As a newly declared finance major in college, I recall my Money & Banking professor proclaiming on the first day of class, “Don’t ever forget that our banking system is most fundamentally based on confidence.”
It struck me as an odd statement at the time. Given decades of institution-building and multiple regulatory overlays in the United States, her notion seemed almost antique. Or was it?
Landing in Jeddah
by Douglas Clark Johnson
17 January 2011
The news that President Ben Ali of Tunisia was taking up residence in Saudi Arabia is exactly what I expected. It’s indicative of the stabilizing influence of the Kingdom in regional politics, playing a role to which few other nations can aspire. Nichol Sarkozy apparently designated France as a “no fly” zone, a concession to the Tunisian population in his country; Italy likely has its hands full with the frequent comings-and-goings of Muammar al-Gaddafi; and Malta is too close and too small. International diplomacy was in high gear on January 14.
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Tags: general investment authority, Islamic investment, oil price, Saudi Arabia
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