Webster Tarpley on THE INFOWARRIOR with Jason Bermas 2 of4 Dubai's Bankruptcy & Black Monday.flv

Author and GCN host Webster Tarpley makes an appearance. Webster is the author of Obama - The Postmodern Coup and Surviving The Cataclysm, both available at the Infowars Store.
http://www.tarpley.net/
http://infowarrior.infowars.com/
http://www.infowars.com/


Been a while since i've posted some of jasons broadcasts so it's good to see him on with Tarpley, hopefully the link next to it will show you a playlist of some other tarpley interviews.

Dubai being bankrupt is no surprise really, it tried generating funds through the idea of tourism and bringing in wealthy individuals to spend their income on property (because the value of property keeps rising yeah?). But what Dubai failed to realise is that without any main chief export, their trade deficit is just going to increase, and that's going to have a detrimental affect on their balance sheet. Oil is running out and once that goes, it could very well be a longer than expected recession there.

Some other indications of how dubai is fairing too is some reports from bloomberg:

Oct. 13 (Bloomberg) — Dubai may need help from Abu Dhabi and the United Arab Emirates government to finance a surge in borrowing that paid for the worlds tallest tower, palm tree- shaped man-made islands and stakes in banks worldwide.

Dubais potential reliance will be most significant in coming years, Moodys Investors Service said in a report today. Government-controlled companies owe at least $47 billion, more than Dubais gross domestic product, and they will continue to accumulate debt at a faster pace than the economy grows, the New York-based rating firm said.

These companies that are based in Dubai have become larger than Dubai itself, said Giyas Gokkent, chief economist at National Bank of Abu Dhabi, the U.A.E.s second-largest commercial bank by assets. If anything were to go wrong with any of these companies, Dubai does not have the wherewithal to deal with it.

State-owned Dubai World paid about $5.1 billion for almost 10 percent of Kirk Kerkorians MGM Mirage last year; the price has tumbled since to $16.80 from $84. DP World, the government- run company that bought Peninsula and Oriental Steam Navigation Co. for $6.8 billion in 2006, has slumped 55 percent this year on the Dubai International Financial Exchange.

Ruler Sheikh Mohammed bin Rashid al-Maktoum has borrowed to replace Dubais dwindling revenue from oil, investing to boost earnings from tourism and finance. State-owned carrier Emirates has increased its fleet to the largest in the Middle East, in a bid to double tourists per year to 15 million by 2015. Dubai Holding LLC, which groups assets belonging to Sheikh Mohammed, owns hotel chain Jumeirah Group.

Also emirates were bailed out by qatar, not because the airline was not profitable, it simply lacked the support of the govt to continue its operations. So effectively qatar now owns emirates airline.

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