many are in jail and how many collapse every single day in GCC.
We have barely scratched the surface with public disclosure so far.
I have access to information way more than I am at liberty to disclose publicly hence my analysis is very distilled (unfortunately readers including yourself don't have access to it hence they believe it is alarmist which it is not) because future will prove me correct, as it has done since 2015.
In the wars, you missed Iraq and Libya, animosity with Qatar and Turkey and outright hatred for Iran. These countries used UAE (Dubai) as a hub for trade for several decades and ALL of it is now gone including banking and tourism with nothing to replace except a few budget tourists from elsewhere.
Wars have caused just a little bit damage to GCC but impact will be far greater in the months ahead as the Houthis are trying their level best to attack Saudi with barrages of missiles and have penetrated Dubai twice but were stopped.
The audience of this blog is the UHNWI's and not most people on it today because it has gone viral. So please ignore them.
India and now America is having lot of hate spewed to remain in power which is the sad world we live in. Pakistan and India should be one according to the people but the politicians make a lot of money out of this hatred hence it continues. Lets see if Imran Khan can make a difference. I have some hopes on him.
GCC was always nice until it got consumed by gluttony and ever rising desire to be the biggest, largest and tallest. The tall tower collapse theory indeed works.
Appreciate your comments. Thank you so much again.
Law of Nature. What goes up has to come down
ReplyDeleteGentlemen, let us keep religion aside for a while.
ReplyDeleteThe GCC turmoil is a cause of concern for the entire world.No one can be happy when their neighbour is in trouble. Most certainly the GCC will find ways and means to over come this bad phase. People go hyper with the nets and blogs report which is not always correct. Their economy has taken a beating and it will definitely bounce back, have patience.
Mr Monaj. I would like to expand these situations into something bigger
ReplyDelete1. We know US and China are fighting for economic superiority. China as the nxt emerging super power economically which will soon b a treat to US
2. Should GCC trades using Yuan , US will not let it happen coz it will destroy their economy since oil are beeing traded using Petro dollar
3. GCC will hve no choice but to turn to their friendly partners for financial bail out. They can either stick to old friend US or new found friend China
4. Who ever they choose , it will b a white wash coz u will loose ur independent economically and politically. As the saying goes " No hve no choice bud " . Just follow my instruction as ur bread and butter is in my hand "
5. Simple economic principle was ignored here. Save some for rainy days and dont spent what u dont hve
6. Once the gulf countries is in ur hand, u will fully rule the world
7. The smartest of all is Trump who knows how to play the gane ( look at his latest speech about Saudis ) and the Chinese Premier who is a master in charting The emergence of China as the nxt super power
7. What is most worrying - will this downfall of GCC hve repercussions to the rest of the world. Remember , expatriates ( professionals) dont owe any royalty to their paymaster ( hit and run) and the slaves u hve mistreated , their prayers are powerful. I believe all religions forbid slavery ( modern slavery)
8. Why do u think we hve problems all over. Coz the hidden hands of the super power
9. Lastly. Mismanagement and no check and balance will lead to tragedy in the long run. Dubai and the rest will not remain the talk of the town anymore.
I fully agree with your comments.
DeleteThere are bigger forces at play. Oil has no future, hence the turmoil in the Middle East.
America doesn't want to buy oil, China and India do.
That is where GCC gets stuck. Saudis/UAE must accept yuan and when that happens, nobody knows what the outcomes will be and they will not be pretty at all.
They did not conclude their part of the deal with Trump so Trump is all angry.
America is a seller of oil now instead of being a buyer.
When elephants fight, the grass always gets hurt.
GCC downfall wont have much impact outside of GCC which is why most European and American and even Russian companies have already left. The smart ones are all gone.
The best expats left Middle East years ago.
Since most are expats from poor countries in GCC they will get hurt the most but they can keep hoping.
We wish them all the best.
Basically all are human beings immaterial of religion or cast whatever you name it. Here real challenge is that how each and every one's life is going to survive whether local or expat.what kind of steps are required to come out these kind of challenges and kind of support is required for Govt without affecting any one is the key.
ReplyDeleteI agree with this article only in parts.
ReplyDeleteYes GCC is in trouble but it is crumbling it is bit exaggerated (given the fact the oil is above $60for entire year).
Merger of banks is not a weak sign but it shows consolidation of industry (Banks are getting merged in India - does this makes Indian economy weak- NO).
There is lot geo political issue in the region but it is not crumbling.
Thank you for your comments.
DeleteHave you heard what happened in Schon and Abraaj in UAE or Waleed Al Talal and Saudi Oger in Saudi and Al Julfar in Oman or Al Jaber in Abu Dhabi?
Why did Barclays, RBS, Yahoo and Lukoil leave UAE? Why has Saudi deported 2m people? Why did Saudi/UAE ban Qatar and Iran with such vengeance impacting business and families?
Is all of that normal for you?
Our projection is for unbelievable events to occur within the next 6-12 months due to over dependency on expats and their money and hence the article is to warn and awaken everyone up in advance.
But it is upto every person or company to make a choice and a judgement for themselves and for their own future.
Thank you.
Guys..Am from Mumbai.India..And trust me ..Being in retail business for the past 40yrs..It's never been as worst as it is now..So all this mumbo jumbo of GCC crumbling looks like everyday routine.for us here..what With big corporations like ILfS..ICICI..List could go on and on..Defaulting ..embroiled in controversy or going down.. Virtually all govt banks straddled with humongous NPAs ...Life is the same here...The current economic situation throughout the world is bleak
ReplyDelete.Name any country whether it's Italy..China..Greece..South Africa..To smaller countries like Sri Lanka..Malaysia..Venezuela..Brazil.. Make it all throughout the continents are facing some kind of economy distress.. Which is somehow linked to one major superpower..To sum it up..No amount of bickering or fighting amongst us like minded humans( please don't bring religion into this) could make us superior than the other..It is for us to work out our problems as humans belonging from the same creation ..And sort this mess ..Making the world a beautiful gift for each of us to peacefully cohabit..Peace and love to All..And wish and pray for a speedy recovery to our damaged economies
We are very grateful to UAE. Millions of families have benefited from Uae. I pray to God to keep this country safe and protect from all dangers. May be this period is tough but God will protect this country. Let us pray for the best to come.
ReplyDeleteAmen !!! God hear our prayers.
DeleteSorry but this is all fake news. UAE Economy is doing great and will do even better after Expo 2020. Dubai government wants us to be happy, and that is our duty, to fight against pessimism and negativity.
ReplyDeleteUAE is best country with visionary leaders and amazing people, that is why the economy will go stronger and stronger,
Thank you for your comment but can you provide any facts or data as I provided in a dozen links above?
DeleteDear Manoj Nathani, Article is interesting. Hope everything will be cleared soon. Heard that UAE has started imposing a number f additional fees to survive. For example, an investor in health sector who is spending over AED 50,000/= per year for licence renewal alone (for Ministry of Health, Wakaya, Municipality, Economic Department, Sponsorship etc etc ).. havs now to pay a big amount for Ministry of Finance too? My friend who closed his business in Sharjah was telling me that Ministry Finance Representative also called him to pay a fee for that department. Heard this is a new fee or scam?. Do you have any idea about it? Is it only in Sharjah or is it there in Dubai also? Can you please check the autenticity of this?
DeleteSorry but this is all fake news. UAE Economy is doing great and will do even better after Expo 2020. Dubai government wants us to be happy, and that is our duty, to fight against pessimism and negativity.
ReplyDeleteDear Mr Hussain,
DeleteYou are not the target audience of this blog. Our audience is investors with net worth in excess of USD 50m and top global influencers.
Please delete everything you learned from this blog. It does not impact you.
Thank you for visiting.
Nice article. Thanks for updating. I think if this Economic crisis will continue in future for two or three years then GULF countries will start deporting workers from India.
ReplyDeleteThank you for your comment.
DeleteActually, Saudi, Kuwait, Oman, Bahrain etc are not issuing much new visas and trying their level best to give jobs to all local citizens which is fair because it is their country. Plus they are all adding VAT or exorbitant fees and fines.
Saudi alone has deported over 2 million in the last 2 years and banned visas in most categories of jobs. They are the largest country with population in GCC so the impact is felt everywhere.
Qatar has been banned by Saudi and UAE so all trade and tourism and investments have halted. Same with Iran, Libya, Syria....
This is one way downhill street and some are surviving (don't know how), many investing in the region are criminals and absconders who do not care about returns nor are worried about job creation or survival, business costs are highest in the world, sales are lowest in the world, almost everything including people are imported, one just wonders based on all the news links above and many more on this blog, how things will continue even for the next few months?
Hope things stop worsening and start improving.
May God bless us all.
In this time of crisis, I gently request all to pray fervently to The Almighty God to have mercy on all mankind irrespective of caste, creed or religion.
ReplyDeleteAmen!
DeleteFrom your mouth to God's ears. Amen.
This comment has been removed by the author.
ReplyDeleteEasy come easy goes. When you deny the existence of Allah swt and openly act against the commandments so what you expect.
ReplyDeleteWorld Biggest Building. World biggest tower, World Biggest Masjid, world biggestthis and world biggest that. What about world biggest education and welfare system, What about world biggest Universties, World biggest hits has research centers. World biggest medical centers??????? All Muslim countries were able to achieve that but their interests remains in ”Ayyashi” now see the result. It is just beginning
towards the end. Deserts will again turn in desserts....It’s already too late to regret.
Big villas, Big Palaces, Big Yatches, Big gambling houses in Europe and America!!!!
Who owns them???? I’m sure whole world will badly, particularly Muslim countries and who will be and is the beneficiary???? All knows.. Enjoy your safe heavens in this world. Let needy and poor suffer......let people die in hunger and poverty and enjoy your treasures...... how long????? Few more years then everyone have to return back and remain accountable for their deeds. Still few breaths are in hand, don’t waste them before it’s too late. Spent all what you have to eliminate poverty and hunger all around the world. Every moment and every penny counts... RUSH
Yes, lot of investments in Middle East were done without keeping future of the children in mind.
DeleteNow all the children of today are suffering.
Very sad to see what is happening in GCC and almost everywhere around the world.
Thank you for your comments.
https://voiceofthemarkets.blogspot.com/2018/10/trump-humiliates-saudi-king-in-fight.html?m=1
ReplyDeleteThank you for sharing this very critical news again.
DeleteThis comment has been removed by the author.
ReplyDeleteAll these above comments shows how poorly we are united as humans.This is the very reason for such plight,today it is the GCC Tommi row others may follow
ReplyDeleteYes, you are right, unfortunately the financial and job related issues are a global problem and not limited just to the GCC or the Middle East.
DeleteThank you for visiting and for your comments.
Dear Manoj,
ReplyDeletePl go out and get some fresh air.
Things may be a little bit tough out there but they are not as bad as you write. I have read this article and just seen the titles of your all other articles / blogs.
Pl do not be a prophet of doom and spread so much negativity.
May God help you
Dear Husain,
DeleteThank you for visiting and your comments.
Be safe and try to read the links which are all self explanatory instead of leaving childish and mocking comments.
Only people who have absolutely no understanding of business and finance speak like you do.
I pray for your well being and hope that you never lost money in any of the projects in the Middle East unlike most of the world's top millionaires and billionaires who invested in the region.
May God help you too.
Thanks for the kind words, TC
DeleteCan you please provide any facts or data to counter claim against the dozen links that we provided above?
ReplyDeleteThis article is only genuine in some areas. Also it hides the positive outcomes of the economy. No more, US is an economic power. Cycle ends for US due to their tough & unfavorable foreign policies. And it is the law of The God Almighty. Once a country has reached its peak, it will be brought down. Same like britain, US will loose its power & fame. China is the next economic power. As a part of it, already UAE has strengthen its ties with the chinese, since the last visit of xi jinping.Also the UAE federal budget was set to AED 180 billion for next 3yrs at zero deficit. Which all countries have tied up with USA, has fallen slightly due to economic recession. But once its pegged to china & US, then its gona maintain the equilibrium & be like singapore.
ReplyDeleteHaha the usual jealous people, others with no clue what they are talking about, and usual nay sayers and doomsday predictors. Stupid article, no clue of reality and facts. Manoj seems like an especially silly person. You guys carry on and keep debating the doom and gloom online while the rest of people get on with life and embrace positivity and challenges.
ReplyDeleteHad a good laugh over this article though and the "expert" opinions here about the Middle East :)
Dear Anonymous,
DeleteThe target audience of this blog is investors with net worth above USD 50m and top global influencers.
It does not seem you meet the criteria.
Thank you for visiting.
So may haters and losers on here who couldn't make it in life start bashing online. Manoj do you live in some small village in India? Resentful of life perhaps?
ReplyDeleteYou have no idea of my past. Do not be judgemental and behave like a person who cannot defend himself in this big world filled with grown ups so decides to attack some random stranger on the internet personally.
DeleteFYI, I am not Indian.
Ad hominem attacks are a mark of a coward who cannot even display his name.
And you are not welcome here if you cannot have a decent conversation without attacking the messenger.
The target audience of this blog are investors with assets in excess of USD 50m and top global influencers who appreciate the thoughts and do not descend into name calling.
Thank you for your visiting.
Major Khan, Kay ka major? Many times defeated army's shameless major����. Now listen carefully; Indian sucontinent was Hindu being oldest religion therefore, you owe your DNA to Hindus. They were and are your father's .Respect your elders and family. Ok!
ReplyDeletePlease read my real experiences and be blessed amrittejas.blogspot.com
ReplyDeleteYou have a nice inspiring blog Mr Tejas. Keep up the good work of writing. All the best.
DeleteDear Brother, crisis are everywhere so Dubai doesn't belong to Mars. Market especially in Dubai is not bad, if not very good, I'm mainly talking about property and construction market. Very recently Indian cabinet minister has himself accepted that India is under crisis. People lost millions in America and Europe so why you think UAE is different from them. I'm not saying that you invest blindly but you must do due diligence doesn't matter whether you're investing in UAE or anywhere else in the world. Thanks Syed Naveed
ReplyDeleteThank you for your comment.
DeleteCrisis is indeed everywhere but most people in those countries are their own citizens so the decline is slower and can be brought back because same people continue to exist in those countries.
Unlike in GCC, all residents are not citizens. In fact bulk of them are expats which is what makes the whole situation worse than anywhere else like Greece or Italy etc because all businessmen and expats must leave within 30 days when their visa gets cancelled or their business cheque gets bounced.
Hope this gives you a new perspective.
Thank you.
Dear Manoj, Appreciate if you could put some light on Qatar's economy as well.
ReplyDeleteHello,
DeleteOur view on Qatar has been relatively positive.
Our advice for the last 3 years has been to move to Oman or after 2017 to Qatar if one can to Qatar is being supported by major powers.
Oman and Qatar will continue to be ok despite all the mess around them.
However, the impact of currency depeg will substantially increase (though very low for both Oman and Qatar) should Saudi/UAE decide to depeg their currencies and accept yuan for oil (both of which have to be simultaneous events) and possibly to occur in the next 6-12 months as their economic conditions deteriorate further.
Overall, Oman and Qatar are much stabler than any other country in the region. Another strong reason is that Qatar has one of the largest natural gas reserves in the world. This is the reason that we have a war in Syria from where the gas pipeline both for Russia and Qatar must go and then onwards to Turkey.
Qatar is very critical in the global supply chain due to it's cash reserves and gas deposits.
It will be stable with very little external impact due to the geo politics in the region and general businesses will navigate the storm reasonably well and jobs will be more stabler than elsewhere.
That's our humble opinion on this matter.
Thank you.
Mr Manoj, how much money you received for publishing this article
ReplyDeleteDear unkown,
DeleteThank you for your comment.
I was offered USD 50m but I refused so they hiked it to USD 100m.
Now I am searching for 5 new banks to divide the money equally in all.
Can you help me find new banks please because my current bank refuses to accept such a large amount.
Expect your support in this matter very sincerely.
Thank you.
I have been a journalist in the Gulf for 18 years. Of course the picture is not rosy, but this kind of report will help none and can only help generate clicks and scare. Rest assured, all readers, the sky is not going to collapse.
ReplyDeleteIt's great to get involved in a healthy conversation but some time I feel that some one is inserting poison at the middle of the nice looking cake? The GCC growth benifeted so many people around the world we shouldn't be in denial
DeleteDear Journalist,
ReplyDeleteThank you for visiting and for your comments.
We predicted at least one major developer collapse during 2018 (Schon) last year.
At least 1 more will happen soon in the few months ahead. You may not know about 1-2 others who are missing in Dubai and those that are jailed in Saudi and you are unable to share with your audience openly due to fear of losing your job.
We predicted more collapses also last year (Abraaj).
We also predicted Etihad default after the Air Berlin and Alitalia default last year Did you do that?
We are unable to name dozens others publicly who have run away in the category of USD 10m and above upto USD 1bn. You may look up Sana Fashion and Golden Fork in Dubai just to name a few known publicly.
What is your credibility in making the assertion you just made above? What did you project to safeguard investors in the last 2-3 years? Can you show us some past articles of yours? Ours are all available on this blog.
Are you able to write anything you want in your articles without the approval from Govt Media Agency?
We want you to please come back in the next 6-12 months and discuss your comment written above.
While you are saying that "sky is not going to fall" can you show us proof from any investor who has been able to sell their hotel or real estate with value above USD 500k during 2018? Just 1 deal with evidence will make us happy.
People like you have no empathy for investors who have lost billions in Palm Jebel Ali, Universe, Al Bawadi project, Waterfront, Palm Deira, Dubai Pearl, Pentominium and dozens more just in Dubai never mind Saudi Financial City or King Abdullah Economic City, Saadiyat and Yas in Abu Dhabi or Pearl Qatar or Financial City Qatar or Bahrain Financial Harbour. What will you or can you do to help them? Can you be their voice?
For all these investors and banks (plus unpaid architects, workers and labourers etc) who invested tens of billions, the sky has already fallen down, just FYI. The rest are so far lucky but their luck is ending as 2018 ends.
Thank you.
What we have here is a empire that
ReplyDeleteIs crumpling and putting pressure on its colonies to survive its the the end of the USA a parasite state
Why is there not a single line of warning in Wall Street Journal or Bloomberg about this crisis? It was predicted few years back that economy of the Kingdom of Saudi Arabia is on the edge and may well collapse in 2020 due to crude price and its fluctuating demand.
ReplyDeleteHello,
DeleteMedia will never warn you of anything because they are all paid companies. Did they ever tell you about Lehman or Madoff or any major scandal from Brazil to Korea or collapse of world's 4th largest shipping company Hanjin or Portugal's larget bank Espirito Santo?
No school book tells you that losses will be socialised or billionaire owned companies will be bailed out but not companies owned by 99% of us. But the reality is that this is happening in todays world over the last decade and money is taken from your account (tax payer) and you don't even know about it.
Don't trust the media or school text books.
Think for yourself based on blogs like ours and decide for yourself.
No accident ever comes with a warning!
The last person to warn you of anything bad is a banker/advisor and the Govt.
They are all super positive ALL the time.
Thank you for visiting and your comment.
This comment has been removed by the author.
ReplyDeletehttps://www.forbes.com/sites/douglasbulloch/2018/04/26/the-petro-dollar-is-a-myth-the-petro-yuan-mere-fantasy/
ReplyDeleteKindly comment on the above. Also what is your rationale that even if the GCC were to accept payment for its oil in Yuan instead of USD, why would it necessarily have to depeg from the dollar?
Hello Bodhi,
DeleteThank you for visiting and your excellent question.
The entire premise of the article from this author you submitted is deeply flawed. He does not discuss once that America is no longer the largest oil buyer in the world and has been replaced by a voracious China over the last decade. In addition, China is the largest banker in the world, largest owner of sovereign reserves (larger than perhaps the entire world combined since others have a lot of debt and leverage) and much more. Hence, we need to see China in a total perspective not in isolation.
He also states that there is no petro dollar system in this world which is an outright lie. If there is no petro dollar then why Japan or Germany or India or even China cannot buy oil in their own currencies? Why must they buy it in USD?
USD super status gives power to America to apply sanctions. No other country has this power else they could not implement any sanctions on Iran or Russia.
Meanwhile, China has a large sway over what the seller can and cannot ask for.
It is like this, when any company has a large customer who buys half their goods, then one has to have a special relationship with that 1 customer, no matter what the business. That is what Saudis did in the past with US. Currency is mostly linked to trade, others are supporting factors like interest rates or deficit etc.
If they do not depeg, then their trade will not be aligned with their largest buyer (China) plus when American currency becomes expensive (as it is now), it makes Saudi and all pegged countries MORE expensive (as compared to rest of the world) that they cannot handle but US can and their trade and reserves will keep plunging until they hit zero and they get deep into debt (as is happening since 2016 and 2017).
Now the largest buyer is China/India, hence they must align to them.
It has to be simultaneous because their deal, friendship and support with US will be broken plus no trade with US but against the yuan they are better off due to trade with China and support of China.
While US will be angry (which is what is delaying the whole depeg) because it will solidly undermine the USD (due to rapid decline in demand for US dollars).
That’s why Saudis have a dilemma: Stay with USD peg and not accept yuan and see their reserves go to zero (country deep in debt with rising unemployment and risk of more unhappy citizens) and accept lower oil sales with China and become a smaller player in the world of oil and have lower foreigner inflows (both dollars and tourism) being one of the most expensive places in the world. However, Saudi Vision 2030 says otherwise, they want money and investors to come.
Or
Go with Chinese yuan (their large trade partner for oil and most goods except military), stabilize their currency and make it cheaper for the rest of the world so foreign flows (investment money that will create jobs and have less unhappy citizens and reduce debt and stop bleeding of the economy) could come and can bring Vision 2030 also to life.
It is definitely not an easy decision but both will need to occur simultaneously else it won't work favorably to any party concerned.
You can read more here https://voiceofthemarkets.blogspot.com/2018/07/saudiuae-could-accept-chinese-yuan-for.html
And here: https://voiceofthemarkets.blogspot.com/2018/08/saudi-arabia-coming-implosion-depeg-of.html
We have predicted the collapse of US dollar after 2018 circa and Saudi being at the cross roads since 2013 and Saudi will be the trigger of USD implosion:
https://voiceofthemarkets.blogspot.com/2018/08/iran-first-country-in-world-to-dump.html
Thank you.
Thank you for your detailed answer. Your arguments while convincing are not conclusive since it's a greater risk for Saudi to depeg from the dollar despite pressure from China as well as the rising value of the US currency (which in a way, works well for GCC economies as although things become expensive in their own economies, their global purchasing power remains strong given that they can trade their one main commodity for highest global currency value. Also the biggest risk to GCC economies - US military support / lack of it equals risk of war and toppling of the regime from power.
Deletehttps://www.forbes.com/sites/ellenrwald/2018/10/05/saudi-arabia-tells-trump-no-more-oil/#13f842e66dfc
Your comment?
Thanks for providing a better pictures of the whole messed up scenario.
ReplyDeleteThank you very much for your comment and thanks for visiting.
DeleteTo rise economy and maintain its position, depends upon two things only trust and intreast.
ReplyDeleteI hope you got what I mean to say....!
This Share is about to Rocket...
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I stay in Gulf 40 years in Muscat, several time visited Dubai, present reading about Dubai can't digest bcs 1979 pardubai our legs was going in desert sand but today due to vast development we can't see desert sand at all.so we prey they will come out of this,I proud for I am 4 UAE banks will merge with oman bank, that is only possible due His Majesty sultan Qaboos governing the country really we bowed down to sultanate of oman and last they must take advice from our P M/N Modi
ReplyDeletegreat job
ReplyDeleteDear Hassan,
DeleteThank you for your comment.
Much appreciated.
Please do keep visiting.
Best wishes,
Thanks for providing a better pictures of the whole.
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Dear Tooth Fairy,
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Glad you found the information useful.
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Nice post....
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It's interesting read but my simple logic is why do we have to spend on defence on larg scale . Where are we going to take the soil we live on after our demise from this world. We live to improve the present situation by uniting simply stop blaming each other and improve civilization by coming to terms with each other .ident ide the greedy and correct them or just bycot them this world needs to be one human civilization living for one another .Then there will be no mess. Build the world to improve the way we live for one another. thanks.
ReplyDeleteHello,
DeleteThank you for visiting and for your comment.
There are lots and lots of good people like you in this world but currently lot of bad people rule this world who don't care about 99% of the world's people.
Also, all the problems are due to excessive greed which is caused due to over population. Over population is the root cause of all the problems around us.
Since the resources are shrinking while people are growing, bad people are taking everything for themselves and good people are kind of weak to fight back.
However, what we have seen in Venezuela, Paris or Zimbabwe and many other countries, people are waking up and fighting.
Please google Yellow vest protests. That's what good people need to do to fight the bad people and the corrupt/greedy people.
Thank you.