The city state of Dubai, also known as what I call the "Architecture Factory" is putting on the brakes. Driven by immense debt incurred in it's insane building projects, like the worlds tallest skyscraper in the middle of the desert or the palm shaped islands, the emirate is over $60 billion in debt.
The call for a debt standstill for 6 month has shaken the world markets. Seems everyone is surprised that Dubai is in trouble. I have to wonder do these folks who are the power brokers in he world markets every do some basic arithmetic?
Sheik Mohammed has been spending like a drunk who thinks he won the lottery and now everyone else is figuring it out. Certainly hope he doesn't take the rest of the middle east down with him.
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Obviously, this is where Bernard Madoff and Allen Stanford invested their extra money.
richard h.
fort worth, texas, usa
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