Monday, November 30, 2009

Dubai Debate: Isn't Dubai the place where individuals are sent to debtors prison if they can't meet their obligations?

SHOOT: The fallout in Dubai will probably be felt in other vulnerable economies in the region, principally Pakistan.
The United Arab Emirates central bank has arrived at the party a little late hasn't it? I dont think it will be enough to instill confidence in a venture that is increasingly resembling what it is, a hideously overhyped and ridiculously expensive theme park in the desert.
Dubai was borrowing the money to build all that junk? I assumed it was from oil profits. It looks like a kid playing in the sand on a massive scale.

Guess this proves that if the credit is there absolutely anyone might use it to do absolutely anything.
Now, I remember! Dubai World is the United Arab Emirates Government Investment branch that President Bush & Dick Cheney tried to convince the American people was safe to buy and operate our ports. Imagine that! Boy or Boy, would we have been doomed. US National security anyone?
There is some truth in the waggish saying, "if you owe the banks one thousand dollars, you have a problem; but if you owe the banks one billion dollars, the banks have a problem."
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