Oil wealth must be shared, says Soros

Oil wealth must be shared, says Soros

Billionaire financier George Soros says that the only way we can quell the unrest in the Middle East is if the oil producing nations start sharing the wealth.

"What has caused the revolutions is a revulsion against a corruption that is fed by the misuse of natural resources like for instance in Libya,'' Soros told the BBC.

"Transparency and even more importantly accountability in the use of natural resources is what you need for people living in those countries to get the benefit of those national resources. Libya produced enormous wealth which Gaddafi took as his own and now the people rebelled against it."

Soros doesn't explain exactly how this can be done. But obviously there's a problem. One of the best examples of that is in Saudi Arabia where, according to this report, Wikileaks has detailed an extensive welfare program for the Saudi royal family where billions of dollars are skimmed off "off-budget" programs controlled by senior princes, or by sponsoring expatriate workers who then pay a small monthly fee to their royal patron. Another way is simply to borrow from the banks, and not pay them back.

All this is fuelling the upheaval in the Middle East now destabilizing the global economy. The world needs to act now and fix it before things get too out of control.


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