Dubai is now having to renegotiate its debt scheduling, because it can't meet its debt obligations. Everyone has been bailing out of that country, causing its economy to plunge even further. This is what happens when you don't invest in newcomers to give them a reason to stay. None of the skilled workers was really able to settle there, and thus with no ties or roots sunk down, departure was always only a plane ticket away.
While they were building their tower of babel, the ground was being eroded from underneath their feet.
2 comments:
I want to make money from Dubai's crash. Could someone tell me how this piece of good news could make us money? Is there a dubai ETF we could short?
San:
Thanks for the news. This cud be big. This means there cud be a short squeeze on the dollar in the currency markets, sending the dollar higher.
Which means stocks will fall tommorow, along with gold, commodities and everything else.
Thanks again.
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