Tuesday, December 1, 2009

Goodbye, Dubai!

Don't miss Lauren Greenfield photo series documenting the "Dubai miracle" for the New York Times. This is no sinless Las Vegas. Not if we redefine "sin" as capitalist excess and waste. See the contrast between opulence and poverty, the vain failure of spectacle gone awry: Abandoned mansions, withered gardens, empty pools, unpaid foreign workers, unfinished buildings (the world's largest skyscraper, in the photo above, really stands amidst an empty, dusty, huge undeveloped lot). Conspicuous projects that didn't sell being demolished for new ones (who will buy them?). Rushed developments and poor infrastructure and planning, all for the sake of the appearance of power. Dubai Real Estate has fallen by 40%. How do you restructure $26 billion in debt? Buried in the sand. For now, buy time and ease the panic.

Dubai? The Miami of the desert.


Ahimazon said...

Sin is a perfect word to describe this massive miss of the mark. This post sums up the problems we face as the pipedream created by greed and thievery falls apart at the seams. The double edge of capitalism gone awry is unfortunately dark and darker: there are the victims abused by the system because they could barely read, or simply did not read, the fine print, and there is the essentially dark essence within those who create the system. As Dubai dreams turn to dust, who will feel the ripples?

miamibourbaki said...

As Dubai dreams turn to dust, who will feel the ripples?

Whoever got in this mess will have to pay. We know some of the protagonists, (HSBC Bank and Standard Charter) mostly Great Britain and UAE. We have stakes in it too.

Thanks, Karyna.

Anonymous said...

But... wait a minute guys. Didn't that obnoxius and sinister dwarf from the art world, Gary Nader, announce that he was building a gallery in Dubai? Look it up. It is published somewhere in THE HERALD. Check, BTW, his court records at the County Court. It is not illegal because it is part of the public record. You can do it online.
Blog persons: I hope you can post this.

Tommy said...

You have to be pretty stupid to invest money in Dubai thinking that the regime will give you security. I think it was more like finding any excuse to put money someplace and get quick profits.

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