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Dubai’s Economy is melting like a Glacier in the Desert (moderndiplomacy.eu)
submitted 3 months ago by kit8642
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[–]kit8642[S] 2 insightful - 2 funny2 insightful - 1 funny3 insightful - 1 funny3 insightful - 2 funny - 3 months ago (1 child)
It's a valid point. If it was a different circumstance, I would think it was intentional by an outside force trying to undermine them, but it looks self inflicted by ignorance... Not sure what to make of it.
[–]magnora7 2 insightful - 1 funny2 insightful - 0 funny3 insightful - 0 funny3 insightful - 1 funny - 3 months ago (0 children)
Probably a little of both. Some people definitely want them trapped in debt, like almost ever nation is. And their entire economy and government depends almost entirely on oil, and thus on the price of oil. I bet they just expected oil to be higher than it has been over the last decade, and wrote checks based on that expectation. Checks which are now bouncing.
Like the credit crisis in the US where mortgages and credit cards were offered too easily, and then later became unrepayable, Dubai is going to undergo something similar.
Of course this could all go away in a snap if oil goes back to $100/barrel for a sustained period. And I think that's exactly what a lot of people in Dubai are desperately hoping for.