– It’s Not Just Russia: Middle East In Freefall, Biggest Plunge In 6 Years (ZeroHedge, Dec 16, 2014):
Dubai’s Financial Market General Index is now down 40% since the peak in oil prices in June this year. For now, only Qatar is clinging to gains year-to-date as the rest of the Middle Eastern equity markets give up 30-60% gains from mid-year and tumble to negative. Dubai and Abu Dhabi alone are down over 8% since Friday. Saudi Arabia is down 7.3% today – the biggest drop in 6 years.
Saudi Arabia’s worst day in 6 years
Year-to-date, Kuwait is now down almost 20% with only Qatar clinging to gains…
as All Middle Eastern equity markets have collapsed since oil peaked…
Charts: Bloomberg
Qatar joined BRICS two months ago, and has a very wide amount of customers from which to draw, which probably accounts for their hanging on.
OPEC will be next, they have already kicked the petrodollar to the curb by refusing to lower production……..they will be the next to join BRICS.
Does anyone really think Brazil, India, China and South Africa, Russia’s biggest business partners in BRICS will sit back and let the US destroy Russia?
Most of South and Central America have joined BRICS, so has Canada, Japan, Qatar of course, Switzerland, and many others I cannot recall at the moment. Even Germany, who has warned the US to stay out of Russia, France and the UK have found alternative trade avenues to avoid the dollar.
They will dump the dollar, too.
We have total idiots in charge.
The US has no allies left, but despised Israel.