Originally posted by ARNOMANNN
What does this say about the rest of the world's economies??? Is this the shape of things to come??? I thought Dubai was one of, if not the richest
country in that part of the world I don't get it... All those above expensive hotels and resorts and private man made islands you can see from
space...I thought all that was funded with oil dollars...Maybe this has something to do with the move from the petro dollar to the euro????
Dubai is as close as humaity has ever come to a concrete manifestation of the global financial bubble now imploding.
Like the bubble, it was created artificially out of nothing, in the middle of an arid desert. Like the bubble, it required constant new inputs: it
was not a self-sustaining system that could survive in the absence of trucked-in resources. Like the bubble, it was highly privitized and lacked any
sort of natural public culture: No bustling city-squares or famous public parks. Like the bubble, all the fun took place behind closed doors, with
imported sex-slaves and narcotics in grotesquely opulent, nouveau-riche-style hotel suites. Like the bubble, it sprang up overnight, going from zero
to sixty in less than a decade. Like the bubble, its facade of extreme wealth was complemented by the a carefully-hidden underworld of extreme misery:
sex workers, dollar-a-day laborers imported from less fortunate nations, and gritty corruption. And, perhaps, most tellingly, like the bubble it was
finaced based on future promises (i.e., debt) rather than actual productive activity such as industrial manufacturing.
