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Saudi Monarchy Ain’t What it Used to Be

by Bruce Lerro / Capitalist News Interpreted / 13 Nov 2015
For the Saudi ruling class, the decline in the price of oil is a big deal. It has dropped from $140 per barrel to $44 per barrel. Even though it only costs them $10 per barrel to produce the oil, the poor ruling class is suffering terribly. After all, it needs at least 80 barrels to sustain their lifestyle, according to this article in Portside. Here is an example of how wealth cannot buy economic immunity from the chaos of a capitalist casino.

 

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About The Author

Bruce

Bruce Lerro has taught for 25 years as an adjunct college professor of psychology at Golden Gate University, Dominican University and Diablo Valley College. He has applied a Vygotskian socio-historical perspective to his four books: From Earth-Spirits to Sky-Gods: the Socio-ecological Origins of Monotheism, Individualism and Hyper-Abstract Reasoning Power in Eden: The Emergence of Gender Hierarchies in the Ancient World Co-Authored with Christopher Chase-Dunn Social Change: Globalization from the Stone Age to the Present and Lucifer's Labyrinth: Individualism, Hyper-Abstract Thinking and the Process of Becoming Civilized He is also a representational artist specializing in pen-and-ink drawings. Bruce is a libertarian communist and lives in Olympia WA.

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