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March 20, 2009

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Steve B

"The Doom That Came To Detroit".

Ed Webb

Dubai is/was out at the bleeding edge of early 21st century global capitalism, so the chickens come home to roost there in particularly large numbers and are rapidly burying the place in guano.

Bryan Alexander

Nicely Ech-Pi-El'd, @Steve B.

Is it on the leading edge for the Middle East petrostates, @Ed Webb?

Ed Webb

Bryan, yes indeed, in this respect - Dubai is/was the region's Singapore, all about the entrepot trade, a node in the global nexus of flows of goods, services, labor. It has been trying to diversify from a purely petro-derived economy into other sectors, mainly services, mainly niche - 7 star hotel, Islamic banking, etc. Apart from construction, though, no-one actually makes anything there or does anything concrete - the last few pearl fishers excepted. It's all virtual economy stuff. And now the furriners are fleeing (those who can) and the glitzy-buildings-to-be project from the desert stands like so many monuments to the global capitalism that was. Look on my works, ye mighty...

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