Snip

By Brandon Turbeville

Any informed observer, by now, should be fully aware that the Saudis are hurting financially. That is, they are hurting as much as any degenerate hedonistic ruling class of genetic royalty can be. But, while Saudi princes roll around in money and women and unspeakably depraved forms of entertainment and while they oversee a nation of slaves and prisoners, the bank accounts of the Kingdom of Saudi Arabia are now at a low point.

After years of decadence and willingness to lavishly fund terror and propaganda all across the world and after agreeing to work with the United States in a suicidal attempt to hurt Russia at the oil export pump, Saudi Arabia is finally starting to realize that there may actually be a bottom to their bank accounts.

Even as major Saudi corporations begin going belly up (the Bin Laden group is essentially bankrupt), the Saudi government is now openly considering its massive contracting population in IOUs and tradable bonds.

As Bloomberg reports,

Saudi Arabia has told banks in the country that it is considering giving contractors IOUs to settle some outstanding bills, according to people with knowledge of the discussions.

As payment from the state, contractors would receive bond-like instruments which they could hold until maturity or sell on to banks, the people said, asking not to be identified because the information is private. Companies have received some payments in cash and the rest could come in the “I-owe-you” notes, the people said, adding that no decisions have been made on the measures.

Saudi Arabia has slowed payments to contractors and suppliers, tapped foreign reserves and borrowed from local and international banks in response to the decline in crude oil, which accounts for the bulk of its revenue.