Look What a Mere $10.0 Billion Gets You.
Dear Friends:
In these trying times of economic recession, when banks and world governments are playing "musical chairs" with vast sums of unsupported currency and credit, I often worry about the value of the United States Dollar.
Despite being an Internationalist, my roots (and a few other parts) are still in the United States of America, and there is an unmistakable pride that wells up inside of me when I see someone salute the flag, or upon hearing a rousing political speech by some true patriot or well-scripted political aspirant.
Imagine my delight at seeing the headline (courtesy of the Associated Press) below! For a cash advance of a mere (Emir?) 10.0 Billion USD, the almost-bankrupt Dubai named its tallest building (which is likely the tallest building in the world, if you don't count the monasteries on some Asian mountaintops -- I mean, take away the height of the mountain, and these are just shorties) after its fiscal savior. This is not only a demonstration of the power of the United States Dollar, but it is an encouraging show of gratitude on the part of Dubai.
Once, in exchange for several thousand dollars, I had a pew in a church named after me. I felt like a king. Another time, for several thousand dollars, I had my whole family's names engraved on a piece of metal shaped like a leaf and mounted on the wall of a synagogue.
On a serious note, bad loans are simply bad loans, regardless of cause or currency. When a bailout loan is made with the full knowledge that the borrower does not have the means of repayment, a cascading credit calamity ensues, with one default precipitating another. A banking avalanche. And who, generally, is forced to make the ultimate sacrifice to pay for these bridge-to-nowhere loans? The taxpaying, hardworking citizenry.
In evaluating any transaction or political policy, it is always a worthwhile endeavor to find out who is benefitting and who is ultimately paying. The referenced Dubai article follows for your review.
Dubai renames world's tallest tower Burj Khalifa (AP)
AP - Dubai has renamed its new skyscraper, the tallest in the world, the Burj Khalifa, state news agency WAM reported, in a surprise move apparently intended to honor the United Arab Emirates' president. ####Faithfully,
Douglas Castle,
THE INTERNATIONALIST PAGE
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Selected Terms and Labels: Dubai, credit crisis, bad loans, who benefits vs who pays, government policy, bridge loans, cascading defaults, Articles by Douglas Castle, TNNW Newsletter,
Selected Terms and Labels: Dubai, credit crisis, bad loans, who benefits vs who pays, government policy, bridge loans, cascading defaults, Articles by Douglas Castle, TNNW Newsletter,
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