|By Matein Khalid| Every global recession since the OPEC oil shocks of 1973-74 was triggered by a contraction in the $17 trillion US economic colossus. The failure of Lehman Brothers, the meltdown in US subprime mortgages, the impotence of the implicit “Fed/Uncle Sam” put, the ice age in the commercial paper and interbank money markets all tipped the US economy into recession in late 2008 and triggered a global economic slump and financial market bloodbath. The impact on the Middle East was catastrophic. Brent crude fell from $148 in July 2008 to less than $40 six months later. Dubai’s Nakheel declared a standstill agreement with its creditors and precipitated stress in the corporate credit market. There was a depositor run on a major Kuwaiti bank. Gulf property and share prices plunged 50 – 70% in 2009-11.