Masters Of War

Come you masters of war You that build all the guns You that build the death planes You that build all the bombs You that hide behind walls You that hide behind desks I just want you to know I can see through your masks. You that never done nothin' But build to destroy You play with my world Like it's your little toy You put a gun in my hand And you hide from my eyes And you turn and run farther When the fast bullets fly. Like Judas of old You lie and deceive A world war can be won You want me to believe But I see through your eyes And I see through your brain Like I see through the water That runs down my drain. You fasten all the triggers For the others to fire Then you set back and watch When the death count gets higher You hide in your mansion' As young people's blood Flows out of their bodies And is buried in the mud. You've thrown the worst fear That can ever be hurled Fear to bring children Into the world For threatening my baby Unborn and unnamed You ain't worth the blood That runs in your veins. How much do I know To talk out of turn You might say that I'm young You might say I'm unlearned But there's one thing I know Though I'm younger than you That even Jesus would never Forgive what you do. Let me ask you one question Is your money that good Will it buy you forgiveness Do you think that it could I think you will find When your death takes its toll All the money you made Will never buy back your soul. And I hope that you die And your death'll come soon I will follow your casket In the pale afternoon And I'll watch while you're lowered Down to your deathbed And I'll stand over your grave 'Til I'm sure that you're dead.------- Bob Dylan 1963

Wednesday, December 30, 2015

Saudi Stocks Drop as World's Biggest Oil Exporter Cuts Subsidies - Bloomberg Business

Saudi Stocks Drop as World's Biggest Oil Exporter Cuts Subsidies - 


Saudi Arabian stocks declined after the kingdom announced one of its biggest shakeups in economic policy.
The Tadawul All Share Index sank 0.9 percent at the close as the gauge of petrochemical companies slid to the lowest level since July 2009. The kingdom reduced energy subsidies and intends to cut spending in 2016 to 840 billion riyals ($224 billion) from 975 billion riyals this year.
Petrochemical companies are among the first to feel the pressure because a "cut in fuel subsidies will drive up the costs,".
Oil prices hovering near their lowest levels since 2004 and a decision to plunge into a war in neighboring Yemen are straining the kingdom’s finances. That’s forced Saudi Arabia to tap its foreign reserves, which dropped for a 10th straight month in November to about $630 billion, a three-year low, and to sell bonds for the first time since 2007 to help plug a budget gap.
The desert nation had its sovereign rating cut for the first time in October when Standard & Poor’s lowered it one level to A+, the fifth-highest investment grade, citing budgetary concerns. The nation’s stock index is headed for its worst year since 2008, even after the bourse in June allowed foreign institutional investors to trade shares directly for the first time.
Saudi forward contracts, which are used to bet whether Saudi Arabia will allow its dollar-pegged currency to weaken in the next 12 months, rose as much as 280 points to 755 points, the highest level since March 1999. They pared the increase to 145 points as of 4:01 p.m. in Riyadh.
Budget Deficit
The government recorded a budget deficit of 367 billion riyals in 2015. That’s about 16 percent of gross domestic product, according to the National Bank of Abu Dhabi, but below the 20 percent forecast by the International Monetary Fund. For 2016, the government expects the deficit to narrow to 326 billion riyals. Revenue is forecast to decline to 514 billion riyals from 608 billion riyals.
“Government expenditure is a key driver of growth in Saudi Arabia, so a cut in spending will certainly feed through to domestic output and earnings,” Akber Khan, the director of asset management at Doha-based Al Rayan Investment, which manages about $900 million, said by telephone before Saudi Arabia announced its budget.
Subsidy Cut
The kingdom announced on Monday that it was raising domestic fuel, power and water prices, according to the official Saudi Press Agency.

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