Commentary
I observed in the 1970s that the oil shock and the emergence of OPEC was the biggest single economic event in all of history. I specifically compared the economic impact with the two World Wars that diminished the economic power of Europe in favor of the United States. In the case of the 1970s it was a diminution of the energy use intensive US relative to the oil producers.

My analysis had the appearance of being wrong for many years. This was largely because the Western banking system was very successful in recycling the so called 'petro-dollars' into the old Western economy, and the systems of national accounts and economic statistics were not rigorous enough to convey clearly what was going on.

But it is now a generation later ... or more ... and there is another revolution in progress. This time it is not money capital that is in play, but human capital. Europeans and Americans do not have a monopoly on thoughtfulness, and may be heading into a lower division in these matters. So expect more of the sort of communication that is reflected in the following.
Peter Burgess

Former Saudi intelligence chief says Washington will jeopardise relations with Riyadh if it vetoes statehood bid.

Prince Turki al-Faisal, the former Saudi head of intelligence, has warned the US that his country would no longer be able to cooperate with Washington if it uses its veto against a Palestinian bid for statehood at the United Nations.

In a New York Times article this week, Prince Turki wrote that the 'special relationship' between Saudi Arabia and the US would increasingly be seen as toxic by the vast majority of Arabs and Muslims.

Can Riyadh really afford to distance itself from Washington? And is the US willing to risk damaging its image in the Arab world?

Inside Story, with presenter Laura Kyle, discusses with guests: P.J. Crowley, a former US state department spokesperson; Jemal Khashoggi from Al Arab News channel; and Salman Sheikh, the director of the Brookings Doha Centre.