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Wednesday, August 25, 2004

Kuwait plans to allow GCC citizens to own real estate

"Kuwait plans to allow GCC citizens to own Kuwaiti real estate and to allow non-Kuwaitis to buy shares in local companies"
i am skeptical as usual and justifiably so given the disappointing record of reforms. we're still reactive when it comes to anything that furthers progress and i don't expect the near future to bring anything better especially not with oil prices going into the stratosphere.
i actually watched an analyst (don't know him so cant vouch for his credibility) say that he expected oil to go to 80$ sometime in the long-term but not likely in the next year. regardless of the timeframe, oil at $80 anytime in this decade will most definitely cause severe dislocations in price inflation that i shudder to imagine. that is why i think there will be meaningful attempts to minimize consumption either directly or indirectly by the main consumers. i heard some statistics the other day that said the Arab oil embargo of the 70's brought many salutary and unexpected benefits to developed nations in the form of prudent consumption, etc. i don't doubt that if the trend continues there will be similar consequences (that i support from a humanistic perspective)


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