ECONOMIC DOWNTURN IN THE GULF STATES

As indicated by the photo taken last spring when OPEC was holding the West over the oil barrel (Note the smug expressions), the oil sheikhs were swaggering around and bragging that the financial crisis couldn't affect them. Apparently, their braggadoccio has turned out to be premature.

From the October 9, 2008, Washington Post article "Gulf States Lose Their Swagger Amid Regionwide Sell-Off":

CAIRO, Oct. 9 -- The oil-rich princes and financial titans of the Persian Gulf went into the week touting their immunity from the financial turmoil of the West, but stock markets in the region ended it posting sharp losses....

Read the rest at Always On Watch.