In The Noughties, I argued that the real beginning and end of the decade occurred within a few blocks of each other, in New York. As the Dubai economy stumbles, could we be seeing the beginning of the next decade, when it’s what happens in Asia and the Middle East – rather than the tired old West – that really grabs our attention? When Dubai sneezes, how many of us are going to catch a cold?
PS: Charlie Brooker addresses the essential preposterousness of the whole thing.
Even in the height of the mania I always felt that Dubai was merely a collection of impressive sandcastles on the beach. But I always assumed they were building all those follies with accrued oil profits - not massive loans. Ah well.
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