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But in the Middle East, the problem is that their economy is totally static. As soon as oil loses its value, as soon as the next big energy breakthrough comes along, those countries are toast, because they have done nothing to diversify

You are painting with a very broad brush there. Countries like Israel, Bahrain, the UAE and Oman have lesser deposits of oil and they have diversified. I won't talk about Israel as well, their economy is not booming only because of the troubles, but think of the UAe, they have diversified quite a bit and Bahrain has practically no oil but is a banking and trading hub -- it's been one since the Sumerian days when it was called Dilmun. Saudi A Will fall and Kuwait too when the oil goes but don't expect that to happen to Egypt or Iran or the countries I've mentioned above -- these were civilised developed nations when our ancestors in Europe were wearing animal skins.