Saturday, November 28, 2009
There is plenty of news on Dubai, so I won’t waste a lot of words here. Some people are saying this is a “black swan” event, but don’t you believe it. This fiasco was totally predictable, and it has been building for years. Anyone with a functioning brain and energy consciousness could see this would not come to a good end. What fossil fuels giveth, fossil fuels taketh away (here is an interesting article in that vein). Of course, Dubai might rally for a time with an infusion of cash and some good luck, but ultimately its skyscraper hotels and other structures will turn into corroded monuments to futility, and Dubai will go back to being a desert populated by a few people and their camels (I don’t mean that disparagingly; environments determine how people live, and what cultures and societies arise). Whether the crash is slow or fast, it began back when foreign workers started fleeing the UAE. It will be instructive to watch how the inexorable progress of events proceeds.