On August 22 and 23, 1993, Saudi Arabia’s finances received rare front-page coverage in the New York Times, inaugurating a period of hand wringing inside the Beltway and among the academy’s consulting class over the kingdom’s future. This is a tradition going back decades, to the 1940s, when the Saudi treasury was managed by a decrepit alcoholic and the Americans created the Saudi Arabian Monetary Authority to replace him. Nostalgia was probably unavoidable among the ranks of Saudi watchers “present at the creation,” like Herman Eilts, then a young US embassy official, or Phebe Marr, an ambitious analyst in what the American ambassador called Aramco’s private intelligence service.
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