It may be two minutes to midnight at the oasis
Posted by inthesenewtimes on November 29, 2009
Terry Keenan
29th November, 2009
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.
