Dubai is Shaking

Dubai was a backwater dirty town 15 yrs ago. Today it is full of skyscrapers, an indoor ski resort and man-made islands that catered to the richest people on planet earth.

Yesterday it was announced that a huge Dubai firm needed an extension to pay back interest on $90 billion.

On Thursday, Dubai World, a conglomerate, shook world financial markets by asking for a six-month moratorium on paying interest on debt estimated at between $60 billion and $90 billion. Immediately after the announcement, Asian equity markets swooned by 3 percent to 5 percent. The selling continued on the London market, which then recovered in afternoon trading. On Friday, the Dow Jones Industrial Average opened off about 224 points and then started to climb back on a shortened, post-holiday trading day.

Read it here; http://features.csmonitor.com/economyrebuild/2009/11/27/why-debt-at-dubai-world-is-shaking-world-financial-markets/

Gluttony and greed seem to be a human condition....and even all the oil wealth in the world can't seem to pay for all the excesses that wealth-gone-wild Dubai rang up.