Two headlines:
the first dealt with Dubai crashing in flames;
the second with Islamic finance, and how well it was doing in London, getting through the economic mess quite well, thank you.
Dubai embraced the Western model, created its own bubble, and Dubai World can't pay its debts.
Islamic Finance forbids Interest and Speculation, so there were no bubbles busting and no phenomenal loss of asset values.
Interesting.
Here's the future low-down...just a peek, mind you:
1 - Russia, communism goes down for the count, but will get back up, having learned from its mistakes, and contributes mightily to future society;
2- Finance of the future - if there is a future - cannot allow for the destructive downs to occur, the reason being a severe downturn might exceed the ability of the system to right itself; no guarantee whatsoever that things get back on even keel.
You'll find Finance more influenced by the Islamic - or some other - model. Dubai has probably learned its lesson, and is sort of a "Fatwa" boy - or poster boy - of turning one's back on what is absolutely gold in one's own culture, and going whoring after foreign idols.
Lovely Irony.
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6 comments:
I think you've got something. I haven't thought about Russia regenerating communism. But yeah, the Emirates have taken on our capitalistic ways. Good points here.
I think so. People learn from their mistakes.
Dubai is an embarrassing "Mister Johnson" type thing,and I've always thought them to be more blessed with oil revenue than smarts.
I may dislike Saudi Arabia, but I respect them. Not so Dubai.
Dubai is disturbing on so many levels. Visually it combines the worst characteristics of the city·state - all steel and glass planning and no random·eclectic life·blood.
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