. . .you will see that the world has moved close to the financial brink again given the debt default by Dubai World.
Some believe that Dubai’s confidence-jarring effort to reschedule its debt servicing may trigger a round of other sovereign debt defaults around the globe.
Three pages of copy on this crisis in the Financial Times. Just a bare glimpse of it in The Washington Post.
This is a very serious crisis that very well could trigger other bubbles that still exist in the US and some other Western economies in the corporate real estate sector.
I think John Paulson is prepared — and has been waiting for this kind of event.
Watch for gold to surge.
— Steve Clemons