Friday, January 23, 2009

 

Fleeing a Sinking Ship

This is pretty scary: Apparently thousands of Indians who’d been working in Dubai have fled the country. It’s the old metaphor of rats fleeing a sinking ship. Not that the workers are rats, of course. They are human beings who were trying to make a go of it in the global economy, lured to another land in the belief — promoted relentlessly by governments around the world — that globalization would mean prosperity for everyone.

But every boom has its bust, and now the biggest bust of all — the decline of industrial civilization — is upon us. UAE earns very little money from oil and gas, and now its mainstay businesses of tourism, trade, finance, and real estate are in grave danger from the worsening global economic meltdown. I wish the UAE the best, but this looks grim.



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