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Thursday, November 26, 2009

Dubai on the Verge of Collapse? Who Will be Next?

*Not sure how you could not have seen this coming. Consider the fact that the Middle EEast had gone on the same DEBIT/DEBT shopping spree as the rest of us over the past five years and one can imagine that emerging markets all across the world will suffer the same fate as the US and Europe. Can it happen here? Helicopter Ben can print all of the dollars in the world and California will still be broke. If I consider the salient fact that CA is the world's 8th largest economy, then YES, it can happen here.
Dubai World News Hits Confidence
DUBAI -- Persian Gulf bonds tumbled and the cost of insuring against default across the region jumped Thursday, a day after the government of Dubai said it would ask to postpone debt of its corporate flagship Dubai World.
Credit agencies late Wednesday cut ratings of Dubai debt, as investors and analysts reassessed the region's willingness to bail out troubled borrowers.
Dubai's action also shook global markets. Stocks in London fell Thursday, with analysts blaming worry over international exposure to Dubai debt. Analysts and bankers, however, downplayed the notion of significant exposure by any one institution or any systemic risk from
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