I like Max, he is my favourite rantster, but amongst the entertainment you often learn something. Today Sandeep Jaitly explains 'backwardization' and what it says about precious metal trading.
Oh he is wrong about Egypt btw, a very young surging demographic and a rising middle class that want more freedom, and the chance to rule themselves is the root cause.
The rising middle class has come about by market liberalisation, both in Egypt, the gulf and Arab world, and this move to free up societies came about after the invasion of Iraq even in feudal states such as Saudi Arabia
When we invaded Iraq we signalled that the page was turned, and the new order was democracy, open society ect. Now I don't know where this will all lead, it could be that the Islamists are the ones that ultimately rule, but that is much less likely since the invasion of Iraq. The Islamists stock is down considerably since the invasion across the Arab and Muslim world, and that is because George Bush turned the page.
Its also worth remembering that there until Iran has never been a theocratic system in any Arab or Muslim region, its alien to them but not alien to us, the Islamists are the product of western thinking not Eastern
As for the Gold Standard, if that's what you want you wont have much trouble signing up the Arab world. But in the West we have another defacto Gold standard which is "the bond market must not fail" at all costs. Hardly free market is it? The Arabs will choose the morality of Gold.