I love that this white elephant is going up in Dubai. Why? So that future generations, for possibly thousands of years, will be able to see the physical representation of the debt and property bubble of 2001 - 2007.
Dubai - land of 120 degree days, land of arab oil largesse, land of hundreds of thousands of new condos built with slave labor, bought by investors, and nobody to live in 'em.
Dubai - or my suggested new name: Ponziland
Slated to become the world's tallest skyscraper and symbol of a city given to grandiose projects, "Burj Dubai," or Dubai Tower, is rising in parallel with the profits of its promoter, Emaar Properties.
With two stories added every week, Burj Dubai is taking shape as the centerpiece of a 20-billion-dollar venture featuring the construction of a new district, "Downtown Burj Dubai," that will house 30,000 apartments and the world's largest shopping mall.
October 31, 2006
Want to see the perfect physical manifestation of the worldwide debt and property bubble? Go to Dubai.
Posted by blogger at 10/31/2006