Saudi King Unleashes a Torrent of Money as Bonuses Flow to the Masses

[Sally]

I realize the Saudi King is worth gazillions of dollars, but I am sure this gesture made many people in Saudi Arabia happy.

Saudi King Unleashes a Torrent of Money as Bonuses Flow to the Masses
By BEN HUBBARDFEB. 19, 2015

Photo

Saudi Arabia’s new monarch, King Salman, attending a ceremony in Riyadh last month.CreditPool photo by Yoan Valat

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RIYADH, Saudi Arabia — European leaders are still battling over austerity. The United States Congress is gearing up for another fight over the budget. But in Saudi Arabia, there are no such troubles when you are king — and you just dole out billions and billions of dollars to ordinary Saudis by royal decree.

Not surprisingly, Saudis are very happy with their new monarch, King Salman.

“It is party time for Saudi Arabia right now,” said John Sfakianakis, the Riyadh-based Middle East director of the Ashmore Group, an investment company, who estimates that the king’s post-coronation giveaway will ultimately cost more than $32 billion.

That is a lot of cash, more, for example, than the entire annual budget for Nigeria, which has Africa’s largest economy.


Since King Salman ascended the throne of this wealthy Arab kingdom last month, he has swiftly taken charge, abolishing government bodies and firingministers. But no measure has caused as much buzz here as the giant payouts he ordered to a large chunk of the Saudi population.


Continue reading at:

http://www.nytimes.com/2015/02/20/world/middleeast/saudi-king-u

 

[Sunni Man]

I realize the Saudi King is worth gazillions of dollars, but I am sure this gesture made many people in Saudi Arabia happy.

Saudi King Unleashes a Torrent of Money as Bonuses Flow to the Masses
By BEN HUBBARDFEB. 19, 2015

Photo

Saudi Arabia’s new monarch, King Salman, attending a ceremony in Riyadh last month.CreditPool photo by Yoan Valat

RIYADH, Saudi Arabia — European leaders are still battling over austerity. The United States Congress is gearing up for another fight over the budget. But in Saudi Arabia, there are no such troubles when you are king — and you just dole out billions and billions of dollars to ordinary Saudis by royal decree.

Not surprisingly, Saudis are very happy with their new monarch, King Salman.

“It is party time for Saudi Arabia right now,” said John Sfakianakis, the Riyadh-based Middle East director of the Ashmore Group, an investment company, who estimates that the king’s post-coronation giveaway will ultimately cost more than $32 billion.

That is a lot of cash, more, for example, than the entire annual budget for Nigeria, which has Africa’s largest economy.


Since King Salman ascended the throne of this wealthy Arab kingdom last month, he has swiftly taken charge, abolishing government bodies and firingministers. But no measure has caused as much buzz here as the giant payouts he ordered to a large chunk of the Saudi population.


Continue reading at:

http://www.nytimes.com/2015/02/20/world/middleeast/saudi-king-u

No doubt.......

 

[Tom Sweetnam]

I wonder how his wall is coming along. Remember the Maginot Line?