A much-condensed version of a long article from earlier this year appeared today about Dubai from a non-debt perspective by a reporter named Johann Hari, which begins:
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.
Click HERE for the full article from April 2009.
I think about the Dubai default differently having read these pieces. Dubai might just be one of the most horrid bubbles in modern times.
Copyright (C) Long Lake LLC 2009
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