Dubai misses debt payment while gold sales stay strong

Tom Jeffries talks to Mike Levy about Dubai bankruptcy
recorded on November 26th 2009

Category:

News & Politics

Tags:

• Dubai
• bankruptcy
• world
• dubai
• emirates
• nakheel
• UAE
• persian
• gulf
• palm
• the
• artificial
• island
• sea
• max
• keiser
• kaiser
• real
• estate
• and
• Emirates
• Airline
• bankrupt
• bailout
• bullion
• silver
• gold
• ratio
• Tom
• Jeffries
• Mike
• Levy
• peter
• schiff
• gerald
• celente
• paul
• craig
• roberts
• canadian
• dollar
• russia
• Dollar
• Crash
• derivatives
• debt
• treasuries
• Default
• wepollock
• aig
• credit
• default
• swap
• USD
• inflation
• deflation

[bigc028282]

So the elites playground, and investment property, is now bankrupt. LMFAO. I wonder if Cheney will have to sell his property?

[Tigerpaws9097826]

Glad you posted this, Marcchabotyt. While nothing is certain, this could have big repercussions in the U.S. stock market on Friday. YouTube user Wepollock has posted a review I recommend, speculating on the cascading impact the Dubai default may have on the derivatives market.

[favorunmerited]

@thomasucc Iceland has, since your comment, gotten rid of it's debt based fiat currency, and is using a debt free fiat money instead. I only hope your country after this weeks elections, and my United States after our impending default, will be wise enough to follow Iceland's example. Nobody should bail out Dubai, and nobody should bail out the creditors who made unsound loans either.

Note, fiat simply means the official currency of the gov't. Gold would be fiat if gov't accepted it as money.

[Riddlerx333x]

Haha c'mon guys we all know whats really happening. Dubai is nervous about the dollar crashing and is taking its gold reserves out of london and the federal reserve. The are trying to change its oil to money reserve currency to euro's or chinese yuan. China on the other hand is making huge deals and swaying trade deals in their favor. This has made Wallstreet and London Bankers mad and they are fighting back cutting of credit and raising interests rates fast causing a panic

pure manipulation

[MrZonetailedHawk]

dubai has one single drop of oil.

also you need to wait long long time to see the middle east with out oil:-)

but i dont think only middle east has oil!!!

[sharkloaner]

OF COURSE gold is being manipulated. Look! They sold India 200 tonnes a few days ago, people are scrambling like crazy to buy gold; sooner or later everyone who bought gold will either have to hold it and look at it or sell it at a much lower value than they paid for it. I AM SHOCKED that people are simply too blind to see that the gold game is so obvious. I guess that greed overtakes rationality!

[thetruthisoutnow]

As soon as the middle east runs out of oil they are done and that day will come soon!

I hope the entire house of cards falls down around the world and i hope all you fucking greedy people on wallstreet lose your fucking asses!

[alphadawg44]

HA!

you wish we weren't going to bail them out. If the mega banks face defaults on CDS then the whole panic gets played out all over again. EZ Money Bernanke will open the Fed window and money for everybody....buy gold, a shotgun and some productive land.

[PlatinumGordon]

I assume the 12 Trillian in dept is what the government owes the FED? Maybe a bit to China?

[therealcaptobvious]

we are so not bailing them out. Make Halliburton do it.

[MrRiceowlex]

You can thank a lack of commodity based currencies for this gem. Watch gold ,as long as it's not being manipulated, frankly I can't figure what's not being manipulated these days.

[thomasucc]

what I cant understand is why the Arabs are even talking about default. Ireland (my country) and Iceland didnt even contemplate default. We the Irish taxpayers are forced to pay for companies the fail to the tune of 77 Billion euros or about 100 billion dollars in a country of only 4 million people. Are we been told the truth about how much they really owe and why are the Dubais taxpayers not on the hook as the Icelandic and Irelandic people are?