CA95380
USMB Member
Dubai became part of the United Arab Emirates at its founding in 1971.
dubai encyclopedia topics | Reference.com
1990
2003
Dubai last year
-More-
Eye On The World: Something you should ponder as you pump gas into your car
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WOW! Looks like they did a great job. Maybe I'll vacation there someday, looks like Vegas. I wonder what tourist attractions they have? Do they allow gambling and alcohol in Dubai?
(I realize that wasn't the answer you were looking for.)
Dubai became part of the United Arab Emirates at its founding in 1971.
dubai encyclopedia topics | Reference.com
1990
2003
Dubai last year
-More-
Eye On The World: Something you should ponder as you pump gas into your car
WOW! Looks like they did a great job. Maybe I'll vacation there someday, looks like Vegas. I wonder what tourist attractions they have? Do they allow gambling and alcohol in Dubai?
(I realize that wasn't the answer you were looking for.)
In your original post you claimed that we'd been "sending our gas money" there. Well looky here what I read in the WSJ today:I think you should move there permanently. Have a nice trip.
Care to restate your argument about "our gas money" and Dubai?Dubai doesn't have big reserves of hydrocarbons (that means oil). Instead, it has been bankrolling much of its building boom through international debt markets. With those all but shut these days, analysts are warning of a slowdown if global markets don't free up soon. "Given the magnitude of the projects that Dubai is taking on, it will certainly need to borrow internationally," said Philipp Lotter, a Dubai-based analyst at Moody's Investors Service. "If that access is impaired ... certain investments have to be put on hold."
WOW! Looks like they did a great job. Maybe I'll vacation there someday, looks like Vegas. I wonder what tourist attractions they have? Do they allow gambling and alcohol in Dubai?
(I realize that wasn't the answer you were looking for.)
Mark Thornton of the Mises Institute examined the connection between the completion of the next tallest-building and the business cycle in "Skyscrapers And Business Cycles" which appeared in the Spring 2005 edition of The Quarterly Journal of Austrian Economics. Using economist Andrew Lawrences skyscraper index, combined with Austrian Business Cycle Theory, Thornton finds that the skyscraper index is a good predictor of economic crisis and "that both the cause of skyscrapers reaching new heights and severe business cycles are related to instability in debt financing "
The first skyscraper cycle began in 1904 in New York when the 47-story Singer Building and 50-story Metropolitan Life buildings began construction. This building boom was quickly followed by the Panic of 1907. In the late 1920s with Wall Street booming three record-setting towers 40 Wall Street, Chrysler Building, and the Empire State Building were started, only to be completed after the stock market crash of 1929 and the onset of the Great Depression.
The third cycle began with the commencement of construction of the Sears Tower in Chicago in 1970 and the World Trade Center in New York, which broke ground in 1966. By the time these projects were completed the US economy was mired in stagflation.
The 88-story Petronas Tower in Kuala Lumpur, features twin "cosmic pillars" spiraling endlessly towards the heavens. Petronas was completed in 1997, the same year as the Asian Financial Crisis.
These four cycles, Thornton points out, share common characteristics: A period of cheap, easy money, leading to stock market booms and increases in capital expenditures. This new capital leads to technological advances and employment growth. During the booms, the next tallest building is planned and construction begins. But, prior to completion, negative information leads to market panics and the value of capital goods falls.
The coordinated and constant creation of liquidity by the worlds central banks, especially since the Greenspan era, has led to not only more contenders for the tallest building title all over the world, but also frenzied high-rise construction everywhere.
Thorntons work shows us that before the construction party ends, the economy wakes up with a bad hangover. Better stock up on aspirin, there is a lot of pain coming.
Booms, Busts, and Construction Cranes by Doug French