Well, eff 'em, and let's hope they don't float in the swirl as they go down. If they do, we'll just have to cover them with tissue and flush again.
From Smashing Telly:
Short of opening a Radio Shack in an Amish town, Dubai is the world’s worst business idea, and there isn’t even any oil. Imagine proposing to build Vegas in a place where sex and drugs and rock and roll are an anathema. This is effectively the proposition that created Dubai - it was a stupid idea before the crash, and now it is dangerous.
Dubai threatens to become an instant ruin, an emblematic hybrid of the worst of both the West and the Middle-East and a dangerous totem for those who would mistakenly interpret this as the de facto product of a secular driven culture.
The opening shot of this clip shows 200 skyscrapers that were built in the last 5 years. It looks like Manhattan except that it isn’t the place that made Mingus or Van Allen or Kerouac or Wolfe or Warhol or Reed or Bernstein or any one of the 1001 other cultural icons from Bob Dylan to Dylan Thomas that form the core spirit of what is needed, in the absence of extreme toleration of vice, to infuse such edifices with purpose and create a self-sustaining culture that will prevent them crumbling into the empty desert that surrounds them.
Dubai is a place for the shallow and fickle. Tabloid celebrities and worn out sports stars are sponsored by swollen faced, botox injected, perma-tanned European property developers to encourage the type of people who are impressed by fame itself, rather than what originated it, to inhabit pastiche Mediterranean villas on fake islands. Its a grotesquely leveraged version of time-share where people are sold a life in the same way as being peddled a set of steak knives. Funny shaped towers smatter empty neighborhoods, based on designs with unsubtle, eye-catching envelopes but bland floor plans and churned out by the dozen by anonymous minions in brand name architects offices and signed by the boss, unseen, as they fly through the door. This architecture, a three dimensional solidified version of a synthesized musical jingle, consists of ever more preposterous gimmickry - an underwater, revolving, white leather fuck pad or a marina skyscraper with a product placement name that would normally only appeal to teenage boys, such as the preposterous Michael Schumacher World Champion Tower.
But if there is one problem with the shallow and the fickle, its that they are shallow and fickle, they won’t put down deep roots and they won’t remain loyal to Dubai. The people who appear in People magazine need to be told what is cool by Wallpaper magazine who in turn will discover something after the hipsters have moved on. The problem is that Dubai was never hipster-cool and is no longer Wallpaper-cool. This realization will have the same impact as suburbanite bachelorette party in a Wallpaper-cool nightclub. It will spread like the sighting of a floating turd in a public pool, flushing people to the exits with silent panic, unacknowledged for fear of embarrassment.
As people scramble for the exits in Dubai, there is no ‘key mail’, like in America, where people can often mail back their house keys and walk away from a mortgage without the immediate threat of jail. People are literally fleeing this place, to date leaving 3000 cars stranded at the airport with keys still in the ignition. And the reason for this is that if you default on your Dubai mortgage, you can end up in a debtors prison. Perhaps Dubai will at least create a new Dickens?
By the way, see the 200 empty skyscrapers in the video, all of them having been built in the last five years?
That's the perfect metaphor for why we will win this war. Islam always gets filled with pride and overreaches.
5 comments:
awh shit
my give a damn is broken
yochanan
LOL
HA and today a very high end travel wholesaler and tour company called ISRAM WORLD cancelled their enitre Dubai program because of the denied visa to the woman tennis player from Israel,, THERE IS A GOD AND HIS NAME IS NOT ALLAH
That's VERY good to hear. Thanks.
Dubai is hurting financially. . .GOOD!
Loan set to ease Dubai default fears
By Simeon Kerr in Dubai
Published: February 17 2009
Borse Dubai, a government-owned exchanges group, is expected to finalise a $2.5bn loan on Tuesday, a vote of support for the emirate amid concerns the commercial hub of the Gulf could default.
The company, which controls Dubai’s two equity markets and has stakes in the London Stock Exchange and Nasdaq, needs to pay off a $3.4bn (€2.7bn, £2.4bn) loan next week, the first big test in 2009 of Dubai’s ability to refinance the $20bn in loans that mature this year. The fact that Dubai has met the challenge of opening clogged credit markets should go some way to assuaging investor concerns about its risk of default.
Dubai’s globalised economy has been hit hard by the credit crunch.
Job losses are mounting across the economy as the property bubble bursts, triggering concerns about the government’s $80bn debt pile.
Bankers said HSBC, which has arranged the $2.5bn loan, had been struggling until a few days ago to raise the full loan. It is to be used to help retire the $3.4bn loan, due next week. Reports have said the UAE federal government has stepped in to make up the shortfall. A Borse Dubai official said he was not aware of a federal cash injection.
He said Borse Dubai’s main shareholder, the Investment Corporation of Dubai, had pledged to support the group as it sought to reschedule the debt.
Beyond the $2.5bn loan, Borse Dubai’s government-linked shareholders had pledged the remaining $800m-$900m to repay the debt, which was used last year to buy exchanges group OMX. Other officials said that ICD, which controls the Dubai government’s commercial assets, might have helped to persuade local banks to lend to the group.
ICD last year borrowed $6bn for corporate purposes and deposited it in the local banking system.
Dubai officials have said for months that the emirate will be able to meet its own debt obligations but they have also privately conceded that if the economic situation deteriorates further, federal support may be necessary.
*****
Let Dubai default.
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