Dubai Sparks Market Tumble
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Umm...Dubai has no income tax. Native Arabs basically sit on their ass, do nothing, and live off the state anyhow. All the real work is done by expats from the West, South Asia, Phillipines, etc so alot of money heads out via remittances. I think Dubai is looking to its oil rich cousin Abu Dhabi to bail it out.
digitalcntrl 2 years ago
To illustrate how the banks failing have affected Ireland. Im a Ph.D student/researcher the cuts in my researcher education income grants are shocking. In 2007 I got from the Department of Education: $820 per month for living expense, $292 for accommodation, $740 for research materials and $120 for travel. This was a monthly income of $1,972. Today all of these university payments are gone except for $820 living expenses. So in effect over a $1,000 per month of my income is going to the bankers
thomasucc 2 years ago
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 that 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?
thomasucc 2 years ago