The interesting thing about the $60 billion mess in Dubai is that this was created after the meltdown in the “western” financial markets.  Western money, and a fair amount from Arab oil states, went to this so-called safe haven investment – in this case a spit of sand built not on oil but the ambition to become a financial hub of the Arab middle east.  The last illusion of the liquidity boom and bust?  Maybe.  Chances are Dubai’s neighbors won’t permit a meltdown, and western banks won’t either.  But Dubai’s future will never be the same. 

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