Saturday, November 28, 2009

Abu Dabi, Dooby Dubai... Doowah

News Item: Tremors from the shock request by Dubai’s flagship government-owned holding company for a debt standstill spread through global equity markets on Friday, triggering a sell-off in Asia and heavy losses on Wall Street. Financial Times

Bye bye, Dubai by night
Got a handful of nothin'
And I watch it like a hawk
Well I'm doin' OK
I'm livin' in a great big way
Living in a Great Big Way
Dorothy Fields / Jimmy McHugh
David Seaton's News Links
The world comes unraveled in funny places sometimes, like Sarajevo in 1914 or a Polish frontier post in 1939 or in the bedroom where Mr. and Mrs. bin Laden once made Osama. Now, mostly because of the clever ways that debt has been "structured", the fickle index finger of the invisible hand may have suddenly arisen in Dubai.

I wouldn't go so far as to say that Dubai is a godforsaken place; because Dubai, being in the Middle East, probably has much more God than it can possibly digest, but certainly it is not the sort of place where you would imagine that the world would begin to unravel... However, it may turn out to be that kind of place and we will soon know.

If you don't follow finance the following random press selection will get you up to speed:
So this week we will be reading a lot about Dubai and we will find out if Abu Dabi has enough money to pay off Dubai's debt and save the world financial system from another collapse.

I have no deathless words to add to this cacophony, I simply want to be recorded as on of the passenger list when the Titanic hits the iceberg.

Mark Twain said that truth was stranger than fiction, because fiction had to make sense.

I think I'll leave it at that. DS

1 comment:

Forensic economist said...

Couldn't resist - as Roy Orbison sang -

Well, you wiggle to the left, you wiggle to the right
You do the ooby-dooby with all of your might

Well, you wiggle and you shake like a big rattlesnake
You do the ooby-dooby til you think you have a break

Well, you've been strutting cause now you know
Let's do the ooby-dooby, baby let's go
Ooby-dooby, ooby-dooby, ooby-dooby, ooby-dooby
Ooby-dooby, ooby-dooby, ooby-dooby