RE: The Gold Standard Myth
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Arab countries have a long history of government mismanagement and very little trust in authorities.
I dont think this is exclusive to Arabs.
The European nations do not have a history of fiscal excellence either.
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Of course, it's not unique. But there is a reason why gold is so popular in Arab countries in particular. That region's history has been characterized by weak central governments. Partly it has to do with the colonial history and the general tendency of Arabs to disagree a lot amongst themselves.
Even today, Syria and Yemen are in a state of civil war, Iraq became very unstable once Saddam was removed from power, the Gulf states are dictatorships ruled by minority sects. Saudi-Arabia is also a dictatorship with potential for disruption by a Shiite minority.