On May 4, 6:12*pm, "Morgans" wrote:

You guys should check out what's happening in Dubai. *NWPilot tipped
me off to this when a ferry flight he had contracted fell through.

That isn't enough of a tip to even look for something you are hinting
towards. *What is it that is happening in Dubai, other than crazy growth and
building?

Well, they built themselves the elements for a perfect storm:

1) Their media is censored, and if you write an article that can be
seen as counterproductive to the economy they can put you in jail.

2) They have, basically, debtors' prison. So, if you write a bad
check or default on a loan, you go to jail. So...

3) People who lost their jobs over their abandoned their property and
took the first flight out of Dubai. There are reports of hundreds of
new cars abandoned in the parking lot.

4) The crazy building spree was last year. Apparently, they cancelled
thousands of foreign work visas but never reported it, and since many
of the jobs were government projects, nobody knew exactly how bad it
was.

5) When a foreigner loses his job he has seven days to leave the
country. From what I've heard, he's expected to settle his debts
first. That's why there's all the abandoned property. As a result:

6) Nobody is lending to Dubai. And because they don't have a free
press, none of the investors, debtors or workers had fair warning.

http://www.guardian.co.uk/world/2009...ubai-boom-halt