It may be two minutes to midnight at the oasis

NY Post ^ | November 29, 2009 | Terry Keenan

[Scanian]

It's a fair bet that few around the Thanksgiving dinner table talked much about Dubai last week, even as that Emirate quietly rocked world financial markets with the surprise prospect of the biggest government debt default since Argentina's back in 2001.

Unfortunately, by the time Americans break out the holiday eggnog, we may all be a lot more familiar with the tiny city-state on the Persian Gulf.

For if ever there was a poster-child for commercial real estate excess, it is Dubai -- land of indoor ski slopes, man-made islands and home to what will soon be the tallest skyscraper in the world, a building set to stand one kilometer high.

[Venturer]

I think I read a while ago that some people who had started to buy there ,and ran out of money had left the country,because if they don't pay up there it's jail time.

[manonCANAL]

The Saudis has financed the mosques and schools here in America. Just maybe this will slow their takeover of our
beloved country.

[BBell]

Yes, there were hundreds of cars left abandoned at the Dubai International Airport each month from people fleeing.

[razorback-bert]

Mohammed bin Rashid Al-Maktoum to debtor’s prison?

Everyone else who can’t pay their debts in Dubai go.

[Iron Munro]

How long before we find out that US taxpayer money is being used to prop up muslims who have been overspending their windfall oil profits?

[hal ogen]

OPEC apparently called for “financial aid” to the oil-producing countries if the world lessens its dependency on oil. Does anyone in their right mind give a rat's ass what happens to those societies who have squandered so much money at the expense of so many other societies? Even though their “religion” has all sorts of wacky controlling ideas, the leaders and their families have lived to excess (expensive cars, lives of no work, shopping binges, bizarre sexuality and so forth) while the countries have supported terrorism and sharia. Financial aid? FEH!

[Caipirabob]

I think I read a while ago that some people who had started to buy there ,and ran out of money had left the country,because if they don't pay up there it's jail time.

I keep seeig the mental image of the airport parking lots some of the articles have talked about. People driving into the airport parking lot with their new Mercedes and other luxury vehicles, parking them knowing they would never return.

I guess you could say they were effectively "voting with their feet" on Dubai's policy on personal debt.

However many people are not so fortunate, as I understand employers require a passport and hold it throughout an employees contract, and that some employers withold it even upon termination, trapping the individual within the borders of the nation.

I have to believe the local government may further encourage such activity to prevent further flight from fiscal obligations.

It should be interesting to learn just how many foreigners will be detained in their debt prisons. Horribly unfortunate, but for many of them, there may be nothing that can be don.e

[GladesGuru]

Sand Savages are what they are.

[altair]

Yes, they put people into jail for unpaid debt or work them as slaves. Google for The Dark Side of Dubai (which is unpostable here due to its source).

Unlike its neighbors, Dubai is not an oil rich nation. Their whole economy is based on a house of cards and they have unbelievable government benefits for the handful of natives - it's a liberal socialist paradise.

When their economy fails, they're going all the way back to camels and tents. Their only natural resource is tourism.

[bert]

they are and always have been taders

With the coming growth in Iraq, the long term position of Dubai is a sure thing

[altair]

However many people are not so fortunate, as I understand employers require a passport and hold it throughout an employees contract, and that some employers withold it even upon termination, trapping the individual within the borders of the nation.

That is correct. What is worse is that many of those same "employees" had to pay a substantial fee to obtain their jobs in the first place. They are in a most unfortunate situation.

It should be interesting to learn just how many foreigners will be detained in their debt prisons. Horribly unfortunate, but for many of them, there may be nothing that can be don.e

That is against the law at the moment (releasing a count of the number of people in prison). An equally interesting number that might be accessible is how many expats are leaving through the airport.

[altair]

With the coming growth in Iraq, the long term position of Dubai is a sure thing

I'm not sure what you mean. There's no way Iraq can support the Dubai life-style. There's no way anyone can, really. It's a huge money sink.

They are dependent upon near slaves to build their buildings. They are dependent on somewhat luckier other foreigners to be their job force. Their only export is tourism and the bay has been converted into literally a toxic waste dump.

Their long term position is camels and tents, if anyone really wants to hang around there when the economy collapses. They made the desert bloom over night. The desert reclaiming its own will be equally sudden.

[The Sons of Liberty]

The Saudis has financed the mosques and schools here in America. Just maybe this will slow their takeover of our beloved country.

Don't worry. 0bama will find a way to slip an earmark in a bill so that the American taxpayers end up paying for them.

[bert]

that is so much drivel.

A GCC strengthened by the resources of Iraq as a growth engine is ascendant and a strong competitor to Europe.

The location for a trade powerhouse cannot be diminished.

The current news is no worse than the similar event in Houston 20 years ago.