When all the people think that the financial crisis has been gone, and the market has been speculating anything pushed into there. Just to name some, the $70,000 per square feet apartment, all the new listed stocks . . . Ironically, the ultra-wealthy nation Dubai is reported in default of debt out of the blue. Financial markets worldwide respond by a contraction today, the Hang Seng index has a 1,000-point plunge. It exemplifies how fragile the world is.
Dubai is a mirage. Any wonder there is so avant garde. The highest building in the world, the state-of-the-art hotels, those man made palm islands . . . However, all these stuff are merely hardware. With my next-to-nothing knowledge of Dubai, I am not aware of any famous "software" over there. Literature? Philosophy? . . . Anyway, if any intellectual in Dubai has a glimpse to Chinese philosophy, say I Ching, and understand the meaning of 降龍有悔, today's market slump might have been avoided.
After all, Dubai is no America. They could never save themselves by printing money and forcing other countries to buy their bonds. Physically, they are not as strong as Uncle Sam.
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