I finally sent the first manuscript for my book, The Roots of Markets & Wealth, to the publisher. I'm expecting at least 6 weeks (if not longer) before I get the first request for revisions. The photo here is Bush the Elder with Prince "Bandar Bush" - the tutor, diplomat extraordinaire, and Saudi family friend that President Bush thanked for for keeping the price of oil low before the 2004 elections. Below is an excerpt from my book on the U.S.-Saudi relationship ...
... In Sleeping With the Devil: How Washington Sold Our Soul for Saudi Crude, former CIA operative Robert Baer tells the story of returning from Langley, Virginia. Coming from the direction of the Potomoc River was a convoy led by a Chevy Suburban with flashing lights. He suspected it was the President because “he’s the only official in Washington who gets that kind of protection.” When the convoy turned into an estate, he recognized the enormous iron gates.
The next day he learned the convoy was escorting Prince Bandar, the Saudi Ambassador to the United States – who “alone of all ambassadors got official State Department protection.” And why not? Granted the title of “Bandar Bush,” for his long and cozy relationship with the Bush family, Prince Bandar is dean of the Washington diplomatic corps – its brightest star, with a constellation of resources and political contacts that give him both access and power. But perhaps his greatest trump card is how he uses money and oil to move U.S.-Saudi relations.
After the oil price hikes of 1973 the U.S. convinced the Saudis to use their “petrodollars” to help underwrite U.S. budget deficits. Later, a combination of geo-politics and personal greed helped turn a simple funder-borrower relationship into a hydro-headed monster that thrives on national security imbalances and narrow self-interest.
Indeed, Baer writes things have gotten so cozy between Riyadh and former high level Washington officials that granting Prince Bandar the same protection afforded the President is only a small part of a larger story. For those fortunate enough to brush shoulders with Prince Bandar and his circle of friends, Saudi Arabia has become “Washington’s 401(k) Plan.”
Former cabinet secretaries, taking advantage of the Saudi Cash Cow, now work with the “good” bin Ladens, while the U.S. government works to keep Saudi regime safe, and its oil flowing. The financial cooperation the U.S. received from the Saudis after Saddam Hussein invaded Kuwait border is illustrative. Success in the first Gulf War, in Washington’s eyes, guaranteed that a grateful and friendly “House of Sa’ud would remain the world’s banker of oil.”
Perhaps more importantly, by keeping the Saudis in business, the global status quo was maintained, which meant (and perhaps more importantly) the sources that help fund the American Kingdom would continue. Interestingly, there appear to be historical parallels to this relationship.
In many ways the U.S. - Saudi relationship follows a pattern similar to the protection racket that existed between prosperous merchants in medieval Europe and their royal protectors. And just like their aristocratic predecessors, when they’re not busy tending to their economic interests, or bestowing politically powerful “titles” on their friends, American elites have become consumed with war.
But there is another, more ominous parallel. Much like the medieval period when Europe’s monarchs tried to keep rogue states and marauding nobles at bay, America’s aristocrats have been slow to recognize that the American Kingdom increasingly depends on the Good Will of others and no longer controls its own fate – a point the well protected “Bandar Bush” seems to understand quite well ...
- Mark
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| Saudi Prince Bandar al Sultan, aka "Bandar Bush" and President George H.W. Bush |
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The next day he learned the convoy was escorting Prince Bandar, the Saudi Ambassador to the United States – who “alone of all ambassadors got official State Department protection.” And why not? Granted the title of “Bandar Bush,” for his long and cozy relationship with the Bush family, Prince Bandar is dean of the Washington diplomatic corps – its brightest star, with a constellation of resources and political contacts that give him both access and power. But perhaps his greatest trump card is how he uses money and oil to move U.S.-Saudi relations.
After the oil price hikes of 1973 the U.S. convinced the Saudis to use their “petrodollars” to help underwrite U.S. budget deficits. Later, a combination of geo-politics and personal greed helped turn a simple funder-borrower relationship into a hydro-headed monster that thrives on national security imbalances and narrow self-interest.
Indeed, Baer writes things have gotten so cozy between Riyadh and former high level Washington officials that granting Prince Bandar the same protection afforded the President is only a small part of a larger story. For those fortunate enough to brush shoulders with Prince Bandar and his circle of friends, Saudi Arabia has become “Washington’s 401(k) Plan.”
Former cabinet secretaries, taking advantage of the Saudi Cash Cow, now work with the “good” bin Ladens, while the U.S. government works to keep Saudi regime safe, and its oil flowing. The financial cooperation the U.S. received from the Saudis after Saddam Hussein invaded Kuwait border is illustrative. Success in the first Gulf War, in Washington’s eyes, guaranteed that a grateful and friendly “House of Sa’ud would remain the world’s banker of oil.”
Perhaps more importantly, by keeping the Saudis in business, the global status quo was maintained, which meant (and perhaps more importantly) the sources that help fund the American Kingdom would continue. Interestingly, there appear to be historical parallels to this relationship.
In many ways the U.S. - Saudi relationship follows a pattern similar to the protection racket that existed between prosperous merchants in medieval Europe and their royal protectors. And just like their aristocratic predecessors, when they’re not busy tending to their economic interests, or bestowing politically powerful “titles” on their friends, American elites have become consumed with war.
But there is another, more ominous parallel. Much like the medieval period when Europe’s monarchs tried to keep rogue states and marauding nobles at bay, America’s aristocrats have been slow to recognize that the American Kingdom increasingly depends on the Good Will of others and no longer controls its own fate – a point the well protected “Bandar Bush” seems to understand quite well ...
- Mark
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