It Begins

Discussion in 'Current Events' started by Mr.Fitnah, Nov 27, 2009.

  1. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    The Global economic collapse due to unmanageable debt has begun


    Dubai in deep water as ripples from debt crisis spread - Times Online

    Fears of a dangerous new phase in the economic crisis swept around the globe yesterday as traders responded to the shock announcement that a debt-laden Dubai state corporation was unable to meet its interest bill.

    Shares plunged, weak currencies were battered and more than £14 billion was wiped from the value of British banks on fears that they would be left nursing new losses.

    Nervous traders transferred the focus of their anxieties from the risk of companies failing to the risk of nation states defaulting. Investors owed money by Mexico, Russia and Greece saw the price of insuring themselves against default rocket.

    Although the scale of Dubai’s debts is comparatively modest at $80 billion (£48 billion), the uncertainty spooked the markets, with no one sure who its creditors are. Several banks rushed out statements to reassure investors that their exposure was small.

    [​IMG]
     
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  2. blu
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    blu Senior Member

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    this will pass quickly. its 80 billion across a moderate range of investors.
     
  3. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Somewhat overdramatic aren't we????
     
  4. Andrew2382
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    Andrew2382 Gold Member

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    so no air conditioned beach?

    What are we to do?
     
  5. uscitizen
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    uscitizen Senior Member

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    Ahh the beacon of Capitalism in the middle east falters....

    80 billiion so far....
     
  6. Gatekeeper
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    Gatekeeper Senior Member

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    They will recover all of it from the 'sheep' in a few days, not to worry about their fate.
    I still haven't gotten my .950 silver Rolls Royce yet, ya think they would eBay at least one of them, maybe some of those 24 carat gold bathroom fixtures. :lol:

    I wonder if they worry about us, as much as some worry about them? If I can get my Paypal working, I'll send them some US Dollars, if it's still worth anything. In the meantime............... :eusa_boohoo:
     
  7. Big Fitz
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    Big Fitz User Quit *****

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    With the blessings of capitalism, come the curses. The curses are made only worse by governmental interference, and the blessings made feebler.

    I'm not convinced... yet... that this is the weak pillar in the mine. I think this is more the canary. There is still time, but it is short and the chances of it all coming down quickly is growing all the stronger.
     
  8. saveliberty
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    saveliberty Diamond Member

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    You mean they couldn't spend their way to prosperity?
     
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  9. Gatekeeper
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    Gatekeeper Senior Member

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    Sure!...It's 'working' for Obama! :lol::lol:
     
  10. Big Fitz
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    Big Fitz User Quit *****

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    hey. At least HE'S living high on the hog.

    It's sort of the same way that everyone's cold because my mother is cold. He's doing well, therefore everyone must be doing well. :rolleyes:
     

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