The Arabs are making the same stupid mistake the Japanese did in the 80s.
Buoyed with a gigantic fortune made in manufacturing, the Japanese went on a spending spree – buying total and utter crap. Shops, golf courses, hotels and the like – trophy assets, vanity purchases, ego massagers – call it what you will.
Ultimately, worth nothing to a country. They got involved in WWII because the country had (and still has) next to no natural resources – so they decided to take them by force from their neighbours. The Japanese economy has been treading water for the last 20 years as a result.
Now we see the Gulf sovereign wealth funds, buoyed by a significant part of the hydrocarbon wealth of the planet – buying total and utter crap – Harrods, football clubs, hotels, golf courses. They say they are diversifying their wealth for when the oil/gas runs out. But lads, selling a few football shirts is not going to do your economy any good in the future.
It was recently posited that one of the Chinese sovereign wealth funds was behind the bid for Liverpool – complete nonsense! The Chinese are many things, but stupid isn’t one of them. They won’t waste their money on shit like the Arabs do, and the Japanese did. A ridiculous idea.
What are they spending THEIR fortune made in manufacturing on? More natural resources, more access to natural resouces, farmland to grow food, developing their infrastructure – stuff that will do their economy good in the future.
If a billionaire like Abramovich wants to piss his personal fortune away on football, fair play to him – but for countries to get involved is downright irresponsible and idiotic.
Myles replies:
Thanks, John, for a succinct email !
Do you write for Stratfor? If not, you should.
Talking of Arab waste, we saw it on Monday night.
City beat Liverpool 3-0 because Mascherano wasn’t playing. He was in the team at noon but didn’t play.
Felt sorry for Roy Hodgson. He spent three days practicing 4-5-1 and the press in Barcelona knew Mascherano wasn’t playing before Roy did. So he had to play 4-4-2 and got thumped. A couple more horror shows like that will make Roy wish he had never left Fulham
And at the end, when Mancini could have brought on Adebarndoor, he brought on Jo. Mark Hughes wanted Jo to play up top to head the ball, which is not his game. So he loaned Jo to Everton.
In pre-season for City, Jo scored seven goals, while Ade has not make meaningful contact with a ball at all since the World Cup.
To bring on Jo sent a loud signal from Roberto Mancini to the rest of the football world :
Come and get Adebayor, I’ll pay 50% of his wages, I’ll pay 80% of his wages, please, please take him off me.
Talking of personal fortunes, why don’t RBS take control of Liverpool FC on October 4th and sell the club to someone who isn’t a bullshitter?
This is one of our finest sporting institutions and it’s been wrecked because dimwits David Moores and Rick Parry sold it to the wrong people.