In SEVEN PILLARS OF WISDOM TE Lawrence wrote about a visit to a desert castle. His host led the British officer through a series of room, each whose walls were permeated with frankincense, myrrh, and other exotic fragrances. They finally arrive at a very simple room. One window. It’s open to the desert.
“What do you smell?” asked the host.
“Nothing.”
“No, that scent is the desert and we had the desert before the arrival of the English and we will have it after you go.”
This story was meant to highlight the impermanence of Western Influence on the Arab world, however no one in Dubai seems to have shared that sentiment in view of the present financial crisis in that Gulf State.
$80 billion in debt.
The actual Emirati population is 17% of 2.3 million inhabitants.
Each one owing roughly $200,000 to the banks thanks to the unbridled development of the emirate. Giant skyscrapers, massive housing development, and a modern infrastructure cost money. More than Dubai could generate from its projects. The country’s leaders are begging the banks for a six-month grace period to re-organize its debt. They will probably receive the same answer I got from my bank about a series of unexplained overcharges.
“Bank policy firms states….”
In other words Dubai is fucked and world financial markets reacted with a slight panic, for the international banks had deemed Dubai a safe bet. Once more capitalism was wrong and this debacle is sure to effect over economies around the globe.
It’s a small world after all and to paraphrase Rick from CASABLANCA, “We’ll always have the desert.”