Dubai shock after debt standstill call

Quote from asiaprop:

search for a related earlier post of mine, I mentioned months ago that this is exactly gonna happen.

Those "oil terrorists" will go exactly where they are coming from, riding camels and horses in the desert. There are so many pointers that the basis for their money wasting life style is so flawed: Not a single investment they have ever touched has made a positive return, their whole plan of turning the region into a tourist destination is laughable, their belief that the rest of the world will be dependent on their oil for the rest of their life is also more than questionable. No other region in the world is so blessed with natural resources yet no other people on this planet have wasted so much money, kept all their citizens rich enough to not risk an uprising yet still incredibly poor while the Sheiks' hundreds of sons race Ferraris.

What a regretful lifestyle and I wont shed a single tear if this whole region goes down the river because thats exactly what they deserve!!!
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Great post ASIA! They are all about that BLING BLING. They've been watching too many 50-cent videos!

The CDS are blowing out and you know the powers at be will pull the rug out on this commodity boom and they'll be left with their [horrible] palm-tree and continent looking islands with no inhabitants paying taxes to maintain it.
 
All those billions in USD currency reserves, an export product for which there are guaranteed buyers, and they can't stop this from happening.

Interesting.
 
Quote from Random.Capital:

All those billions in USD currency reserves, an export product for which there are guaranteed buyers, and they can't stop this from happening.

Interesting.
More...
Dubai doesn't have those things. Abu Dhabi does and they might lend money to Dubai, for the right price.

It's all about face. Dubai cousins losing face is OK, but the whole region - no way. So, as Nakheel goes down, Abu Dhabi will make sure Dubai is properly humiliated before bailing them out. That's my expectation...
 
24"Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. 25The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock. 26But everyone who hears these words of mine and does not put them into practice is like a foolish man who built his house on sand. 27The rain came down, the streams rose, and the winds blew and beat against that house, and it fell with a great crash."

http://dubai.fastrealestate.net/b/?pp_album=main&pp_cat=default&pp_image=thepalm.jpg
 
Quote from asiaprop:

search for a related earlier post of mine, I mentioned months ago that this is exactly gonna happen.

Those "oil terrorists" will go exactly where they are coming from, riding camels and horses in the desert. There are so many pointers that the basis for their money wasting life style is so flawed: Not a single investment they have ever touched has made a positive return, their whole plan of turning the region into a tourist destination is laughable, their belief that the rest of the world will be dependent on their oil for the rest of their life is also more than questionable. No other region in the world is so blessed with natural resources yet no other people on this planet have wasted so much money, kept all their citizens rich enough to not risk an uprising yet still incredibly poor while the Sheiks' hundreds of sons race Ferraris.

What a regretful lifestyle and I wont shed a single tear if this whole region goes down the river because thats exactly what they deserve!!!
More...

ya. they'd better sell sand than luxury sand castles in fake island in the middle of nothing. the question is: why banks lend $$ to these stupid projects?
 
What do you suppose the effect will be on US markets. Index volume friday will be light, anyone want to hazard a guess? down 1%. 2%?
 
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