When You Wake Up Monday. . .

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dubai2.jpg. . .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

Comments

42 comments on “When You Wake Up Monday. . .

  1. PissedOffAmerican says:

    “I can’t count the number of articles I read
    justifying saddam’s invasion, and they were all
    leftists articles. And by saying kuwait was
    harming iraq, you’re saying saddam had a reason to invade. And by repeating ‘propoganda that
    demonized iraqies’ you’re also implying no crimes happened, which again is also a theme in all the leftist articles I read about the gulf war”
    Why is it that so many of you feel a need to import a truckload of straw everytime you stick your foot in your mouth????
    I am “implying” NOTHING that you state I am implying.

    Reply

  2. Pahlavan says:

    Cookie….
    Some smart and caring people render wisdom for the benefit of informing all. If you think being there with strong ties in the middle east automatically makes one more qualified that people with better insight to a hawkish outdated policy of an imperialist power, then please help us by removing qualifiers like “leftists” from your argument and share facts (not emotional or belligerent responses) to counter what you consider as politically biased views.
    On that note, when you say: “I’m half-expecting somebody to talk about how Kurds were disloyal Iraqis and saddam was protecting the unity of iraq when he gassed them. Or whatever propaganda he used to slaughter them.”
    Know that Sadam claimed his northern Kurds betrayed him for not putting up resistance against Iranian army’s advance that went far into Iraqi territory. Also Khomeini wasn’t delusional when he refused the Iran Iraq war seize fire, he just miscalculated on what would happen to his troops when they were staging for their assault on Baghdad. Along with Kurdish civilians from different villages, were enemy soldiers who dies under the same chemical agents that was supplied to Sadam Hussein. This is a fact that some of us with great ties to that region have lived with, as others in the west had “classified CIA material” to deal with.
    Coming back to Dubai, the characteristics of the subcultures you’ve touched upon is what can make Dubai the focal point of our foreign policy problems. This is something that regardless of our party affiliation, some of us believe our seasoned politicians (who always man handle the president and the American pulic) are just too old, too spent, too biased and too blind to navigate through in our new speedy information age. That’s why they’ve had to resort to military force.

    Reply

  3. cookies_and_milk says:

    I can’t count the number of articles I read
    justifying saddam’s invasion, and they were all
    leftists articles. And by saying kuwait was
    harming iraq, you’re saying saddam had a reason to
    invade. And by repeating ‘propoganda that
    demonized iraqies’ you’re also implying no crimes
    happened, which again is also a theme in all the
    leftist articles I read about the gulf war.
    Kuwait violating OPEC regulations wouldn’t be any
    different than what many members do, doing it to
    harm iraq however is absurd and only the most
    ignorant of the region would believe that. Kuwait
    not only had no reason to harm iraq, it was scared
    of it and was also an ally that criminally
    supported it during its war with iran.
    As for slant drilling, from what I know kuwait is
    naturally lower than iraq and saudi arabia and so
    the oil in those borders fills in kuwaiti wells
    and that pissed off the iraqies. I don’t know the
    details of this so I could be wrong, but again 1)
    i don’t buy any ‘evidence’ as everybody with an
    agenda has their own version of reality they push
    and 2) it’s irrelevant as iraq wanted to invade
    kuwait for a long time and did it for its oil and
    not defending iraq’s and even if kuwait did it, it
    would not be a reason justifying the invasion.
    The poor demonized iraqi soldiers did a lot of
    crimes that you would consider propaganda, picking
    that one congress testimony again does nothing but
    argue that iraqies didn’t do anything wrong, it
    was all propaganda. Maybe if the palestenians
    hired a PR firm and exaggerated a thing or two or
    invented one we can all laugh at those arabs and
    their PR propoganda and say the israelies are
    victims of demonizing and racist propaganda. I
    hate using this analogy because the iraq invasion
    was a thousand times worse than anything the
    israelis could do, it was shorter mind you, but
    I’d rather live in the west bank or gaza than any
    country occupied by iraqies.
    When you say iraq had reasons to invade kuwait,
    that the gulf war was a propoganda war – nothing
    happened, it was all good there except bush didn’t
    want you believing that, it’s not a just war as
    chosmk said (he could still say it’s not a just
    war but recognized the suffering of the people
    occupied, but of course the progressive humanist
    didn’t in his article. actually I take that back,
    you couldn’t say that and still say it’s not a jus
    war, it was as just as WWII or any other just war)
    you can’t go and say oh, but I only mentioned this
    or that w/o implying anything you accuse me of.
    I really am done with this thread now. I’m not
    going to bother editing this post, I just rambled
    and not sorry if it’s hard to read, this is not
    worth it.

    Reply

  4. PissedOffAmerican says:

    Cookies…….
    Would you care to show us where ANYONE here endorsed, condoned, supported, or justified Saddam’s invasion of Kuwait????
    Then, show us where anyone endorsed, condoned, supported, or justified the Iraqi army’s treatment of the Kuwaitis?
    Fact is, there have been three premises mentioned by posters other than yourself…
    1) That there is evidence, and many who believe, that Kuwait was slant drilling into Iraq.
    2) That it is KNOWN that Kuwait was violatibng OPEC production regulations, and it is widely believed that the reasion was to harm Iraq economically.
    3) That there were propagandized events presented to the media, in order to further demonize Iraqi troops and curry favor for military intervention, that did not in fact actually occur.
    Now, reread your own comments, and explain to us why you’ve made such an antagonistic ass of yourself merely because some of us choose not to ignore history.

    Reply

  5. cookies_and_milk says:

    Mr.Murder,
    “Cookies and Incubators hasn’t given a response
    since?”
    This is not a chat, I don’t have to reply
    immediately. You sound so proud of yourself there,
    like a defender of justice that shot down
    imperialist anti-saddam propoganda and the
    progressive cause. I wanted to just post that
    first reply and leave, even if I didn’t continue
    replying nothing would change in the facts your
    deluded world view conveniently ignores. It’s OK,
    most people live in their own reality bubbles,
    ideologues and zealots like the ones here
    especially. Much like religion and it’s deluded
    followers. There’s barely any difference really.

    Reply

  6. cookies_and_milk says:

    Dammit, I have no will power.
    Yeah, easy e, because every kuwaiti would support
    their country erased from the map, turned
    stateless, and sleep every night not knowing if
    somebody’s going to break into his house and take
    him away. Then wake up and live a miserable life
    under a savage occupation that makes the worse of
    the israeli one look like a joke.
    Yep, ask any kuwaiti, they’ll tell you it’s a
    conspiracy of imperialist america and the sheiks,
    all kuwaities wanted to be part of iraq and live
    that miserable life. Or, they’ll tell you they
    deserved what happened to them and the war, like
    chosmky said, was an unjust war. They would gladly
    live that miserable life because they deserve
    nothing better, as progressives/leftists don’t
    think they deserve any better. Fat sheiks that
    hire PR firms, oh they’d tell you saddam wasn’t
    enough for kuwaities but america had to come in
    and impose its imperialist will.
    How ignorant can someone get? I mean isn’t there
    some limit? Amazing.
    If any mods can check my IP, it’d be in Kuwait.
    And if any if the ignorant zealots here speak
    Arabic, I’d gladly respond. Of course then I’d be
    accused of being a non-kuwaiti arab living in
    kuwait or an american arabic-speaking spy. Heh.
    I don’t know who Nadine is (I think I’ve seen some
    posts of her but I don’t read this blog a lot) or
    what hasbarist means.
    Mr.Murder,
    “Cookies and Incubators hasn’t given a response
    since?”
    This is not a chat, I don’t have to reply
    immediately. You sound so proud of yourself there,
    like a defender of justice that shot down
    imperialist anti-saddam propoganda and the
    progressive cause. I wanted to just post that
    first reply and leave, even if I didn’t continue
    replying nothing would change in the facts your
    deluded world view conveniently ignores. It’s OK,
    most people live in their own reality bubbles,
    ideologues and zealots like the ones here
    especially. Much like religion and it’s deluded
    followers. There’s barely any difference really.

    Reply

  7. easy e says:

    cookies_and_milk?
    Hmmm?!?
    Sounds like hasbarist colleague of Nadine pretending to be Kuwaiti.
    I second POA………….Egads.

    Reply

  8. PissedOffAmerican says:

    Egads.

    Reply

  9. cookies_and_milk says:

    Mr.Murder,
    “When I was in school at the time of Desert Storm
    a Kuwaiti student said she knew the girl who
    claimed to have her baby smashed by the Iraqi
    soldiers in a hospital, snatched from an
    incubator. The girl was “never pregnant” and that
    claiming to have been so was entirely against the
    cultural norms of good standing.”
    I thought she claimed to be a nurse working there
    and not pregnant herself?
    Either way, that dumb kuwaiti student you knew
    should have been proud of the woman that played a
    role in liberating her country and hundreds of
    thousands of people, ending their suffering and
    giving them a life, a future. That is not against
    the cultural norms of good standing in my book.
    OK, NOW I’ll actually be gone. That post just
    popped back in my head and had to reply.

    Reply

  10. cookies_and_milk says:

    I have no idea why I torture myself by checking
    comments sections anywhere on the internet, but this
    one ends here. I’ve said what I wanted to say in my
    first post, and the replies pissed me off to post
    more, but there’s no use in this. I said what I
    wanted to say, the zealots are welcome to repeat
    what they said. It’s nearly 5:30 AM here and I need
    to sleep instead of argue with people on the
    internet. People suck, they are rotten to their
    core, lesson learned for the 46250928340th time. Bye
    now.

    Reply

  11. cookies_and_milk says:

    PissedOffAmerican,
    You’re a disgusting person for much more than this
    thread, but no, denying history isn’t one of them.
    Given how reality/history is perceived differently
    by zealots like you, I don’t even need to bother
    researching this matter. But like I said, even if it
    were true, it’s irrelevant. Logic and a basic
    understanding of the region is more than enough to
    discount that though, even though it’s irrelevant.

    Reply

  12. PissedOffAmerican says:

    “Why the hell was Kuwait trying to harm Iraq? it
    criminally supported him during his war with Iran and loaned him money. this is nothing but leftists justifying the savage crimes of a tyrant because he’s anti-US. What disgusting people you are”
    Are you denying the motives behind Kuwait’s violation of the OPEC production regulations? If so, then you are denying history. But carry on, you aren’t exactly famnous here for credible commentary.
    So, because I cite actual history, I’m a “disgusting” person, and anti-american to boot. Brilliant, you got any other pearls of wisdom??
    “I’m half-expecting somebody to talk about how kurds were disloyal iraqies and saddam was protecting the unity of iraq when he gassed them”
    Well hell, we could use another poster barfin’ up straw positions to argue against. Might as well be you. Wouldn’t want Nadine to get lonely, would we?

    Reply

  13. cookies_and_milk says:

    Post before this was a comment on the one I made
    before it.
    Paul Norheim,
    Yes I know that, and if I ever get to meet that
    woman I’ll thank her with all my heart for what she
    did.

    Reply

  14. cookies_and_milk says:

    ^would fit in a Mr.Murder post beginning with
    ‘cookies and gas.’

    Reply

  15. Paul Norheim says:

    “When I was in school at the time of Desert Storm a Kuwaiti student said she
    knew the girl who claimed to have her baby smashed by the Iraqi soldiers in a
    hospital, snatched from an incubator.” (Mr Murder)
    “I’m glad the royal family spend money on a good PR
    firm, otherwise I’d be living in a virtual
    concentration camp” (cookies_and_milk)
    ———————————————————–
    The royal family didn`t only spend money. The girl giving the false claims was
    actually a member of the Kuwaiti royal family, and the daughter of the Kuwaiti
    ambassador to the US.

    Reply

  16. cookies_and_milk says:

    I’m half-expecting somebody to talk about how kurds
    were disloyal iraqies and saddam was protecting the
    unity of iraq when he gassed them. Or whatever propaganda he used to slaughter them.

    Reply

  17. cookies_and_milk says:

    Mr.Murder,
    it’s irrelevant whether the babies story was true
    – the iraqies invaded a sovereign country and
    committed countless barbaric crimes. That’s a
    FACT.
    I still don’t believe that slant drilling story,
    kuwait would be too scared of Iraq and like I said
    it supported it and loanged it money. Hell if the
    government did slant drill then it might as well
    be debt payment.
    And even that is also irrelevant – saddam wanted
    to annex kuwait, I don’t think the kuwaities gave
    me an excuse but if they did it’s just that, an
    excuse. Nothing he did was justified, nothing.

    Reply

  18. cookies_and_milk says:

    rich,
    Iraq owed money to kuwait, it had a much larger
    military, and nationalists calling to annex
    kuwait, how stupid do you think the government
    could be to steal iraqi oil? Sorry, I don’t
    believe this.
    PissedOffAmerican,
    Why the hell was Kuwait trying to harm Iraq? it
    criminally supported him during his war with Iran
    and loaned him money. this is nothing but leftists
    justifying the savage crimes of a tyrant because
    he’s anti-US. What disgusting people you are.
    And I guess you as an adult THOUSANDS of miles
    away, w/o any knowledge about the region and its
    culture, knows more about this than me? My father
    never knew every day if it would be the last he’d
    see us, and you scumbags don’t even have the
    dignity to just at least shut up and not justify
    what happened, support it, or deny the crimes that
    happened.
    erichwwk,
    I’ve had more than enough reading leftists
    articles about the ‘PR WAR’ and that BS. The US
    did what it did for its interest and so did the
    kuwaiti royal family in trying to save their
    country. I haven’t read that article because I
    can’t handle reading another one repeating that
    congress testimony and saying kuwaities didn’t
    suffer during the war or deserved it for being
    ‘rich fat sheiks’ who can buy PR firms or because
    their country belonged to progressive hero saddam
    hussein. It’s horrifying what happened and the
    only thing that equals it is the justification and
    mocking from anti-US ideologies.
    I’m glad the royal family spend money on a good PR
    firm, otherwise I’d be living in a virtual
    concentration camp and who knows if I’d be alive
    or any of my family members would be.
    One would think you people would have enough
    shame to avoid revealing your true nature. Perhaps
    if the US made a deal with saddam and gave him
    Kuwait, then every leftist in the world would
    champion my cause living under the mercy of
    saddam’s goons as I’d be a victim of US
    imperialism then.
    A friend of my father was killed and all of his 3
    sons, a relative was tortured for months before
    being executed. Say you’re anti-war, say you don’t
    care, come out and say anything but say nothing
    bad happened or it was justified or deserved or
    mock it. What unbelievable morals you people have.
    it’s not that people like you don’t exist in
    abundance, and ones with much more vile thoughts,
    but I guess it’s because this is so personal to me
    it’s hard to move on. I still have to remind
    myself that it’s over, nothing like it will happen
    again, I’m free and safe. No matter what rotten
    people like you say, that’s not going to change.

    Reply

  19. Mr.Murder says:

    Cookies and Incubators hasn’t given a response since?
    Thomas Tutwiler’s family owned the slant drilling patent. Marge Tutwiler was Undersec. of State to James Baker at the time of Desert Storm. Perhaps you’vbe heard of Marvin Bush, a board member of the subservices slant drilling group.
    The Tutwilers were next door neighbors of a family who also did much work in the field of oil services. Perhaps you’ve heard of the Halliburtons.
    Marge Tutwiler was also the first Director of Communications for the Coalition Provisional Authority when it was in command of Iraq. One of her blood relatives was on Cheney’s staff of the Office of Senate President(the title whereby he tried to avoid Executive transparency).
    Suppose anyone care to ask Sen.Santorum’s staffer Ms.Ledeen where the information that made its way into notes of the Senate Intelligence Committee hearings at the time regarding Iraq, where those notes came from?
    When I was in school at the time of Desert Storm a Kuwaiti student said she knew the girl who claimed to have her baby smashed by the Iraqi soldiers in a hospital, snatched from an incubator. The girl was “never pregnant” and that claiming to have been so was entirely against the cultural norms of good standing.
    The phantom baby snatchers story rose to the level of being used in speeches and PR releases by our government at the time. GHWB even made a reference to it.

    Reply

  20. erichwwk says:

    the CS article contains the priceless Rummy paraphrasing of Churchhill:
    “Sometimes the truth is so precious it must be accompanied by a bodyguard of lies.”

    Reply

  21. erichwwk says:

    The fuller story, By Dr; Douglas Kellner of UCLA is here is here:
    http://preview.tinyurl.com/o4pqb

    Reply

  22. erichwwk says:

    Cookies can be excused for being deluded as a child. One wonders why he hasn’t grown up in the intervening years.
    The short view of what the ” senior executives of Hill and Knowlton in Washington, the biggest global PR firm at the time, which had a contract worth more than $10 million with the Kuwaitis to make the case for war.” is here:
    http://www.csmonitor.com/2002/0906/p01s02-wosc.html

    Reply

  23. PissedOffAmerican says:

    And the OPEC production regulations that Kuwait was violating, in order to harm Iraq by driving down the price of oil? Is that a myth too, Cookies??
    Fact is, we gave Saddam a wink and a nod to go into Kuwait. It was the precurser to all that has occured since. So whatever blood has been spilt since, whether it be Iraqi, Kuwaiti, or American, we are indeniably stained with it.

    Reply

  24. PissedOffAmerican says:

    “As someone who was a child during the invasion and witnessed it, there is nothing that gets to me more than hypocritical liberals/progressive
    mocking the suffering that happened there and
    justifying it”
    So, you “witnessed it” as a “child”, therefore you know so much more than those of us that “witnessed it” as adults, right? How do you people dream this shit up? Sometimes it seems as though you work purposely to make yourselves appear foolish.

    Reply

  25. rich says:

    @ cookies_and_milk:
    “Kuwait didn’t steal any oil from Iraq, this is
    propoganda.”
    News reports indicated that Kuwait had begun slant-drilling across the border to siphon from Iraqi oil fields.
    Perhaps those mainstream media reports had flaws; however, the accounts were straightforward and I know of no reason not to take them at face value.
    Can anyone supply additional data?
    Couple thoughts:
    If a nation wishes to secure its borders against attack from a larger, hostile, neighboring country, it is generally a good idea not to violate the national sovereignty of that less stable, militaristic neighbor by crossing the border via slant-drilling to remove Iraqi oil that lies within Iraqi territory.
    Just sayin’.
    I have no doubt Iraq had its eye on a larger prize. Certainly the same is true of Kuwait, GHW Bush and the U.S. — as a marginally forthright interview with April Glaspie would bear out, were she willing and capable of relating her invitation to Saddam Hussein to make breakfast out of Kuwait. So you have others to credit and blame for the invasion Kuwait, among them Kuwait’s nominally ‘moderate’ allies in the U.S., i.e., Bush I, James Baker, Scowcroft & Co.
    If the slant-drilling reportage was journalistically dubious, there is no question some visible effort would have been made to correct the record — and that did not happen.

    Reply

  26. cookies_and_milk says:

    Mr.Murder,
    Kuwait didn’t steal any oil from Iraq, this is
    propoganda from the iraqies and their leftist
    allies that justify an invasion and rape of
    kuwait.
    As someone who was a child during the invasion and
    witnessed it, there is nothing that gets to me
    more than hypocritical liberals/progressive
    mocking the suffering that happened there and
    justifying it. Things like this reveal that kind
    of sick and disgusting souls you have. Hundreds of
    thousands of people were turned stateless, those
    that stayed under the mercy of thugs that
    kidnapped, tortured, raped, and murdered as they
    please.
    Kuwait is a sovereign country and Iraq wanted its
    oil because it bankrupted itself from wars it
    started. I guess since it’s not the US nothing
    really offends your bleeding hearts; no, the other
    way around, support and make excuses for iraq,
    those innocent poor souls fighting imperialism.

    Reply

  27. Mr.Murder says:

    Maybe Dubai can slant drill Iran’s energy like Kuwait did to Iraq.
    Then we can have a resulting war.
    Maybe Brewster Jennings will intercept a crate of WMD precursors bound for Iran’s sanctioned ports the same way it did the border shipment from Kuwait to Iraq….

    Reply

  28. DonS says:

    Like John Paulson needs a couple of extra billion to skew reality in the financial markets even more.
    I don’t see gold spiking. It’s role as commodity of last resort is related to there being no fiat currency left standing. I doubt we will see that. Rather, it is another speculative vehicle among many and, looking back a couple of decades, has not really outperformed many other speculative vehicles. Not that we might not see another 10-20% before it pulls back.
    Regard Dubai as a somewhat closely held corporation disguised as a government. Pandering to the excess and greed we have seen emerge in markets worldwide. Hubris and arrogance of the rich and famous, wrapped in the bizarre confluence of mideast sheikdom and western pseudo royalty. It’s perpetrators and it’s enablers deserve severe punishment, not bailouts.

    Reply

  29. jon says:

    Krugman doesn’t think this is such a big deal.
    European stock markets recovered a good amount of their losses
    yesterday, while the US stock market had only about half the dip
    that Europe did, and then started recovering value steadily
    through the day.
    Dubai’s plan is grow as rapidly as possible and to position itself
    as the new center of money and power in the Gulf and the
    Mideast, before the oil runs out. They’re in a race against time,
    and the recession is a serious setback for them. If they can’t
    achieve what they want in the next few years, they risk becoming
    a backwater, with consequent declines in property values,
    population, and wealth. They will need continued growth and
    financial success in order to service their existing loans, much
    less restructured and future debt.
    Dubai’s debt, whether 40 billion or a hundred billion dollars is
    substantial. But it’s also not out of line with other recent
    collapses that treasuries are successfully coping with already.
    Dubai always looked like a very high risk proposition. I would
    expect that loans issued to support its development reflected
    that fact. Banks and investment houses should have been
    carrying reserves for this eventuality, and been prepared to
    respond to dips in value or problems servicing the loans.

    Reply

  30. JohnH says:

    The latest Daily Kos weekly tracking poll has 46% of Democrats sitting out the 2010 elections vs. 14% of Republicans.
    http://www.dailykos.com/storyonly/2009/11/27/808503/-Weekly-Tracking-Poll:-New-Feature-Paints-Ugly-2010-Picture
    When the Democrats get creamed in 2010, they’ll have no one to blame but Ralph Nader!

    Reply

  31. PissedOffAmerican says:

    Well, considering the excited glee that Krane noted the presence of brothels in Dubai, I imagine he can get laid there now at a substantial discount. But he better be careful. When the economy tanks, a whore house’s doctors are the first to go.
    And uh, gee, I dunno, Paul. Maybe Dan’s synapses do occassionally arc over the center line. I wonder if this rare phenomena is accompanied with some sort of facial tic?

    Reply

  32. Paul Norheim says:

    Just a side note to POA:
    Above I quoted one of Dan`s many brilliant comments at TWN in the recent years. Do you
    seriously think that these comments are written by mobilizing only the left (analytical)
    part of Dan Kervick`s brain?
    I`m all for using both intuition, instincts, analytical skills, experience, and
    judgement, but in my view, Dan is not a good example of someone using only the analytical
    side of his brain.

    Reply

  33. JohnH says:

    Paul Norheim took this one and hit it out of the park! As guest commentary, Jim Kane’s “Dubai, Not Obama, is the Mideast’s Best Peace Hope” ranks right up there with hosting James “Dow 36,000” Glassman’s “wisdom” about the financial crisis (Feb 26, 2009).
    Apparently there is a whole book publishing segment dedicated exclusively to throwing BS up against the wall and hoping it will stick long enough to max out the royalties.

    Reply

  34. Pahlavan says:

    Justifying the actions of a fabricated country put under the rule of a corrupt nomatic tribe, sounds self serving for the short term, but its destructive otherwise. Specially when you consider they are on the verge of total collapse.

    Reply

  35. Paul Norheim says:

    And Dan Kervick, I think you nailed it in your response then, so I hope you don`t mind
    me pasting one of your almost three months old comments here:
    Posted by Dan Kervick, Sep 01 2009, 11:08PM – Link
    I trust I have said enough disparaging words in the past about the autocratic sheikhdoms
    and kingdoms of the Arab Peninsula not to be accused of hypocrisy for the following:
    Dubai’s “model” is not really exportable, and is thus not really a model. As Krane
    indicates, Dubai is not really a country in the modern sense but an old-fashioned “city-
    state”. As other such boom cities have learned in the past, if you live in a
    neighborhood of more austere and repressive states, practice a policy of neutrality and
    laissez faire economic liberality, and throw your doors open to every kind of of
    smuggling, money-laundering, offshoring, expatriot looting and flesh-peddling, you can
    do do a booming business for a time among the world’s playboys, embezzlers, swindlers
    and robber barons, who have more money pouring out of their bank accounts than they know
    what to do with.
    Dubai is just a glittering monarchical anachronism, a gaudy stone on the hand of the
    courtesan of the month, a fancy car in the garage of a cosmetically enhanced lottery
    winner. And it is very unlikely that Dubai will last in any way other than as a long-
    term tourist attraction where people will come in the future to see the comically
    opulent and excessive relics of the vanished Oil Coast.
    A model? Yeah right, maybe the whole world can become Foxwoods Casino, Monaco or Dubai,
    places whose existence is only possible because they are parasitic wealth-absorbing
    growths on the body of the real world.

    Reply

  36. Paul Norheim says:

    Some TWN context:
    Three months ago, TWN had a guest post here, with the optimistic title:
    “Dubai, Not Obama, is the Mideast’s Best Peace Hope”:
    “As Americans, Israelis and Palestinians continue their endless peace-jockeying, a more hopeful solution
    has emerged. It is a fresh Arab initiative that depends neither on America nor Israel.
    It is Dubai.
    (…)
    From nowhere, Dubai has mushroomed into a trading city-state on the lines of Hong Kong and Singapore,
    with sidelines in real estate and tourism.
    Dubai accomplished all this without (much) oil, and without the help – or even recognition – of the
    United States. While Washington has been caught up prolonging the Israel-Palestinian conflict and
    starting a war in Iraq, Dubai was erecting one of the world’s most spectacular cities.
    So, how can Dubai fix the Middle East? It certainly can’t do much to help Palestinians suffering under
    Israeli misrule. But that is the point. Dubai has succeeded in spite of the plight of the Palestinians,
    and in spite of what Arab leaders describe as US meddling that stymies their development. One of the
    favorite themes of Dubai leader Sheikh Mohammed is that his counterparts should stop bloviating about
    the Israelis and start serving the interests of their own citizens.
    Dubai’s wild growth backs up Sheikh Mohammed’s message. His business-before-politics way is becoming a
    development model for the rest of the Arab world.”
    more here:
    http://www.thewashingtonnote.com/archives/2009/09/guest_post_by_j_12/

    Reply

  37. Dan Kervick says:

    Debt, excess, rackets, debauchery, the exploitation of labor and a fake culture: Yes friends, behold Dubai, the inspiring model for the Muslim future.

    Reply

  38. samuelburke says:

    i am actually hoping for a big bounce in the dollar…say about ten percent and a nice pullback in gold. Après moi, le deluge.
    the king is wearing see through threads but his courtiers dont dare tell his subjects that the rest of the world sees their king standing before them bare a$$’d neked.

    Reply

  39. Mr.Murder says:

    Burnback resulting from attempts to launder Iraq’s war spoils in resources. Iran is next….

    Reply

  40. J Hiroshi Burnette says:

    Build it on sand. Build it on quicksand. The hourglass for growth based economy on a round planet with finite coastline is about to run out.
    Muha, muha, muha hahaha (diabolical laughter).

    Reply

  41. Frances says:

    Being in the architectural visualization field, I’ve noticed that the Dubai market has completely dried up for my peers. Many commercial and high-end residential projects have been cancelled or put on hold indefinately. I didn’t realize what impact Dubai’s economy would have on the rest of the world until now.

    Reply

  42. erichwwk says:

    http://www.commondreams.org/view/2009/11/27-4
    “Dubai is finally financially bankrupt – but it has been morally bankrupt all along. The idea that Dubai is an oasis of freedom on the Arabian peninsular is one of the great lies of our time.
    Yes, it has Starbucks and Dunkin’ Donuts and the Gucci styles, but beneath these accoutrements, there is a dictatorship built by slaves.”
    So now, are the those that do REAL work to bail out those scoundrels that profit from slavery and their ability to rig markets?
    We have a travel embargo on Cuba, but not on Dubai?

    Reply

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