Tuesday, November 24, 2009

Dubai - You Buy It, You're Responsible For It

The coming disaster of Middle Eastern oil fiefdoms have been on our radar maps for a long time. Dubai, home to the modern-day Tower of Babel (the Burj Dubai is hubris defined, just as Babel) has already collapsed and had to be bailed out by Abu Dhabi. In fiefdoms, possession is nine tenths of the law, so it appears "you bought it, you're responsible for it" now applies. Something Abu Dhabi may end up regretting. Or may take Abu Dhabi down with it.

.......... It's amazing that a single city with approximately half a million native inhabitants and another one and one half million servants can consume itself with $80 billion in debt ........... Just as with Lloyd Blankfein, they must have been doing Allah's work.

Dubai is fiscal lunacy defined. The party in the Middle East and Dubai is just starting. Grab some popcorn, sit back and enjoy the fireworks.
posted by TimingLogic at 4:25 PM