That this happened should surprise no one

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eventually be reclaimed by the desert

More likely the ocean since some of those wonderful islands are expected to be taking on water.

don't they owe the dolphin bashers $7.5 billion to various contractors., what happens to them?

Can kicking only.

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Do those "best days" continue to include dumping raw sewage - complete with the condoms used by your Islamic friends who use Dubai as a place where they can ignore Islamic Law (provided you're one of the privileged rich) a few hundred yards from your "pristine" beaches?

Go have another hit off your hookah Sheikh. Your vision of a "global financial center" for those with too much money and too few brain cells will eventually be reclaimed by the desert, as it should be.

I am surprised how long islamic militants let Dubai roar on without one terrorist attack to keep them in line. The list of unislamic behaviors allowed to go on there is very long. Heck, the Taliban burn/bomb girl schools down to the ground and draw/quarter the teachers with motorcycles. Other groups in Saudi Arabia have had spectacular attacks. The first attack is coming in Dubai. Especially as the easy money flees and there is not so much left for the “leave us alone” money they contribute to certain causes.

ADIA is the bailer of last resort, Fed is lender of 1st resort

"I am surprised how long islamic militants let Dubai roar on without one terrorist attack to keep them in line. The list of unislamic behaviors allowed to go on there is very long. Heck, the Taliban burn/bomb girl schools down to the ground and draw/quarter the teachers with motorcycles. Other groups in Saudi Arabia have had spectacular attacks. The first attack is coming in Dubai. Especially as the easy money flees and there is not so much left for the “leave us alone” money they contribute to certain causes."

How much do you think they pay Al Queda for that?

I wonder if the government will go to debtors prison like the normal serfs who live there that cant pay their debt?

Karl I think as scathing as the article is I sense maybe a little bit of envy of the UAE because at least they have the balls to tell the foreign investors to go shove it, you made an investment and you lost and there will be no bailouts. I wish our government would of had the same approach instead of using our money to bail out foreign interests.

Most likely not a big case of can kicking going on here. I think they are just starting to play screw the infidel and this is all a smoke screen.

Yep TMD...

Tomorrow's Ticker: Giant Sukuking Sound.

+1 on the smoke and mirrors

All Dubai needs is some sucker to loan them some more cash so they can plant some fake emerald green trees and fake grass and wala, you has the OZ.

Let me get this straight: Dubai buys a large stake in Citi, then siphons large amounts of cash to fund it's real estate ventures, goes ****-up, leaves the American people with the bill, and we are sending 30,000 troops... to Afghanistan?

Gen, this is a good explanation about the financial situation involving Dubai and what may happen to the creditors who lent money and performed work. You go beyond the official statements released by the debtors, creditors and governments and tell what may ultimately happen. There is still risk that bondholders and other creditors won’t get paid 100 cents on the dollar. It’s possible some creditors will suffer a complete loss..

This is what makes the Market Ticker a great source of information. In contrast, listen to what the main stream media says about the Dubai situation. A typical example would be listening to the Associated Press news which is heard at the top of the hour on radio. All they would tell you are the official statements from the various parties involved. They would never tell about the significance of the statements and the risk that is still present in the Dubai situation.

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A trillion here, a trillion there and pretty soon you're talking about real money

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Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.

- Kenneth Boulding, economist

If the Shieks **** over the infidels how can they expect to ever sucker.. I mean attract infidel dollars into that desert **** hole?

They are also going to have to pay cash for those 70 fighter jets.


Maybe a season ski pass at Ski Dubai will appease Citibank and HSBC.

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In addition, the Government of Dubai is particularly focused on addressing the concerns of Dubai World trade creditors within the Emirate of Dubai. To help address these concerns, today the Government of Dubai is announcing that the remainder of the funds provided will be used for the satisfaction of obligations to existing trade creditors and contractors. Discussions with affected contractors will begin in short order.

Please note the bolded part, this is not for western creditors or contractors.

Weasels, world wide, are raising in protest being compared to Dubai World and Dubai government spokes 'people'.

never forget where these people came from. A famous quote from the current Dubai ruler's father who built the place:
"My grandfather rode a camel, my father rode a camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a camel."

he was referring to his great-grandson riding a camel because soon enough they would run out of oil. Maybe they will go back to riding camels sooner than he thought.

First rule of doing business in the middle east. If you lend money, either have the collateral under lock and key, or have compromising pictures, preferably both. And of course you need to set aside 10% of the principal as "agent fee" but that goes with the territory.

As the sticksaves pile up, I keep thinking of the recapture of Lauban in Upper Silesia by the German army in March 1945 - and how it was propagandised by Goebbles.

Donno why.

My million dollar question is since Haliburton relocated to Dubai....

Are they considered an internal creditor or an external creditor?

And is Haliburton backstopped by the US gov?

Love ya Karl...youre such an informed, articulate bastard. Merry Christmas hoss...

"Screw the infidel" is in marked contrast to Paulson/Bernanke/Geithner's behavior: Prop up AIG so they can pay off SocGen & Deutsche Bank.

In a way, you have to admire them.

This comes as no surprise to me, a lifelong resident of Dearborn, MI. Over 1/3 of the local population is of Arabic descent. "Screw the infidel" is their business M.O. along with "suck the system dry of every type of welfare these idiots give us and crank out lots of kids". The Detroit Free Press just printed a list of residences and businesses who have not yet paid their 2007 taxes and the majority of the Dearborn/Dearborn Heights residential and business addresses have Arabic owners.

Lie, cheat, steal, commit mortgage fraud and don't pay taxes is a way of life for these violent leech****s. Dubai is just the same thing on a governmental scale.

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Finally, today the Government of Dubai will announce a comprehensive reorganization law, a framework that is based upon internationally accepted standards for transparency and creditor protection.

Anyone else laugh at this part?