More on Saudi money leaving the U.S.
Disgruntled Saudis have pulled tens of billions of dollars out of the US, signalling a deep alienation from America. One analyst said the total funds withdrawn by individual investors amount to $200bn. Other bankers put the figure nearer to $100bn.
Accusations that Saudi Arabia’s austere brand of Islam breeds terrorism and its charities finance Osama bin Laden’s al-Qaeda network have been perceived in the kingdom as attacks on Saudi society and its religion.
The Saudi money shifts may have contributed to the recent downward pressure on the dollar. “People no longer have any confidence in the US economy or in US foreign policy,” said Bishr Bakheet, a financial consultant in Riyadh. “And if the latest lawsuit is not thrown out in court, it will mean no more Saudi money in the US.”
While some factions of the Saudi monarchy are sympathetic to bin Laden, other factions are sympathetic to the U.S – something the absolutists in the White House appear unable to comprehend. A Henry Kissinger would be encouraging the factions friendly to us, rather than pissing off the whole country, as the Bushies have.